Zcash (ZEC) is 31.8× the size of Midnight (NIGHT) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 239 shared trading days). ZEC has been the more volatile of the two, at 149% annualised against NIGHT's 114%.
NIGHTZEC
0.24over 239 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 | NIGHT | ZEC |
|---|---|---|
| Max drawdown (400d) | -67.2% | -71.8% |
| Risk-adjusted return (90d) | 1.07 | 1.21 |
| Best 30 days (past year) | — | +188.2% |
| Worst 30 days (past year) | — | -59.2% |
Relative strength over 90 days: ZEC outperformed NIGHT by 11.4% — measured on the NIGHT/ZEC ratio, so it holds regardless of market direction.