Bittensor (TAO) is 12.8× the size of Arweave (AR) by market capitalisation. Over the past 1 year, AR is ahead by 20.9 percentage points (AR -20.7% against TAO -41.7%). Their daily returns move loosely together (correlation 0.47 across 399 shared trading days). AR has been the more volatile of the two, at 119% annualised against TAO's 97%.
ARTAO
0.47over 399 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 | AR | TAO |
|---|---|---|
| Max drawdown (400d) | -80.7% | -70.7% |
| Risk-adjusted return (90d) | 0.67 | 0.25 |
| Best 30 days (past year) | +124.8% | +104.1% |
| Worst 30 days (past year) | -53.3% | -48.1% |
Relative strength over 90 days: AR outperformed TAO by 51.5% — measured on the AR/TAO ratio, so it holds regardless of market direction.