Midnight (NIGHT) is 6.5× the size of Humanity (H) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.39 across 57 shared trading days). Both have run at a similar volatility, around 113% annualised.
HNIGHT
-0.39over 57 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 | H | NIGHT |
|---|---|---|
| Max drawdown (400d) | -58.7% | -67.2% |
| Risk-adjusted return (90d) | -0.50 | 1.09 |
Relative strength over 90 days: NIGHT outperformed H by 82.5% — measured on the H/NIGHT ratio, so it holds regardless of market direction.