#2. Alexander Volkanovski is a more well-rounded fighter
Khabib Nurmagomedov was an exceptionally gifted grappler and wrestler.
While his takedown entries were, at times, reckless, his chain wrestling was a work of art. Dustin Poirier claimed that it wasn't the Russian's strength that most surprised him in the grappling phases of their bout, but his intelligence as Nurmagomedov felt, in Poirier's words, as though he was always a step ahead.
Furthermore, Nurmagomedov is often credited with revolutionizing the use of the cage to render his wrestling and grappling more effective. Fighters often use the fence as an aid to more easily return to their feet after conceding takedowns.
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Nurmagomedov, by contrast, uses the fence to trap his foes in the grappling phase. While opponents like Conor McGregor successfully used the fence to wall-walk back to their feet, they were still trapped against the fence with 'The Eagle' leaning against them with a wrist-grip and the top of his head braced against their chin to break their posture.
This meant that even if foes managed to stand back to their feet, they were still in a compromised position that was more advantageous to Nurmagomedov than to them.
The Russian's striking, however, was chaotic. It served a purpose, but if not for the threat of his wrestling, it would have been torn apart.
Alexander Volkanovski is a different beast altogether. His wrestling is strong, he feints smartly, uses calf kicks to counter the jabs of taller foes and does not deviate from effective boxing fundamentals. When Max Holloway introduced his counter to Alexander Volkanovski's calf kicks, the Australian great adjusted by jabbing with the taller Holloway to disrupt his rhythm.
'The Great' is comfortable in every phase of combat. Max Holloway could not oustrike him, nor could 'The Korean Zombie' out-punch him. Chad Mendes was unable to wrestle him, and Brian Ortega failed to submit him, only earning punishment from the guard after every failed submission attempt.
#1. Alexander Volkanovski has more title defenses
Title defenses are often used as a metric by which a fighter's greatness is measured.
One of the longstanding criticisms Conor McGregor has rightfully received is his complete lack of title defenses. The Irishman has never defended a single championship in any MMA promotion he's fought for.
Georges St-Pierre is still upheld as the greatest welterweight in the sport due to his insurmountable title defense record in the division. Similarly, a good chunk of Anderson Silva's greatness hinges on his breathtaking ten-title defensive record, because while opinions vary and are subjective, statistics are more difficult to dispute.
From a statistical standpoint, Khabib Nurmagomedov has three title defenses over Justin Gaethje, Dustin Poirier and Conor McGregor. Alexander Volkanovski, by comparison, has four title defenses over Max Holloway (2x), Chan Sung Jung and Brian Ortega.
Given Alexander Volkanovski's rate of improvement as a fighter, as evidenced by how easily he shut down Holloway at UFC 276 despite the Hawaiian's shutout performances over the rest of the division's best, 'The Great' is unlikely to relinquish his UFC featherweight championship any time soon.
Thus, his title defense record will likely only extend as he continues to turn away every challenger with a hopeless beating.