Morpho (MORPHO) is 7.3× the size of Kamino (KMNO) by market capitalisation. Over the past 1 year, MORPHO is ahead by 74.6 percentage points (KMNO -36.3% against MORPHO +38.2%). Their daily returns move barely together (correlation 0.33 across 398 shared trading days). Both have run at a similar volatility, around 97% annualised.
KMNOMORPHO
0.33over 398 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 | KMNO | MORPHO |
|---|---|---|
| Max drawdown (400d) | -83.3% | -51.0% |
| Risk-adjusted return (90d) | 0.84 | 0.18 |
| Best 30 days (past year) | +87.9% | +77.8% |
| Worst 30 days (past year) | -54.6% | -44.8% |
Relative strength over 90 days: KMNO outperformed MORPHO by 70.1% — measured on the KMNO/MORPHO ratio, so it holds regardless of market direction.