Midnight (NIGHT) is 5232.3× the size of Astra Nova (RVV) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.15 across 39 shared trading days). RVV has been the more volatile of the two, at 538% annualised against NIGHT's 114%.
RVVNIGHT
-0.15over 39 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 | RVV | NIGHT |
|---|---|---|
| Max drawdown (400d) | -77.6% | -67.2% |
| Risk-adjusted return (90d) | -0.12 | 1.07 |
Relative strength over 90 days: NIGHT outperformed RVV by 84.3% — measured on the RVV/NIGHT ratio, so it holds regardless of market direction.