Fireum Project (FIREUM) and Bordrless (BORDR) compared side by side. Their daily returns move barely together (correlation 0.08 across 20 shared trading days). FIREUM has been the more volatile of the two, at 1552% annualised against BORDR's 944%.
FIREUMBORDR
0.08over 20 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 | FIREUM | BORDR |
|---|---|---|
| Max drawdown (400d) | -91.7% | -99.8% |
| Risk-adjusted return (90d) | 0.03 | -0.10 |
Relative strength over 90 days: FIREUM outperformed BORDR by 2686.9% — measured on the FIREUM/BORDR ratio, so it holds regardless of market direction.