Bittensor (TAO) is 158591.6× the size of Fletcher by Virtuals (FLETCHER) by market capitalisation. Their daily returns move loosely together (correlation 0.46 across 33 shared trading days). FLETCHER has been the more volatile of the two, at 143% annualised against TAO's 97%.
FLETCHERTAO
0.46over 33 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 | FLETCHER | TAO |
|---|---|---|
| Max drawdown (400d) | -64.2% | -70.7% |
| Risk-adjusted return (90d) | -0.44 | 0.25 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: TAO outperformed FLETCHER by 52.8% — measured on the FLETCHER/TAO ratio, so it holds regardless of market direction.