Bittensor (TAO) is 9162.3× the size of Ethernity Cloud (ECLD) by market capitalisation. Their daily returns move barely together (correlation 0.10 across 28 shared trading days). TAO has been the more volatile of the two, at 97% annualised against ECLD's 76%.
ECLDTAO
0.10over 28 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 | ECLD | TAO |
|---|---|---|
| Max drawdown (400d) | -21.7% | -70.7% |
| Risk-adjusted return (90d) | -0.04 | 0.25 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: ECLD outperformed TAO by 25.2% — measured on the ECLD/TAO ratio, so it holds regardless of market direction.