Bittensor (TAO) is 979.9× the size of Hermes (SN82) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 29 shared trading days). SN82 has been the more volatile of the two, at 524% annualised against TAO's 97%.
SN82TAO
0.24over 29 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 | SN82 | TAO |
|---|---|---|
| Max drawdown (400d) | -53.9% | -70.7% |
| Risk-adjusted return (90d) | 0.15 | 0.16 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: SN82 outperformed TAO by 34.9% — measured on the SN82/TAO ratio, so it holds regardless of market direction.