Jupiter Meta Data Token (JMDT) and Midnight (NIGHT) compared side by side. Their daily returns move barely in opposite directions (correlation -0.08 across 54 shared trading days). JMDT has been the more volatile of the two, at 161% annualised against NIGHT's 114%.
JMDTNIGHT
-0.08over 54 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 | JMDT | NIGHT |
|---|---|---|
| Max drawdown (400d) | -35.8% | -67.2% |
| Risk-adjusted return (90d) | 0.15 | 1.09 |
Relative strength over 90 days: NIGHT outperformed JMDT by 18.1% — measured on the JMDT/NIGHT ratio, so it holds regardless of market direction.