Midnight (NIGHT) is 17.5× the size of Irys (IRYS) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.03 across 50 shared trading days). IRYS has been the more volatile of the two, at 774% annualised against NIGHT's 114%.
IRYSNIGHT
-0.03over 50 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 | IRYS | NIGHT |
|---|---|---|
| Max drawdown (400d) | -73.9% | -67.2% |
| Risk-adjusted return (90d) | 0.08 | 1.09 |
Relative strength over 90 days: NIGHT outperformed IRYS by 28.5% — measured on the IRYS/NIGHT ratio, so it holds regardless of market direction.