Midnight (NIGHT) is 11.9× the size of GAL (migrated to Gravity - G) (GAL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.12 across 38 shared trading days). GAL has been the more volatile of the two, at 432% annualised against NIGHT's 114%.
GALNIGHT
-0.12over 38 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 | GAL | NIGHT |
|---|---|---|
| Max drawdown (400d) | -64.9% | -67.2% |
| Risk-adjusted return (90d) | -0.05 | 1.09 |
Relative strength over 90 days: NIGHT outperformed GAL by 53.9% — measured on the GAL/NIGHT ratio, so it holds regardless of market direction.