Morpho (MORPHO) is 916.4× the size of Orbiter Finance (OBT) by market capitalisation. Over the past 1 year, MORPHO is ahead by 109.6 percentage points (OBT -94.0% against MORPHO +15.6%). Their daily returns move barely together (correlation 0.31 across 370 shared trading days). MORPHO has been the more volatile of the two, at 94% annualised against OBT's 79%.
OBTMORPHO
0.31over 370 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 | OBT | MORPHO |
|---|---|---|
| Max drawdown (400d) | -94.8% | -51.0% |
| Risk-adjusted return (90d) | -0.23 | 0.13 |
| Best 30 days (past year) | +31.0% | +77.8% |
| Worst 30 days (past year) | -56.7% | -44.8% |
Relative strength over 90 days: MORPHO outperformed OBT by 17.7% — measured on the OBT/MORPHO ratio, so it holds regardless of market direction.