Midnight (NIGHT) is 11.3× the size of ZetaChain (ZETA) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 56 shared trading days). ZETA has been the more volatile of the two, at 175% annualised against NIGHT's 114%.
ZETANIGHT
-0.04over 56 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 | ZETA | NIGHT |
|---|---|---|
| Max drawdown (400d) | -36.6% | -67.2% |
| Risk-adjusted return (90d) | 0.17 | 1.07 |
Relative strength over 90 days: NIGHT outperformed ZETA by 43.4% — measured on the ZETA/NIGHT ratio, so it holds regardless of market direction.