Monero (XMR) is 17.9× the size of Midnight (NIGHT) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 35 shared trading days). NIGHT has been the more volatile of the two, at 115% annualised against XMR's 38%.
XMRNIGHT
0.10over 35 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 | XMR | NIGHT |
|---|---|---|
| Max drawdown (400d) | -7.3% | -67.2% |
| Risk-adjusted return (90d) | 0.28 | 0.85 |
Relative strength over 90 days: NIGHT outperformed XMR by 28.6% — measured on the XMR/NIGHT ratio, so it holds regardless of market direction.