Midnight (NIGHT) is 4.0× the size of Zama (ZAMA) by market capitalisation. Over the past 90 days, NIGHT is ahead by 99.0 percentage points (ZAMA +31.8% against NIGHT +130.8%). Their daily returns move barely together (correlation 0.08 across 238 shared trading days). Both have run at a similar volatility, around 119% annualised.
ZAMANIGHT
0.08over 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 | ZAMA | NIGHT |
|---|---|---|
| Max drawdown (400d) | -48.7% | -67.2% |
| Risk-adjusted return (90d) | 0.23 | 1.09 |
Relative strength over 90 days: NIGHT outperformed ZAMA by 42.9% — measured on the ZAMA/NIGHT ratio, so it holds regardless of market direction.