Midnight (NIGHT) is 16.4× the size of Space and Time (SXT) by market capitalisation. Their daily returns move barely together (correlation 0.16 across 239 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against SXT's 96%.
SXTNIGHT
0.16over 239 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 | SXT | NIGHT |
|---|---|---|
| Max drawdown (400d) | -91.2% | -67.2% |
| Risk-adjusted return (90d) | 0.21 | 1.07 |
| Best 30 days (past year) | +34.1% | — |
| Worst 30 days (past year) | -45.5% | — |
Relative strength over 90 days: NIGHT outperformed SXT by 49.7% — measured on the SXT/NIGHT ratio, so it holds regardless of market direction.