Midnight (NIGHT) is 18.6× the size of Ronin (RON) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 53 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against RON's 82%.
RONNIGHT
0.24over 53 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 | RON | NIGHT |
|---|---|---|
| Max drawdown (400d) | -25.7% | -67.2% |
| Risk-adjusted return (90d) | -0.20 | 1.09 |
Relative strength over 90 days: NIGHT outperformed RON by 57.1% — measured on the RON/NIGHT ratio, so it holds regardless of market direction.