Bittensor (TAO) is 19.4× the size of lium (SN51) by market capitalisation. Their daily returns move very closely together (correlation 0.86 across 57 shared trading days). SN51 has been the more volatile of the two, at 139% annualised against TAO's 97%.
SN51TAO
0.86over 57 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 | SN51 | TAO |
|---|---|---|
| Max drawdown (400d) | -19.1% | -70.7% |
| Risk-adjusted return (90d) | 0.66 | 0.25 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: SN51 outperformed TAO by 56.1% — measured on the SN51/TAO ratio, so it holds regardless of market direction.