Bittensor (TAO) is 14982.6× the size of Humanoid Network by Virtuals (HAN) by market capitalisation. Their daily returns move barely together (correlation 0.23 across 28 shared trading days). Both have run at a similar volatility, around 96% annualised.
HANTAO
0.23over 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 | HAN | TAO |
|---|---|---|
| Max drawdown (400d) | -37.2% | -70.7% |
| Risk-adjusted return (90d) | -0.29 | 0.25 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: TAO outperformed HAN by 1.9% — measured on the HAN/TAO ratio, so it holds regardless of market direction.