Morpho (MORPHO) is 33049.6× the size of Common (COMMON) by market capitalisation. Over the past 1 year, MORPHO is ahead by 138.2 percentage points (COMMON -100.0% against MORPHO +38.2%). Their daily returns move barely together (correlation 0.12 across 347 shared trading days). COMMON has been the more volatile of the two, at 217% annualised against MORPHO's 94%.
COMMONMORPHO
0.12over 347 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 | COMMON | MORPHO |
|---|---|---|
| Max drawdown (400d) | -100.0% | -51.0% |
| Risk-adjusted return (90d) | -0.43 | 0.18 |
| Best 30 days (past year) | — | +77.8% |
| Worst 30 days (past year) | — | -44.8% |
Relative strength over 90 days: MORPHO outperformed COMMON by 93.7% — measured on the COMMON/MORPHO ratio, so it holds regardless of market direction.