Midnight (NIGHT) is 31.2× the size of Ergo (ERG) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.08 across 39 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against ERG's 84%.
ERGNIGHT
-0.08over 39 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 | ERG | NIGHT |
|---|---|---|
| Max drawdown (400d) | -20.8% | -67.2% |
| Risk-adjusted return (90d) | 0.13 | 1.09 |
Relative strength over 90 days: NIGHT outperformed ERG by 50.4% — measured on the ERG/NIGHT ratio, so it holds regardless of market direction.