Midnight (NIGHT) is 6962.0× the size of Palio (PAL) by market capitalisation. Their daily returns move barely together (correlation 0.01 across 213 shared trading days). PAL has been the more volatile of the two, at 142% annualised against NIGHT's 114%.
PALNIGHT
0.01over 213 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 | PAL | NIGHT |
|---|---|---|
| Max drawdown (400d) | -93.2% | -67.2% |
| Risk-adjusted return (90d) | -0.70 | 1.07 |
| Best 30 days (past year) | +80.8% | — |
| Worst 30 days (past year) | -53.2% | — |
Relative strength over 90 days: NIGHT outperformed PAL by 53.8% — measured on the PAL/NIGHT ratio, so it holds regardless of market direction.