Bittensor (TAO) is 24.5× the size of Golem (GLM) by market capitalisation. Over the past 1 year, GLM is ahead by 16.6 percentage points (GLM -35.0% against TAO -51.6%). Their daily returns move loosely together (correlation 0.48 across 399 shared trading days). TAO has been the more volatile of the two, at 97% annualised against GLM's 73%.
GLMTAO
0.48over 399 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 | GLM | TAO |
|---|---|---|
| Max drawdown (400d) | -74.0% | -70.7% |
| Risk-adjusted return (90d) | 0.38 | 0.16 |
| Best 30 days (past year) | +59.8% | +104.1% |
| Worst 30 days (past year) | -43.6% | -48.1% |
Relative strength over 90 days: GLM outperformed TAO by 7.8% — measured on the GLM/TAO ratio, so it holds regardless of market direction.