Better than afternoon, worse than early morning
Red-eye flights (departing 10 PM - 1 AM) have on-time rates around 80-83% — better than afternoon flights but slightly worse than the best morning slots. The reason: by nighttime, most of the day's cascading delays have been absorbed. Air traffic is lighter. Weather is usually calmer.
The trade-off
Red-eyes are more reliable than 3 PM flights, but you lose a night of sleep. Worth it if: you're flexible about sleep, the price is significantly cheaper, or you need to arrive by morning without paying for a hotel.