Midnight (NIGHT) is 81.5× the size of NUMINE Token (NUMI) by market capitalisation. Their daily returns move barely together (correlation 0.02 across 203 shared trading days). NUMI has been the more volatile of the two, at 132% annualised against NIGHT's 114%.
NUMINIGHT
0.02over 203 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 | NUMI | NIGHT |
|---|---|---|
| Max drawdown (400d) | -90.5% | -67.2% |
| Risk-adjusted return (90d) | 1.06 | 1.09 |
Relative strength over 90 days: NUMI outperformed NIGHT by 19.9% — measured on the NUMI/NIGHT ratio, so it holds regardless of market direction.