Morpho (MORPHO) is 38.8× the size of Jelly-My-Jelly (JELLYJELLY) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 54 shared trading days). MORPHO has been the more volatile of the two, at 94% annualised against JELLYJELLY's 57%.
JELLYJELLYMORPHO
0.25over 54 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 | JELLYJELLY | MORPHO |
|---|---|---|
| Max drawdown (400d) | -31.6% | -51.0% |
| Risk-adjusted return (90d) | -0.52 | 0.13 |
| Best 30 days (past year) | — | +77.8% |
| Worst 30 days (past year) | — | -44.8% |
Relative strength over 90 days: MORPHO outperformed JELLYJELLY by 23.6% — measured on the JELLYJELLY/MORPHO ratio, so it holds regardless of market direction.