Midnight (NIGHT) is 485.9× the size of NONOS (NOX) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 41 shared trading days). NOX has been the more volatile of the two, at 294% annualised against NIGHT's 114%.
NOXNIGHT
-0.10over 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 | NOX | NIGHT |
|---|---|---|
| Max drawdown (400d) | -68.4% | -67.2% |
| Risk-adjusted return (90d) | 0.13 | 1.07 |
Relative strength over 90 days: NIGHT outperformed NOX by 42.0% — measured on the NOX/NIGHT ratio, so it holds regardless of market direction.