BACKD (BACKD) and Bordrless (BORDR) compared side by side. Over the past 30 days, BACKD is ahead by 0.9 percentage points (BACKD -98.6% against BORDR -99.5%). Their daily returns move barely in opposite directions (correlation -0.04 across 23 shared trading days). BORDR has been the more volatile of the two, at 944% annualised against BACKD's 394%.
BACKDBORDR
-0.04over 23 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 | BACKD | BORDR |
|---|---|---|
| Max drawdown (400d) | -98.8% | -99.8% |
| Risk-adjusted return (90d) | -0.25 | -0.10 |
Relative strength over 90 days: BACKD outperformed BORDR by 3.9% — measured on the BACKD/BORDR ratio, so it holds regardless of market direction.