The Horde (HORDE) and Bordrless (BORDR) compared side by side. Over the past 30 days, HORDE is ahead by 57.8 percentage points (HORDE -41.7% against BORDR -99.5%). Their daily returns move barely in opposite directions (correlation -0.19 across 23 shared trading days). Both have run at a similar volatility, around 896% annualised.
HORDEBORDR
-0.19over 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 | HORDE | BORDR |
|---|---|---|
| Max drawdown (400d) | -78.6% | -99.8% |
| Risk-adjusted return (90d) | -0.05 | -0.10 |
Relative strength over 90 days: HORDE outperformed BORDR by 2217.5% — measured on the HORDE/BORDR ratio, so it holds regardless of market direction.