Falcon Finance (FF) is 7.2× the size of Lombard (BARD) by market capitalisation. Over the past 1 year, FF is ahead by 57.8 percentage points (BARD -83.3% against FF -25.5%). Their daily returns move barely together (correlation 0.12 across 399 shared trading days). FF has been the more volatile of the two, at 122% annualised against BARD's 104%.
BARDFF
0.12over 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 | BARD | FF |
|---|---|---|
| Max drawdown (400d) | -94.0% | -70.7% |
| Risk-adjusted return (90d) | -0.05 | 0.35 |
| Best 30 days (past year) | +134.7% | +157.9% |
| Worst 30 days (past year) | -81.6% | -42.6% |
Relative strength over 90 days: FF outperformed BARD by 29.4% — measured on the BARD/FF ratio, so it holds regardless of market direction.