Morpho (MORPHO) is 105.4× the size of Orderly (ORDER) by market capitalisation. Over the past 1 year, MORPHO is ahead by 105.1 percentage points (ORDER -89.5% against MORPHO +15.6%). Their daily returns move loosely together (correlation 0.39 across 371 shared trading days). Both have run at a similar volatility, around 100% annualised.
ORDERMORPHO
0.39over 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 | ORDER | MORPHO |
|---|---|---|
| Max drawdown (400d) | -93.7% | -51.0% |
| Risk-adjusted return (90d) | 0.03 | 0.13 |
| Best 30 days (past year) | +31.4% | +77.8% |
| Worst 30 days (past year) | -65.1% | -44.8% |
Relative strength over 90 days: ORDER outperformed MORPHO by 4.6% — measured on the ORDER/MORPHO ratio, so it holds regardless of market direction.