Midnight (NIGHT) is 8.2× the size of peaq (PEAQ) by market capitalisation. Their daily returns move barely together (correlation 0.04 across 55 shared trading days). PEAQ has been the more volatile of the two, at 159% annualised against NIGHT's 114%.
PEAQNIGHT
0.04over 55 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 | PEAQ | NIGHT |
|---|---|---|
| Max drawdown (400d) | -33.1% | -67.2% |
| Risk-adjusted return (90d) | 0.44 | 1.09 |
Relative strength over 90 days: NIGHT outperformed PEAQ by 24.4% — measured on the PEAQ/NIGHT ratio, so it holds regardless of market direction.