Bittensor (TAO) is 9.5× the size of Kite (KITE) by market capitalisation. Over the past 1 year, KITE is ahead by 115.0 percentage points (KITE +73.3% against TAO -41.7%). Their daily returns move barely together (correlation 0.22 across 367 shared trading days). KITE has been the more volatile of the two, at 121% annualised against TAO's 97%.
KITETAO
0.22over 367 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 | KITE | TAO |
|---|---|---|
| Max drawdown (400d) | -69.5% | -70.7% |
| Risk-adjusted return (90d) | 0.13 | 0.25 |
| Best 30 days (past year) | +151.2% | +104.1% |
| Worst 30 days (past year) | -55.6% | -48.1% |
Relative strength over 90 days: TAO outperformed KITE by 7.7% — measured on the KITE/TAO ratio, so it holds regardless of market direction.