Neo Tokyo (BYTES) and Artificial Superintelligence Alliance (FET) compared side by side. Their daily returns move barely together (correlation 0.18 across 34 shared trading days). FET has been the more volatile of the two, at 118% annualised against BYTES's 80%.
$0.160000
BYTESFET
0.18over 34 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 | BYTES | FET |
|---|---|---|
| Max drawdown (400d) | -30.6% | -80.0% |
| Risk-adjusted return (90d) | -0.31 | 0.09 |
| Best 30 days (past year) | — | +77.4% |
| Worst 30 days (past year) | — | -49.9% |
Relative strength over 90 days: BYTES outperformed FET by 11.7% — measured on the BYTES/FET ratio, so it holds regardless of market direction.