Bitcoin (BTC) is 4097.3× the size of Midnight (NIGHT) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 193 shared trading days). NIGHT has been the more volatile of the two, at 106% annualised against BTC's 44%.
| Period | NIGHT | BTC | Ahead |
|---|---|---|---|
| 7 days | +19.99% | +5.14% | NIGHT |
| 30 days | +26.64% | +11.26% | NIGHT |
| 90 days | -24.29% | +28.33% | BTC |
| 1 year | — | -29.73% | — |
| Metric | NIGHT | BTC |
|---|---|---|
| Max drawdown (400d) | -67.2% | -53.0% |
| Risk-adjusted return (90d) | -0.20 | 0.74 |
| Best 30 days (past year) | — | +26.8% |
| Worst 30 days (past year) | — | -32.9% |
Relative strength over 90 days: BTC outperformed NIGHT by 41.0% — measured on the NIGHT/BTC ratio, so it holds regardless of market direction.
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.