Morpho (MORPHO) is 60.8× the size of Euler (EUL) by market capitalisation. Over the past 1 year, MORPHO is ahead by 102.2 percentage points (EUL -86.5% against MORPHO +15.6%). Their daily returns move barely together (correlation 0.29 across 387 shared trading days). EUL has been the more volatile of the two, at 143% annualised against MORPHO's 94%.
EULMORPHO
0.29over 387 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 | EUL | MORPHO |
|---|---|---|
| Max drawdown (400d) | -92.3% | -51.0% |
| Risk-adjusted return (90d) | -0.35 | 0.13 |
| Best 30 days (past year) | +125.5% | +77.8% |
| Worst 30 days (past year) | -73.2% | -44.8% |
Relative strength over 90 days: MORPHO outperformed EUL by 34.7% — measured on the EUL/MORPHO ratio, so it holds regardless of market direction.