Bittensor (TAO) is 25975.1× the size of Zypher Network (POP) by market capitalisation. Their daily returns move barely together (correlation 0.17 across 110 shared trading days). POP has been the more volatile of the two, at 386% annualised against TAO's 97%.
POPTAO
0.17over 110 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 | POP | TAO |
|---|---|---|
| Max drawdown (400d) | -97.2% | -70.7% |
| Risk-adjusted return (90d) | -0.23 | 0.16 |
| Best 30 days (past year) | — | +104.1% |
| Worst 30 days (past year) | — | -48.1% |
Relative strength over 90 days: TAO outperformed POP by 96.8% — measured on the POP/TAO ratio, so it holds regardless of market direction.