Morpho (MORPHO) is 61.5× the size of Zest Protocol (ZEST) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 143 shared trading days). ZEST has been the more volatile of the two, at 157% annualised against MORPHO's 94%.
ZESTMORPHO
-0.09over 143 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 | ZEST | MORPHO |
|---|---|---|
| Max drawdown (400d) | -60.2% | -51.0% |
| Risk-adjusted return (90d) | -0.16 | 0.13 |
| Best 30 days (past year) | — | +77.8% |
| Worst 30 days (past year) | — | -44.8% |
Relative strength over 90 days: MORPHO outperformed ZEST by 16.0% — measured on the ZEST/MORPHO ratio, so it holds regardless of market direction.