Bittensor (TAO) is 17.4× the size of Theta Network (THETA) by market capitalisation. Over the past 1 year, TAO is ahead by 19.7 percentage points (THETA -61.3% against TAO -41.7%). Their daily returns move loosely together (correlation 0.58 across 399 shared trading days). Both have run at a similar volatility, around 94% annualised.
THETATAO
0.58over 399 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 | THETA | TAO |
|---|---|---|
| Max drawdown (400d) | -84.1% | -70.7% |
| Risk-adjusted return (90d) | 0.20 | 0.25 |
| Best 30 days (past year) | +48.7% | +104.1% |
| Worst 30 days (past year) | -43.9% | -48.1% |
Relative strength over 90 days: TAO outperformed THETA by 3.4% — measured on the THETA/TAO ratio, so it holds regardless of market direction.