Offshift vs Midnight

Midnight (NIGHT) is 1169.0× the size of Offshift (XFT) by market capitalisation. Over the past 90 days, NIGHT is ahead by 181.6 percentage points (XFT -50.8% against NIGHT +130.8%). Their daily returns move barely in opposite directions (correlation -0.07 across 45 shared trading days). XFT has been the more volatile of the two, at 143% annualised against NIGHT's 114%.

Correlation: -0.07
Size ratio: 1 : 1169.0
Ahead over 90 days: NIGHT

OffshiftXFT

$0.061299

24h: —
Market cap: $617,451
Volume 24h: —
Volatility (ann.): 143%

MidnightNIGHT

$0.043770

24h: +7.90%
Market cap: $721.81M
Volume 24h: $113.30M
Volatility (ann.): 114%

XFT 0.1%Share of the two combined market caps99.9% NIGHT

Performance

XFTNIGHT

7 days+0.74%+2.62%NIGHT
30 days+2.71%-3.75%XFT
90 days-50.83%+130.81%NIGHT

Correlation

-0.07over 45 shared trading days

−1 opposite0 unrelated+1 in step

7d: insufficient data30d: -0.1290d: insufficient data1y: insufficient data

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.

Risk & extremes

Metric	XFT	NIGHT
Max drawdown (400d)	-66.4%	-67.2%
Risk-adjusted return (90d)	-0.36	1.09

Relative strength over 90 days: XFT outperformed NIGHT by 7.7% — measured on the XFT/NIGHT ratio, so it holds regardless of market direction.

Offshift →Midnight →