Ondo (ONDO) is 1.3× the size of Morpho (MORPHO) by market capitalisation. Over the past 1 year, MORPHO is ahead by 69.4 percentage points (ONDO -31.1% against MORPHO +38.2%). Their daily returns move loosely together (correlation 0.51 across 398 shared trading days). Both have run at a similar volatility, around 94% annualised.
ONDOMORPHO
0.51over 398 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 | ONDO | MORPHO |
|---|---|---|
| Max drawdown (400d) | -76.6% | -51.0% |
| Risk-adjusted return (90d) | 0.14 | 0.18 |
| Best 30 days (past year) | +76.6% | +77.8% |
| Worst 30 days (past year) | -50.8% | -44.8% |
Relative strength over 90 days: MORPHO outperformed ONDO by 3.1% — measured on the ONDO/MORPHO ratio, so it holds regardless of market direction.