Midnight (NIGHT) is 18.4× the size of Nesa (NES) by market capitalisation. Their daily returns move loosely in opposite directions (correlation -0.54 across 41 shared trading days). NES has been the more volatile of the two, at 158% annualised against NIGHT's 114%.
NESNIGHT
-0.54over 41 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 | NES | NIGHT |
|---|---|---|
| Max drawdown (400d) | -37.9% | -67.2% |
| Risk-adjusted return (90d) | 0.09 | 1.09 |
Relative strength over 90 days: NIGHT outperformed NES by 49.1% — measured on the NES/NIGHT ratio, so it holds regardless of market direction.