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Swim caps are not designed to keep your hair dry but to reduce drag and for hygiene reasons. However, silicone caps or wearing two caps together with a silicone one on top, does create quite a good seal to prevent a lot of water seeping in.
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If you are swimming without putting your head in the water then a swim cap will protect your hair from splashes and will probably stay dry but if you swim with your head below the water line, water will seep into the cap because there is not a watertight seal