Hyperliquid (HYPE) is 776505.5× the size of ZINC (ZINC) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 35 shared trading days). ZINC has been the more volatile of the two, at 207% annualised against HYPE's 81%.
ZINCHYPE
0.25over 35 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 | ZINC | HYPE |
|---|---|---|
| Max drawdown (400d) | -79.4% | -18.9% |
| Risk-adjusted return (90d) | -0.37 | 0.56 |
Relative strength over 90 days: HYPE outperformed ZINC by 74.8% — measured on the ZINC/HYPE ratio, so it holds regardless of market direction.