Midnight (NIGHT) is 155.0× the size of Zclassic (ZCL) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.09 across 32 shared trading days). ZCL has been the more volatile of the two, at 775% annualised against NIGHT's 114%.
ZCLNIGHT
-0.09over 32 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 | ZCL | NIGHT |
|---|---|---|
| Max drawdown (400d) | -60.7% | -67.2% |
| Risk-adjusted return (90d) | 0.24 | 1.09 |
Relative strength over 90 days: ZCL outperformed NIGHT by 30.7% — measured on the ZCL/NIGHT ratio, so it holds regardless of market direction.