Bitcoin (BTC) is 560.3× the size of Bittensor (TAO) by market capitalisation. Over the past 1 year, TAO is ahead by 6.0 percentage points (BTC -29.7% against TAO -23.8%). Their daily returns move closely together (correlation 0.61 across 399 shared trading days). TAO has been the more volatile of the two, at 95% annualised against BTC's 44%.
| Period | BTC | TAO | Ahead |
|---|---|---|---|
| 7 days | +5.14% | +13.27% | TAO |
| 30 days | +11.26% | +22.71% | TAO |
| 90 days | +28.33% | +15.25% | BTC |
| 1 year | -29.73% | -23.76% | TAO |
| Metric | BTC | TAO |
|---|---|---|
| Max drawdown (400d) | -53.0% | -70.7% |
| Risk-adjusted return (90d) | 0.74 | 0.23 |
| Best 30 days (past year) | +26.8% | +104.1% |
| Worst 30 days (past year) | -32.9% | -48.1% |
Relative strength over 90 days: BTC outperformed TAO by 11.3% — measured on the BTC/TAO ratio, so it holds regardless of market direction.
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.