Midnight (NIGHT) is 1697.0× the size of DragonX (DRGX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.05 across 31 shared trading days). DRGX has been the more volatile of the two, at 164% annualised against NIGHT's 114%.
DRGXNIGHT
-0.05over 31 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 | DRGX | NIGHT |
|---|---|---|
| Max drawdown (400d) | -18.5% | -67.2% |
| Risk-adjusted return (90d) | 0.55 | 1.07 |
Relative strength over 90 days: NIGHT outperformed DRGX by 7.9% — measured on the DRGX/NIGHT ratio, so it holds regardless of market direction.