Midnight (NIGHT) is 26027.0× the size of BaseUSDP (USDP) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 33 shared trading days). USDP has been the more volatile of the two, at 1102% annualised against NIGHT's 114%.
USDPNIGHT
0.03over 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 | USDP | NIGHT |
|---|---|---|
| Max drawdown (400d) | -84.8% | -67.2% |
| Risk-adjusted return (90d) | -0.04 | 1.07 |
Relative strength over 90 days: NIGHT outperformed USDP by 54.0% — measured on the USDP/NIGHT ratio, so it holds regardless of market direction.