xHashtag (XTAG) and Bittensor (TAO) compared side by side. Over the past 1 year, TAO is ahead by 42.2 percentage points (XTAG -93.7% against TAO -51.6%). Their daily returns move barely together (correlation 0.03 across 367 shared trading days). XTAG has been the more volatile of the two, at 224% annualised against TAO's 97%.
XTAGTAO
0.03over 367 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 | XTAG | TAO |
|---|---|---|
| Max drawdown (400d) | -98.0% | -70.7% |
| Risk-adjusted return (90d) | 0.83 | 0.16 |
| Best 30 days (past year) | +83.2% | +104.1% |
| Worst 30 days (past year) | -84.0% | -48.1% |
Relative strength over 90 days: XTAG outperformed TAO by 142.8% — measured on the XTAG/TAO ratio, so it holds regardless of market direction.