Midnight (NIGHT) is 6867.3× the size of Pentagon Games (PEN) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 20 shared trading days). PEN has been the more volatile of the two, at 146% annualised against NIGHT's 114%.
PENNIGHT
-0.10over 20 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 | PEN | NIGHT |
|---|---|---|
| Max drawdown (400d) | -33.2% | -67.2% |
| Risk-adjusted return (90d) | — | 1.07 |
Relative strength over 90 days: NIGHT outperformed PEN by 16.9% — measured on the PEN/NIGHT ratio, so it holds regardless of market direction.