Canton (CC) is 6.0× the size of Midnight (NIGHT) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 60 shared trading days). Both have run at a similar volatility, around 119% annualised.
CCNIGHT
0.23over 60 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 | CC | NIGHT |
|---|---|---|
| Max drawdown (400d) | -30.6% | -67.2% |
| Risk-adjusted return (90d) | 0.01 | 0.85 |
Relative strength over 90 days: NIGHT outperformed CC by 55.5% — measured on the CC/NIGHT ratio, so it holds regardless of market direction.