Midnight (NIGHT) is 216.8× the size of Polyhedra Network (ZKJ) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 204 shared trading days). Both have run at a similar volatility, around 118% annualised.
ZKJNIGHT
-0.04over 204 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 | ZKJ | NIGHT |
|---|---|---|
| Max drawdown (400d) | -96.6% | -67.2% |
| Risk-adjusted return (90d) | -0.32 | 1.09 |
Relative strength over 90 days: NIGHT outperformed ZKJ by 47.9% — measured on the ZKJ/NIGHT ratio, so it holds regardless of market direction.