Midnight (NIGHT) is 5.7× the size of Ozone Chain (OZO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.06 across 57 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against OZO's 4%.
OZONIGHT
-0.06over 57 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 | OZO | NIGHT |
|---|---|---|
| Max drawdown (400d) | -0.8% | -67.2% |
| Risk-adjusted return (90d) | 0.02 | 1.09 |
Relative strength over 90 days: NIGHT outperformed OZO by 59.9% — measured on the OZO/NIGHT ratio, so it holds regardless of market direction.