Midnight (NIGHT) is 365.6× the size of Nerva (XNV) by market capitalisation. Their daily returns move barely together (correlation 0.31 across 31 shared trading days). Both have run at a similar volatility, around 117% annualised.
XNVNIGHT
0.31over 31 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 | XNV | NIGHT |
|---|---|---|
| Max drawdown (400d) | -33.0% | -67.2% |
| Risk-adjusted return (90d) | 0.06 | 1.09 |
Relative strength over 90 days: NIGHT outperformed XNV by 49.6% — measured on the XNV/NIGHT ratio, so it holds regardless of market direction.