Midnight (NIGHT) is 264198.2× the size of D3FAULT (D3F) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 50 shared trading days). D3F has been the more volatile of the two, at 447% annualised against NIGHT's 114%.
D3FNIGHT
0.10over 50 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 | D3F | NIGHT |
|---|---|---|
| Max drawdown (400d) | -97.0% | -67.2% |
| Risk-adjusted return (90d) | -0.20 | 1.07 |
Relative strength over 90 days: NIGHT outperformed D3F by 88.4% — measured on the D3F/NIGHT ratio, so it holds regardless of market direction.