Hylo 3x Leveraged HYPE (XHYPE) is 2.2× the size of BitcoinX (BTCX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 20 shared trading days). Both have run at a similar volatility, around 158% annualised.
XHYPEBTCX
-0.08over 20 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | XHYPE | BTCX |
|---|---|---|
| Max drawdown (400d) | -47.5% | -70.1% |
| Risk-adjusted return (90d) | — | -0.36 |
Relative strength over 90 days: XHYPE outperformed BTCX by 84.7% — measured on the XHYPE/BTCX ratio, so it holds regardless of market direction.