Midnight (NIGHT) is 23.3× the size of Tornado Cash (TORN) by market capitalisation. Their daily returns move barely together (correlation 0.09 across 40 shared trading days). NIGHT has been the more volatile of the two, at 114% annualised against TORN's 69%.
TORNNIGHT
0.09over 40 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 | TORN | NIGHT |
|---|---|---|
| Max drawdown (400d) | -19.8% | -67.2% |
| Risk-adjusted return (90d) | -0.10 | 1.09 |
Relative strength over 90 days: NIGHT outperformed TORN by 45.3% — measured on the TORN/NIGHT ratio, so it holds regardless of market direction.