Bittensor (TAO) is 549.3× the size of Codec Flow (CODEC) by market capitalisation. Their daily returns move loosely together (correlation 0.37 across 41 shared trading days). CODEC has been the more volatile of the two, at 315% annualised against TAO's 97%.
CODECTAO
0.37over 41 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 | CODEC | TAO |
|---|---|---|
| Max drawdown (400d) | -59.0% | -70.7% |
| Risk-adjusted return (90d) | 0.10 | 0.16 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: CODEC outperformed TAO by 38.9% — measured on the CODEC/TAO ratio, so it holds regardless of market direction.