Bittensor (TAO) is 111.8× the size of Flux (FLUX) by market capitalisation. Over the past 1 year, FLUX is ahead by 11.9 percentage points (FLUX -39.7% against TAO -51.6%). Their daily returns move barely together (correlation 0.32 across 399 shared trading days). FLUX has been the more volatile of the two, at 136% annualised against TAO's 97%.
FLUXTAO
0.32over 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 | FLUX | TAO |
|---|---|---|
| Max drawdown (400d) | -83.4% | -70.7% |
| Risk-adjusted return (90d) | 0.54 | 0.16 |
| Best 30 days (past year) | +77.1% | +104.1% |
| Worst 30 days (past year) | -50.3% | -48.1% |
Relative strength over 90 days: FLUX outperformed TAO by 27.5% — measured on the FLUX/TAO ratio, so it holds regardless of market direction.