Bittensor (TAO) is 129091.0× the size of Liquid Agent (LIQUID) by market capitalisation. Their daily returns move barely together (correlation 0.35 across 185 shared trading days). LIQUID has been the more volatile of the two, at 152% annualised against TAO's 98%.
LIQUIDTAO
0.35over 185 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 | LIQUID | TAO |
|---|---|---|
| Max drawdown (400d) | -95.4% | -70.7% |
| Risk-adjusted return (90d) | -0.46 | 0.13 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: TAO outperformed LIQUID by 79.3% — measured on the LIQUID/TAO ratio, so it holds regardless of market direction.