Hyperliquid (HYPE) is 124014.9× the size of XSwap Treasure (XTT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 23 shared trading days). Both have run at a similar volatility, around 78% annualised.
XTTHYPE
-0.01over 23 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 | XTT | HYPE |
|---|---|---|
| Max drawdown (400d) | -10.2% | -18.9% |
| Risk-adjusted return (90d) | 0.25 | 0.56 |
Relative strength over 90 days: XTT outperformed HYPE by 33.8% — measured on the XTT/HYPE ratio, so it holds regardless of market direction.