Midnight (NIGHT) is 4198.6× the size of ZERA (ZERA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.10 across 39 shared trading days). ZERA has been the more volatile of the two, at 571% annualised against NIGHT's 114%.
ZERANIGHT
-0.10over 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 | ZERA | NIGHT |
|---|---|---|
| Max drawdown (400d) | -67.4% | -67.2% |
| Risk-adjusted return (90d) | 0.28 | 1.07 |
Relative strength over 90 days: ZERA outperformed NIGHT by 11.3% — measured on the ZERA/NIGHT ratio, so it holds regardless of market direction.