Midnight (NIGHT) is 20.1× the size of Swarm Network (TRUTH) by market capitalisation. Their daily returns move closely together (correlation 0.69 across 47 shared trading days). TRUTH has been the more volatile of the two, at 137% annualised against NIGHT's 114%.
TRUTHNIGHT
0.69over 47 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 | TRUTH | NIGHT |
|---|---|---|
| Max drawdown (400d) | -22.3% | -67.2% |
| Risk-adjusted return (90d) | 0.22 | 1.09 |
Relative strength over 90 days: NIGHT outperformed TRUTH by 41.0% — measured on the TRUTH/NIGHT ratio, so it holds regardless of market direction.