Bittensor (TAO) is 25026.7× the size of MPP32 (M32) by market capitalisation. Their daily returns move barely together (correlation 0.33 across 39 shared trading days). M32 has been the more volatile of the two, at 366% annualised against TAO's 97%.
M32TAO
0.33over 39 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 | M32 | TAO |
|---|---|---|
| Max drawdown (400d) | -92.3% | -70.7% |
| Risk-adjusted return (90d) | -0.24 | 0.25 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: TAO outperformed M32 by 88.3% — measured on the M32/TAO ratio, so it holds regardless of market direction.