Midnight (NIGHT) is 7641.4× the size of Hypersign Identity (HID) by market capitalisation. Their daily returns move barely together (correlation 0.28 across 25 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against HID's 42%.
HIDNIGHT
0.28over 25 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 | HID | NIGHT |
|---|---|---|
| Max drawdown (400d) | -20.9% | -67.2% |
| Risk-adjusted return (90d) | -0.47 | 1.07 |
Relative strength over 90 days: NIGHT outperformed HID by 23.8% — measured on the HID/NIGHT ratio, so it holds regardless of market direction.