Morpho (MORPHO) is 213598.6× the size of Nebula3 (SN3) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 34 shared trading days). SN3 has been the more volatile of the two, at 282% annualised against MORPHO's 94%.
SN3MORPHO
-0.20over 34 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 | SN3 | MORPHO |
|---|---|---|
| Max drawdown (400d) | -52.0% | -51.0% |
| Risk-adjusted return (90d) | -0.12 | 0.13 |
| Best 30 days (past year) | — | +77.8% |
| Worst 30 days (past year) | — | -44.8% |
Relative strength over 90 days: MORPHO outperformed SN3 by 17.5% — measured on the SN3/MORPHO ratio, so it holds regardless of market direction.