Morpho (MORPHO) is 209.9× the size of Marina Protocol (BAY) by market capitalisation. Over the past 1 year, MORPHO is ahead by 82.6 percentage points (BAY -67.0% against MORPHO +15.6%). Their daily returns move barely in opposite directions (correlation -0.04 across 342 shared trading days). BAY has been the more volatile of the two, at 202% annualised against MORPHO's 94%.
BAYMORPHO
-0.04over 342 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 | BAY | MORPHO |
|---|---|---|
| Max drawdown (400d) | -95.7% | -51.0% |
| Risk-adjusted return (90d) | 1.01 | 0.13 |
| Best 30 days (past year) | — | +77.8% |
| Worst 30 days (past year) | — | -44.8% |
Relative strength over 90 days: BAY outperformed MORPHO by 270.7% — measured on the BAY/MORPHO ratio, so it holds regardless of market direction.