Kinetiq (KNTQ) is 1862.5× the size of Liquid Staked TAO (XTAO) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.07 across 22 shared trading days). XTAO has been the more volatile of the two, at 44448% annualised against KNTQ's 201%.
XTAOKNTQ
-0.07over 22 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 | XTAO | KNTQ |
|---|---|---|
| Max drawdown (400d) | -99.9% | -24.5% |
| Risk-adjusted return (90d) | 0.00 | 1.08 |
Relative strength over 90 days: KNTQ outperformed XTAO by 68.3% — measured on the XTAO/KNTQ ratio, so it holds regardless of market direction.