Midnight (NIGHT) is 67632.5× the size of Elderglade (ELDE) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 34 shared trading days). Both have run at a similar volatility, around 121% annualised.
ELDENIGHT
0.08over 34 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 | ELDE | NIGHT |
|---|---|---|
| Max drawdown (400d) | -38.6% | -67.2% |
| Risk-adjusted return (90d) | -0.20 | 1.07 |
Relative strength over 90 days: NIGHT outperformed ELDE by 34.3% — measured on the ELDE/NIGHT ratio, so it holds regardless of market direction.