Morpho (MORPHO) is 6.7× the size of Aerodrome Finance (AERO) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 111 shared trading days). Both have run at a similar volatility, around 97% annualised.
MORPHOAERO
0.24over 111 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 | MORPHO | AERO |
|---|---|---|
| Max drawdown (400d) | -51.0% | -36.4% |
| Risk-adjusted return (90d) | 0.18 | 0.42 |
| Best 30 days (past year) | +77.8% | — |
| Worst 30 days (past year) | -44.8% | — |
Relative strength over 90 days: AERO outperformed MORPHO by 18.8% — measured on the MORPHO/AERO ratio, so it holds regardless of market direction.