Morpho (MORPHO) is 585.8× the size of Nolus (NLS) by market capitalisation. Over the past 1 year, MORPHO is ahead by 84.8 percentage points (NLS -69.2% against MORPHO +15.6%). Their daily returns move barely together (correlation 0.05 across 369 shared trading days). NLS has been the more volatile of the two, at 108% annualised against MORPHO's 94%.
NLSMORPHO
0.05over 369 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 | NLS | MORPHO |
|---|---|---|
| Max drawdown (400d) | -88.4% | -51.0% |
| Risk-adjusted return (90d) | 0.22 | 0.13 |
| Best 30 days (past year) | +111.1% | +77.8% |
| Worst 30 days (past year) | -67.2% | -44.8% |
Relative strength over 90 days: NLS outperformed MORPHO by 19.9% — measured on the NLS/MORPHO ratio, so it holds regardless of market direction.