Midnight (NIGHT) is 155.7× the size of PIVX (PIVX) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 159 shared trading days). PIVX has been the more volatile of the two, at 154% annualised against NIGHT's 114%.
PIVXNIGHT
0.09over 159 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 | PIVX | NIGHT |
|---|---|---|
| Max drawdown (400d) | -97.3% | -67.2% |
| Risk-adjusted return (90d) | -0.46 | 1.09 |
Relative strength over 90 days: NIGHT outperformed PIVX by 74.3% — measured on the PIVX/NIGHT ratio, so it holds regardless of market direction.