Bittensor (TAO) is 4612.9× the size of Cypher Tempre (CPHY) by market capitalisation. Their daily returns move barely together (correlation 0.06 across 39 shared trading days). CPHY has been the more volatile of the two, at 165% annualised against TAO's 97%.
CPHYTAO
0.06over 39 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 | CPHY | TAO |
|---|---|---|
| Max drawdown (400d) | -55.8% | -70.7% |
| Risk-adjusted return (90d) | -0.33 | 0.16 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: TAO outperformed CPHY by 53.0% — measured on the CPHY/TAO ratio, so it holds regardless of market direction.