Ika vs Midnight

Midnight (NIGHT) is 174.6× the size of Ika (IKA) by market capitalisation. Over the past 90 days, NIGHT is ahead by 178.2 percentage points (IKA -47.4% against NIGHT +130.8%). Their daily returns move barely in opposite directions (correlation -0.03 across 110 shared trading days). IKA has been the more volatile of the two, at 171% annualised against NIGHT's 114%.

Correlation: -0.03
Size ratio: 1 : 174.6
Ahead over 90 days: NIGHT

IkaIKA

$0.001396

24h: +7.61%
Market cap: $4.19M
Volume 24h: $536,328
Volatility (ann.): 171%

MidnightNIGHT

$0.043730

24h: +9.10%
Market cap: $731.46M
Volume 24h: $134.42M
Volatility (ann.): 114%

IKA 0.6%Share of the two combined market caps99.4% NIGHT

Performance

IKANIGHT

7 days-6.11%+2.62%NIGHT
30 days-32.61%-3.75%NIGHT
90 days-47.39%+130.81%NIGHT

Correlation

-0.03over 110 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.2790d: -0.081y: insufficient data

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.

Risk & extremes

Metric	IKA	NIGHT
Max drawdown (400d)	-61.6%	-67.2%
Risk-adjusted return (90d)	-0.38	1.09

Relative strength over 90 days: NIGHT outperformed IKA by 61.7% — measured on the IKA/NIGHT ratio, so it holds regardless of market direction.

Ika →Midnight →