Midnight (NIGHT) is 512.9× the size of Dill (DL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 203 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against DL's 54%.
DLNIGHT
-0.01over 203 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 | DL | NIGHT |
|---|---|---|
| Max drawdown (400d) | -85.2% | -67.2% |
| Risk-adjusted return (90d) | -1.02 | 1.09 |
Relative strength over 90 days: NIGHT outperformed DL by 35.1% — measured on the DL/NIGHT ratio, so it holds regardless of market direction.