Midnight (NIGHT) is 20.6× the size of River (RIVER) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 41 shared trading days). RIVER has been the more volatile of the two, at 160% annualised against NIGHT's 114%.
RIVERNIGHT
-0.10over 41 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 | RIVER | NIGHT |
|---|---|---|
| Max drawdown (400d) | -47.4% | -67.2% |
| Risk-adjusted return (90d) | -0.27 | 1.09 |
Relative strength over 90 days: NIGHT outperformed RIVER by 74.1% — measured on the RIVER/NIGHT ratio, so it holds regardless of market direction.