Morpho (MORPHO) is 2079.6× the size of Reservoir (DAM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 193 shared trading days). DAM has been the more volatile of the two, at 331% annualised against MORPHO's 94%.
DAMMORPHO
-0.18over 193 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 | DAM | MORPHO |
|---|---|---|
| Max drawdown (400d) | -96.2% | -51.0% |
| Risk-adjusted return (90d) | -0.23 | 0.13 |
| Best 30 days (past year) | — | +77.8% |
| Worst 30 days (past year) | — | -44.8% |
Relative strength over 90 days: MORPHO outperformed DAM by 74.1% — measured on the DAM/MORPHO ratio, so it holds regardless of market direction.