Midnight (NIGHT) is 27483.5× the size of Noctum (NOCTUM) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 61 shared trading days). NOCTUM has been the more volatile of the two, at 225% annualised against NIGHT's 115%.
NOCTUMNIGHT
0.10over 61 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 | NOCTUM | NIGHT |
|---|---|---|
| Max drawdown (400d) | -76.0% | -67.2% |
| Risk-adjusted return (90d) | -0.30 | 0.85 |
Relative strength over 90 days: NIGHT outperformed NOCTUM by 69.1% — measured on the NOCTUM/NIGHT ratio, so it holds regardless of market direction.