Midnight (NIGHT) is 22700.8× the size of Veilnet (VEILNET) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.20 across 31 shared trading days). VEILNET has been the more volatile of the two, at 346% annualised against NIGHT's 114%.
VEILNETNIGHT
-0.20over 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 | VEILNET | NIGHT |
|---|---|---|
| Max drawdown (400d) | -43.0% | -67.2% |
| Risk-adjusted return (90d) | -0.07 | 1.07 |
Relative strength over 90 days: NIGHT outperformed VEILNET by 33.3% — measured on the VEILNET/NIGHT ratio, so it holds regardless of market direction.