Morpho (MORPHO) is 59.2× the size of Origin Token (OGN) by market capitalisation. Over the past 1 year, MORPHO is ahead by 57.4 percentage points (OGN -41.8% against MORPHO +15.6%). Their daily returns move barely together (correlation 0.19 across 397 shared trading days). OGN has been the more volatile of the two, at 135% annualised against MORPHO's 94%.
OGNMORPHO
0.19over 397 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 | OGN | MORPHO |
|---|---|---|
| Max drawdown (400d) | -77.3% | -51.0% |
| Risk-adjusted return (90d) | 0.26 | 0.13 |
| Best 30 days (past year) | +145.5% | +77.8% |
| Worst 30 days (past year) | -38.2% | -44.8% |
Relative strength over 90 days: OGN outperformed MORPHO by 38.9% — measured on the OGN/MORPHO ratio, so it holds regardless of market direction.