Midnight (NIGHT) is 32218.1× the size of Obscura (OBS) by market capitalisation. Their daily returns move barely together (correlation 0.03 across 35 shared trading days). OBS has been the more volatile of the two, at 162% annualised against NIGHT's 114%.
OBSNIGHT
0.03over 35 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 | OBS | NIGHT |
|---|---|---|
| Max drawdown (400d) | -60.2% | -67.2% |
| Risk-adjusted return (90d) | -0.32 | 1.07 |
Relative strength over 90 days: NIGHT outperformed OBS by 57.5% — measured on the OBS/NIGHT ratio, so it holds regardless of market direction.