HYPE vs HOOD: Returns, Risk & Volatility (2026)

Q: Which is a better investment: HYPE or HOOD?

Over the past year, HYPE looks like the better investment: it had higher total return (HYPE +168.1% vs HOOD +56.8%) and a higher Sharpe ratio (HYPE 1.39 vs HOOD 0.96). On risk, HOOD was less volatile (HOOD 65.7% vs HYPE 95.2%), HOOD had a smaller max drawdown (HOOD -57.3% vs HYPE -63.6%), and HYPE had less severe losses on the worst 5% of days (Expected Shortfall of HYPE -9.08% vs HOOD -9.23%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: HYPE or HOOD?

Over the past year, HYPE outperformed (+168.1% vs +56.8%) with a Sharpe ratio of 1.39.

Total Return

HYPE WIN +168.1%

HOOD +56.8%

Sharpe Ratio

HYPE WIN 1.39

HOOD 0.96

Annualized Volatility

HYPE 95.2%

HOOD WIN 65.7%

Max Drawdown

HYPE -63.6%

HOOD WIN -57.3%

Analysis period: 2025-04-14 to 2026-04-11

HYPE Total Return

↑ +168.1%

HOOD Total Return

↑ +56.8%

Relative Performance of HYPE vs HOOD (Normalized to 100)

HYPE HOOD

Normalized to 100 at start date for comparison

Key Takeaways

Total Return: HYPE delivered a +168.1% total return, while HOOD returned +56.8% over the same period. HYPE outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): HYPE had a higher Sharpe (1.39 vs 0.96), indicating better risk-adjusted performance.
Volatility (Annualized): HYPE was more volatile, with 95.2% annualized volatility, versus 65.7% for HOOD.
Maximum Drawdown: HOOD's maximum drawdown was -57.3%, while HYPE experienced a deeper drawdown of -63.6%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), HYPE's VaR was -7.02% and its Expected Shortfall (CVaR) was -9.08%; HOOD's were -7.25% and -9.23%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: HYPE 0.38 vs HOOD 0.08. Excess kurtosis: HYPE 0.58 vs HOOD 1.11. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): HYPE 7/11, HOOD 11/6. Worst day: HYPE -13.08% (2025-10-10) vs HOOD -10.81% (2025-11-06). Best day: HYPE +21.00% (2026-01-26) vs HOOD +15.83% (2025-09-08).
Risk ratios: Sortino - HYPE: 2.27 vs. HOOD: 1.47 , Calmar - HYPE: 2.36 vs. HOOD: 1.01 , Sterling - HYPE: 4.59 vs. HOOD: 1.53 , Treynor - HYPE: 1.06 vs. HOOD: 0.22 , Ulcer Index - HYPE: 32.66% vs. HOOD: 25.17%

Hyperliquid vs Robinhood Correlation

0.23 Average Correlation

Hyperliquid and Robinhood are weakly correlated over the past year. With a correlation of 0.23, these assets show meaningful independence, offering diversification benefits when held together.

For portfolio construction, this weak correlation suggests that combining HYPE and HOOD could reduce overall portfolio variance. However, correlations can increase during market stress.

Metric	Value
Current (30-day)	-0.05
Average (full period)	0.23
Minimum	-0.20
Maximum	0.61

Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement.

Investment Comparison

If you invested $10,000 in each asset on April 14, 2025:

HYPE $26,810.7 +168.1%

HOOD $15,675.12 +56.8%

Difference: $11,135.58 (HYPE ahead)

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Hyperliquid and Robinhood: Risk Analysis

Hyperliquid experienced its maximum drawdown of -63.6% from 2025-09-18 to 2026-01-19. It has not yet recovered to its previous peak.

Robinhood experienced its maximum drawdown of -57.3% from 2025-10-09 to 2026-03-30. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

Sharpe Ratio of HYPE and HOOD

HYPE Sharpe Ratio

↑ 1.39

HOOD Sharpe Ratio

↑ 0.96

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. HYPE had a higher Sharpe (1.39 vs 0.96), indicating better risk-adjusted performance.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Sortino Ratio of HYPE and HOOD

HYPE Sortino Ratio

↑ 2.27

HOOD Sortino Ratio

↑ 1.47

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). HYPE had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: HYPE 58.1% vs HOOD 42.8%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of HYPE and HOOD

HYPE Calmar Ratio

↑ 2.36

HOOD Calmar Ratio

↑ 1.01

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. HYPE posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of HYPE and HOOD

HYPE Sterling Ratio

↑ 4.59

HOOD Sterling Ratio

↑ 1.53

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). HYPE posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of HYPE and HOOD

HYPE Treynor Ratio

↑ 1.06

HOOD Treynor Ratio

↑ 0.22

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. HYPE posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of HYPE and HOOD

HYPE Ulcer Index

32.66%

HOOD Ulcer Index

25.17%

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. HOOD had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): Hyperliquid vs. Robinhood

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Metric (1-Year)	HYPE	HOOD
5% VaR (daily log return)	-7.02%	-7.25%
5% Expected Shortfall (CVaR)	-9.08% (worst 19 days)	-9.23% (worst 13 days)
Skew	0.38	0.08
Excess kurtosis	0.58	1.11
2σ tail days (down / up)	7 / 11	11 / 6
Worst day	-13.08% (2025-10-10)	-10.81% (2025-11-06)
Best day	+21.00% (2026-01-26)	+15.83% (2025-09-08)

Downside co-moves (2σ) — 1-Year

Computed on shared dates only (n=248). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.

