Aave (AAVE) is 1.4× the size of Morpho (MORPHO) by market capitalisation. Over the past 1 year, MORPHO is ahead by 58.2 percentage points (AAVE -36.2% against MORPHO +22.0%). Their daily returns move loosely together (correlation 0.54 across 399 shared trading days). Both have run at a similar volatility, around 91% annualised.
AAVEMORPHO
0.54over 399 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 | AAVE | MORPHO |
|---|---|---|
| Max drawdown (400d) | -79.5% | -51.0% |
| Risk-adjusted return (90d) | 0.48 | 0.13 |
| Best 30 days (past year) | +56.3% | +77.8% |
| Worst 30 days (past year) | -42.7% | -44.8% |
Relative strength over 90 days: AAVE outperformed MORPHO by 26.9% — measured on the AAVE/MORPHO ratio, so it holds regardless of market direction.