The connection between hysteresis and thermal relaxation in magnetic materials is studied from both the experimental and the theoretical viewpoint. Hysteresis and viscosity effects are measured in Finemet-type nanocrystalline materials above the Curie temperature of the amorphous phase, where the system consists of ferromagnetic nanograins imbedded in a paramagnetic matrix. The hysteresis loop dependence on field rate, the magnetization time decay at different constant fields, and the magnetization curve shape after field reversal are all consistent with a single value of the fluctuation field H-f similar or equal to 8 A m(-1) (at 430 degrees C). In addition, it is shown that all data collapse onto a single curve M(H-ath), when magnetization is plotted as a function of a properly defined field H-ath, dependent on lime and held rate. Experimental data are interpreted by assuming that the system consists of an assembly of elementary bistable units, distributed in energy levels and energy barriers. The approximations under which one predicts data collapse onto a single curve M(H-ath) are discussed.