Midnight (NIGHT) is 84.2× the size of Umbra (UMBRA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.02 across 31 shared trading days). UMBRA has been the more volatile of the two, at 135% annualised against NIGHT's 114%.
UMBRANIGHT
-0.02over 31 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 | UMBRA | NIGHT |
|---|---|---|
| Max drawdown (400d) | -24.7% | -67.2% |
| Risk-adjusted return (90d) | 0.07 | 1.07 |
Relative strength over 90 days: NIGHT outperformed UMBRA by 38.3% — measured on the UMBRA/NIGHT ratio, so it holds regardless of market direction.