When HOOD has a big down day, HYPE also does

9.1%

1 / 11 days

When HYPE has a big down day, HOOD also does

16.7%

1 / 6 days

Show downside tail dates

Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).

Days when both HYPE and HOOD had a big down day (2σ)

Date (interval)	HYPE	HOOD
2025-10-10	-13.08%	-8.85%

Days when HYPE had a big down day

Date (interval)	HYPE	HOOD
2025-06-18 → 2025-06-20	-15.01%	+0.19%
2025-09-19 → 2025-09-22	-15.72%	+0.09%
2025-09-25	-11.60%	-3.27%
2025-10-10	-13.08%	-8.85%
2025-11-28 → 2025-12-01	-10.81%	-4.09%
2026-01-16 → 2026-01-20	-13.16%	-2.72%

Days when HOOD had a big down day

Date (interval)	HYPE	HOOD
2025-04-16	+4.40%	-7.76%
2025-10-10	-13.08%	-8.85%
2025-11-06	-6.70%	-10.81%
2025-11-13	+1.45%	-8.61%
2025-11-20	-2.50%	-10.11%
2025-12-11	+0.50%	-9.05%
2026-01-15	-4.76%	-7.79%
2026-01-30 → 2026-02-02	+8.82%	-9.62%
2026-02-05	-2.44%	-9.85%
2026-02-11	+2.81%	-8.91%
2026-02-12	+3.77%	-8.79%

Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.

Hyperliquid vs Robinhood Volatility (HYPE vs HOOD)

HYPE Volatility

95.2%

±4.98% daily

HOOD Volatility

65.7%

±4.14% daily

Typical daily swing

HYPE

±4.98%

HOOD

±4.14%

Hyperliquid's annualized volatility of 95.2% means it typically moves ±4.98% on any given day.

Robinhood's annualized volatility of 65.7% means it typically moves ±4.14% on any given day.

HYPE's higher volatility means a wider path to returns — this can be attractive for tactical, shorter-term exposure, while HOOD's smoother profile may better suit long-term allocators seeking steadier growth.

For comparison, the S&P 500 typically has 15-18% annualized volatility, translating to roughly ±1% daily moves. Higher volatility means larger potential gains but also larger potential losses.

Hyperliquid vs Robinhood Performance Over Time

Metric	HYPE	HOOD
30 Days	13.7%	-12.1%
90 Days	75.8%	-40%
180 Days	6.2%	-50.2%
1 Year	158.7%	56.8%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

Full Comparison of Hyperliquid vs. Robinhood (1-Year)

Metric	HYPE	HOOD
Total Return	+168.1%	+56.8%
Annualized Volatility	95.2%	65.7%
Sharpe Ratio	1.39	0.96
Sortino Ratio	2.27	1.47
Calmar Ratio	2.36	1.01
Sterling Ratio	4.59	1.53
Treynor Ratio	1.06	0.22
Ulcer Index	32.66%	25.17%
Max Drawdown	-63.6%	-57.3%
Avg Correlation to S&P 500	0.33	0.55
5% VaR (daily log return)	-7.02%	-7.25%
5% Expected Shortfall (CVaR)	-9.08%	-9.23%
Skew	0.38	0.08
Excess kurtosis	0.58	1.11
2σ tail days (down / up)	7 / 11	11 / 6

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-04-14 → 2026-04-10 (last shared close).
Rolling correlation sample (shared closes): 219 rolling 30-day values (from 248 shared daily returns).
Annualization (days/year): HYPE: 365 days/year; HOOD: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

HYPE: 4.17% over 2025-04-12 → 2026-04-11.

HOOD: 4.17% over 2025-04-14 → 2026-04-10.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

HYPE: ≈ -45.3%/yr

HOOD: ≈ -21.6%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

Hyperliquid vs Robinhood: Frequently Asked Questions

Which has higher volatility: HYPE or HOOD?

HYPE showed higher volatility at 95.2% annualized, compared to 65.7% for HOOD Over the past year. Higher volatility means larger price swings in both directions.

Does HYPE provide diversification when held with HOOD?

HYPE and HOOD are weakly correlated over the past year, with an average correlation of 0.23. This weak correlation suggests meaningful diversification benefits when held together.

How bad are the worst 5% days for HYPE vs HOOD?

Over the past year, HYPE's 5% VaR was -7.02% and its 5% Expected Shortfall was -9.08% (worst 19 days). HOOD's were -7.25% and -9.23% (worst 13 days).

Do HYPE and HOOD crash together on bad days?

On shared dates (n=248), when HOOD has a 2σ down day, HYPE also does 9.1% (1/11 days). In the other direction, when HYPE has one, HOOD also does 16.7% (1/6 days).

Which has better risk-adjusted returns: HYPE or HOOD?

HYPE showed better risk-adjusted performance with a Sharpe ratio of 1.39 versus HOOD's 0.96 Over the past year.

Can HYPE and HOOD be combined in a portfolio?

Yes, though allocation sizing matters. Their weak correlation could meaningfully reduce overall portfolio variance. HYPE's higher volatility (95.2%) means even small allocations can materially impact overall portfolio risk.

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