Midnight (NIGHT) is 17.5× the size of Nexus (NEX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 55 shared trading days). Both have run at a similar volatility, around 117% annualised.
NEXNIGHT
-0.01over 55 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 | NEX | NIGHT |
|---|---|---|
| Max drawdown (400d) | -60.3% | -67.2% |
| Risk-adjusted return (90d) | -0.45 | 1.09 |
Relative strength over 90 days: NIGHT outperformed NEX by 79.6% — measured on the NEX/NIGHT ratio, so it holds regardless of market direction.