Midnight (NIGHT) is 42.9× the size of ARPA (ARPA) by market capitalisation. Their daily returns move barely together (correlation 0.32 across 238 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against ARPA's 98%.
ARPANIGHT
0.32over 238 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 | ARPA | NIGHT |
|---|---|---|
| Max drawdown (400d) | -66.8% | -67.2% |
| Risk-adjusted return (90d) | 0.32 | 1.09 |
| Best 30 days (past year) | +60.2% | — |
| Worst 30 days (past year) | -51.2% | — |
Relative strength over 90 days: NIGHT outperformed ARPA by 48.8% — measured on the ARPA/NIGHT ratio, so it holds regardless of market direction.