Lombard (BARD) is 1.7× the size of Solv Protocol (SOLV) by market capitalisation. Over the past 1 year, SOLV is ahead by 7.9 percentage points (SOLV -75.5% against BARD -83.4%). Their daily returns move barely together (correlation 0.15 across 399 shared trading days). SOLV has been the more volatile of the two, at 124% annualised against BARD's 104%.
SOLVBARD
0.15over 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 | SOLV | BARD |
|---|---|---|
| Max drawdown (400d) | -95.0% | -94.0% |
| Risk-adjusted return (90d) | 0.86 | -0.01 |
| Best 30 days (past year) | +145.0% | +134.7% |
| Worst 30 days (past year) | -67.5% | -81.6% |
Relative strength over 90 days: SOLV outperformed BARD by 93.4% — measured on the SOLV/BARD ratio, so it holds regardless of market direction.