Midnight (NIGHT) is 30.7× the size of Orochi Network (ON) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 22 shared trading days). ON has been the more volatile of the two, at 166% annualised against NIGHT's 114%.
ONNIGHT
0.25over 22 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 | ON | NIGHT |
|---|---|---|
| Max drawdown (400d) | -30.5% | -67.2% |
| Risk-adjusted return (90d) | 0.04 | 1.09 |
Relative strength over 90 days: NIGHT outperformed ON by 45.9% — measured on the ON/NIGHT ratio, so it holds regardless of market direction.