Midnight (NIGHT) is 28.9× the size of ZEROBASE (ZBT) by market capitalisation. Their daily returns move barely together (correlation 0.13 across 238 shared trading days). ZBT has been the more volatile of the two, at 163% annualised against NIGHT's 114%.
ZBTNIGHT
0.13over 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 | ZBT | NIGHT |
|---|---|---|
| Max drawdown (400d) | -85.0% | -67.2% |
| Risk-adjusted return (90d) | -0.34 | 1.09 |
| Best 30 days (past year) | +221.4% | — |
| Worst 30 days (past year) | -54.8% | — |
Relative strength over 90 days: NIGHT outperformed ZBT by 77.5% — measured on the ZBT/NIGHT ratio, so it holds regardless of market direction.