Injective (INJ) is 1.1× the size of Midnight (NIGHT) by market capitalisation. Their daily returns move barely together (correlation 0.21 across 239 shared trading days). Both have run at a similar volatility, around 108% annualised.
INJNIGHT
0.21over 239 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 | INJ | NIGHT |
|---|---|---|
| Max drawdown (400d) | -79.5% | -67.2% |
| Risk-adjusted return (90d) | 0.68 | 1.07 |
| Best 30 days (past year) | +92.8% | — |
| Worst 30 days (past year) | -46.8% | — |
Relative strength over 90 days: NIGHT outperformed INJ by 24.3% — measured on the INJ/NIGHT ratio, so it holds regardless of market direction.