Midnight (NIGHT) is 1015.8× the size of Iron Fish (IRON) by market capitalisation. Their daily returns move barely together (correlation 0.18 across 31 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against IRON's 84%.
IRONNIGHT
0.18over 31 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 | IRON | NIGHT |
|---|---|---|
| Max drawdown (400d) | -11.2% | -67.2% |
| Risk-adjusted return (90d) | 0.07 | 1.07 |
Relative strength over 90 days: NIGHT outperformed IRON by 29.5% — measured on the IRON/NIGHT ratio, so it holds regardless of market direction.