Midnight (NIGHT) is 482.7× the size of 0x0 (0X0) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.18 across 40 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against 0X0's 66%.
0X0NIGHT
-0.18over 40 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 | 0X0 | NIGHT |
|---|---|---|
| Max drawdown (400d) | -23.9% | -67.2% |
| Risk-adjusted return (90d) | -0.29 | 1.09 |
Relative strength over 90 days: NIGHT outperformed 0X0 by 65.2% — measured on the 0X0/NIGHT ratio, so it holds regardless of market direction.