Midnight (NIGHT) is 286.3× the size of Forest Protocol (FOREST) by market capitalisation. Their daily returns move barely together (correlation 0.08 across 31 shared trading days). Both have run at a similar volatility, around 113% annualised.
FORESTNIGHT
0.08over 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 | FOREST | NIGHT |
|---|---|---|
| Max drawdown (400d) | -25.6% | -67.2% |
| Risk-adjusted return (90d) | -0.18 | 1.09 |
Relative strength over 90 days: NIGHT outperformed FOREST by 54.6% — measured on the FOREST/NIGHT ratio, so it holds regardless of market direction.