Midnight (NIGHT) is 25.6× the size of Hemi (HEMI) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 238 shared trading days). HEMI has been the more volatile of the two, at 148% annualised against NIGHT's 114%.
HEMINIGHT
-0.10over 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 | HEMI | NIGHT |
|---|---|---|
| Max drawdown (400d) | -96.0% | -67.2% |
| Risk-adjusted return (90d) | -0.04 | 1.09 |
| Best 30 days (past year) | +251.0% | — |
| Worst 30 days (past year) | -63.3% | — |
Relative strength over 90 days: NIGHT outperformed HEMI by 59.6% — measured on the HEMI/NIGHT ratio, so it holds regardless of market direction.