Midnight (NIGHT) is 6055.3× the size of Arcanus (ARCANUS) by market capitalisation. Their daily returns move loosely together (correlation 0.54 across 28 shared trading days). ARCANUS has been the more volatile of the two, at 753% annualised against NIGHT's 115%.
ARCANUSNIGHT
0.54over 28 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 | ARCANUS | NIGHT |
|---|---|---|
| Max drawdown (400d) | -74.4% | -67.2% |
| Risk-adjusted return (90d) | 0.04 | 1.09 |
Relative strength over 90 days: ARCANUS outperformed NIGHT by 21.0% — measured on the ARCANUS/NIGHT ratio, so it holds regardless of market direction.