Midnight (NIGHT) is 2.6× the size of Tezos (XTZ) by market capitalisation. Their daily returns move barely together (correlation 0.30 across 238 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against XTZ's 75%.
XTZNIGHT
0.30over 238 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 | XTZ | NIGHT |
|---|---|---|
| Max drawdown (400d) | -72.9% | -67.2% |
| Risk-adjusted return (90d) | 0.29 | 1.09 |
| Best 30 days (past year) | +65.7% | — |
| Worst 30 days (past year) | -42.6% | — |
Relative strength over 90 days: NIGHT outperformed XTZ by 45.5% — measured on the XTZ/NIGHT ratio, so it holds regardless of market direction.