Midnight (NIGHT) is 93191.5× the size of Omyra (OMYRA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.01 across 25 shared trading days). OMYRA has been the more volatile of the two, at 332% annualised against NIGHT's 114%.
OMYRANIGHT
-0.01over 25 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 | OMYRA | NIGHT |
|---|---|---|
| Max drawdown (400d) | -14.1% | -67.2% |
| Risk-adjusted return (90d) | 0.25 | 1.07 |
Relative strength over 90 days: OMYRA outperformed NIGHT by 61.7% — measured on the OMYRA/NIGHT ratio, so it holds regardless of market direction.