Morpho (MORPHO) is 31.5× the size of GoPlus Security (GPS) by market capitalisation. Over the past 1 year, GPS is ahead by 22.4 percentage points (GPS +38.1% against MORPHO +15.6%). Their daily returns move barely together (correlation 0.15 across 397 shared trading days). GPS has been the more volatile of the two, at 143% annualised against MORPHO's 94%.
GPSMORPHO
0.15over 397 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 | GPS | MORPHO |
|---|---|---|
| Max drawdown (400d) | -69.1% | -51.0% |
| Risk-adjusted return (90d) | -0.06 | 0.13 |
| Best 30 days (past year) | +129.2% | +77.8% |
| Worst 30 days (past year) | -43.5% | -44.8% |
Relative strength over 90 days: MORPHO outperformed GPS by 20.4% — measured on the GPS/MORPHO ratio, so it holds regardless of market direction.