Midnight (NIGHT) is 956.5× the size of Veil Token (VEIL) by market capitalisation. Their daily returns move barely together (correlation 0.12 across 39 shared trading days). VEIL has been the more volatile of the two, at 184% annualised against NIGHT's 114%.
VEILNIGHT
0.12over 39 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 | VEIL | NIGHT |
|---|---|---|
| Max drawdown (400d) | -58.4% | -67.2% |
| Risk-adjusted return (90d) | -0.28 | 1.09 |
Relative strength over 90 days: NIGHT outperformed VEIL by 79.1% — measured on the VEIL/NIGHT ratio, so it holds regardless of market direction.