Morpho (MORPHO) is 222.0× the size of NAVI Protocol (NAVX) by market capitalisation. Over the past 1 year, MORPHO is ahead by 99.4 percentage points (NAVX -83.8% against MORPHO +15.6%). Their daily returns move barely together (correlation 0.33 across 371 shared trading days). NAVX has been the more volatile of the two, at 123% annualised against MORPHO's 94%.
NAVXMORPHO
0.33over 371 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 | NAVX | MORPHO |
|---|---|---|
| Max drawdown (400d) | -88.3% | -51.0% |
| Risk-adjusted return (90d) | 0.20 | 0.13 |
| Best 30 days (past year) | +71.7% | +77.8% |
| Worst 30 days (past year) | -61.1% | -44.8% |
Relative strength over 90 days: NAVX outperformed MORPHO by 29.4% — measured on the NAVX/MORPHO ratio, so it holds regardless of market direction.