Midnight (NIGHT) is 180.9× the size of CESS Network (CESS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 212 shared trading days). Both have run at a similar volatility, around 110% annualised.
CESSNIGHT
-0.01over 212 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 | CESS | NIGHT |
|---|---|---|
| Max drawdown (400d) | -78.1% | -67.2% |
| Risk-adjusted return (90d) | 0.17 | 1.09 |
| Best 30 days (past year) | +203.1% | — |
| Worst 30 days (past year) | -66.5% | — |
Relative strength over 90 days: NIGHT outperformed CESS by 11.2% — measured on the CESS/NIGHT ratio, so it holds regardless of market direction.