Midnight (NIGHT) is 25.8× the size of Fogo (FOGO) by market capitalisation. Their daily returns move barely together (correlation 0.19 across 238 shared trading days). Both have run at a similar volatility, around 113% annualised.
FOGONIGHT
0.19over 238 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 | FOGO | NIGHT |
|---|---|---|
| Max drawdown (400d) | -95.2% | -67.2% |
| Risk-adjusted return (90d) | -0.74 | 1.09 |
Relative strength over 90 days: NIGHT outperformed FOGO by 87.5% — measured on the FOGO/NIGHT ratio, so it holds regardless of market direction.