Midnight (NIGHT) is 531.9× the size of BEAM (BEAM) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.36 across 40 shared trading days). BEAM has been the more volatile of the two, at 205% annualised against NIGHT's 114%.
BEAMNIGHT
-0.36over 40 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 | BEAM | NIGHT |
|---|---|---|
| Max drawdown (400d) | -54.1% | -67.2% |
| Risk-adjusted return (90d) | 0.12 | 1.09 |
Relative strength over 90 days: NIGHT outperformed BEAM by 46.0% — measured on the BEAM/NIGHT ratio, so it holds regardless of market direction.