Tether (USDT) is 465.3× the size of Midnight (NIGHT) by market capitalisation. Their daily returns move loosely together (correlation 0.50 across 31 shared trading days). NIGHT has been the more volatile of the two, at 106% annualised against USDT's 0%.
| Period | NIGHT | USDT | Ahead |
|---|---|---|---|
| 7 days | +19.99% | -0.01% | NIGHT |
| 30 days | +26.64% | +0.05% | NIGHT |
| 90 days | -24.29% | — | — |
| Metric | NIGHT | USDT |
|---|---|---|
| Max drawdown (400d) | -67.2% | -0.0% |
| Risk-adjusted return (90d) | -0.20 | 0.19 |
Relative strength over 90 days: NIGHT outperformed USDT by 17.2% — measured on the NIGHT/USDT 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.