Bittensor (TAO) is 641.2× the size of Mind Network (FHE) by market capitalisation. Over the past 1 year, TAO is ahead by 11.6 percentage points (FHE -63.2% against TAO -51.6%). Their daily returns move barely together (correlation 0.05 across 372 shared trading days). FHE has been the more volatile of the two, at 277% annualised against TAO's 97%.
FHETAO
0.05over 372 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 | FHE | TAO |
|---|---|---|
| Max drawdown (400d) | -93.2% | -70.7% |
| Risk-adjusted return (90d) | 0.06 | 0.16 |
| Best 30 days (past year) | +399.0% | +104.1% |
| Worst 30 days (past year) | -84.3% | -48.1% |
Relative strength over 90 days: FHE outperformed TAO by 1.3% — measured on the FHE/TAO ratio, so it holds regardless of market direction.