Midnight (NIGHT) is 172.4× the size of Aragon (ANT) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.11 across 33 shared trading days). ANT has been the more volatile of the two, at 1529% annualised against NIGHT's 114%.
ANTNIGHT
-0.11over 33 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 | ANT | NIGHT |
|---|---|---|
| Max drawdown (400d) | -74.6% | -67.2% |
| Risk-adjusted return (90d) | 0.00 | 1.09 |
Relative strength over 90 days: NIGHT outperformed ANT by 51.4% — measured on the ANT/NIGHT ratio, so it holds regardless of market direction.