I can faintly visualize some way of deducing this formula with exponential functions but forgot it. How do you remember it? Suppose you just forget whether it is plus-or-minus there, how do you find the right formula now? Use pythagoras and?
Help me to remember $\operatorname{cosh}^{2}(y) -\operatorname{sinh}^{2}(y)=1$, some easy verification and deduction?
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On
The derivation is of the form (see that this checks out yourself)
$$\left(\frac{a+b}{2}\right)^2-\left(\frac{a-b}{2}\right)^2=ab.$$
If $ab=1$ then we get the formula, specifically when $a=e^x$ and $b=e^{-x}$ and then the squares above are the two hyperbolic trig functions. This is just plugging in definitions and computing, that's all.
On
Maybe this will help as a mnemonic.
The functions $\cosh$ and $\sinh$ are to the (right half of) the hyperbola $x^2-y^2=1$ as $\cos$ and $\sin$ are to the circle $x^2+y^2=1$. Or, more sloppily, $\cosh$ ($\cos$) is $x$ and $\sinh$ ($\sin$) is $y$.
By that I mean that the standard trigonometric parametrization of the unit circle is $$x=\cos t\qquad y=\sin t.$$
A standard parametrization of the right half of the rectangular hyperbola $x^2-y^2=1$ is $$x=\cosh t\qquad y=\sinh t.$$
Remark: I like $\cos^2\theta+\sin^2\theta=1$ better than $\sin^2\theta+\cos^2\theta=1$. After all, $x$ comes before $y$.
On
If you’re visually oriented, try remembering the shapes of the graphs for $x\ge 0$, together with that of $y=e^x$: they’re very similar, they get closer together as $x$ increases, and $e^x$ is squeezed in above $\operatorname{sinh}x$ and below $\operatorname{cosh}x$. Since they’re blowing up, $\operatorname{cosh}^2 x+\operatorname{sinh}^2 x$ can’t be constant, and since $\cosh x>\sinh x\ge 0$, $\operatorname{sinh}^2 x-\operatorname{cosh}^2 x$ can’t be $1$. That leaves only the right choice, $\operatorname{cosh}^2 x-\operatorname{sinh}^2 x=1$.
If you’re not visually oriented, my advice is simply to learn the exponential formulas and think of the identity in the way suggested by anon in his answer.
One approach is to remember that $\cosh x = \cos(ix)$ and $\sinh x = -i \sin (ix)$, which reduces this to $\sin^2 z + \cos^2 z = 1$.