Midnight (NIGHT) is 25.4× the size of Anoma (XAN) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 50 shared trading days). XAN has been the more volatile of the two, at 851% annualised against NIGHT's 114%.
XANNIGHT
0.04over 50 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 | XAN | NIGHT |
|---|---|---|
| Max drawdown (400d) | -72.8% | -67.2% |
| Risk-adjusted return (90d) | -0.02 | 1.09 |
Relative strength over 90 days: NIGHT outperformed XAN by 62.9% — measured on the XAN/NIGHT ratio, so it holds regardless of market direction.