methodology/hrp@1 vs methodology/hrp@2

Not comparable

1 contract difference prevents these figures from being read against each other.

Where the boundary falls

3 versions, 2 comparability walls

Boundary	Blocking difference
@1 → @2	rebalance frequency 5B -> 21B	why
@2 → @3	weight bound max 1.0 -> 0.25	why

Blocking differences

Field	1	2	Why it matters
rebalance frequency	5B	21B	Turnover and cost drag scale with rebalance frequency, so the two sets of figures were produced under different cost burdens.

Differences that do not block

Field	1	2
assumptions	["Close-to-close execution at the next session's price.",...	['A 21-business-day rebalance is frequent enough to track...
assumptions_ref	['assumption/adjusted-close-is-restated@1',...	['assumption/adjusted-close-is-restated@1',...
contract	{'universe': ['SPY', 'SH', 'TLT', 'TBT', 'LQD', 'DBC', 'GLD',...	{'universe': ['SPY', 'SH', 'TLT', 'TBT', 'LQD', 'DBC', 'GLD',...
limitations	['Estimated on daily Adj Close, which is restated over time by the...	['Estimated on daily Adj Close, which is restated over time by the...
params	{'correlation_distance': {'value': 'sqrt_half_one_minus_rho',...	{'correlation_distance': {'value': 'sqrt_half_one_minus_rho',...
pipeline	['estimate_correlation', 'cluster_assets', 'quasi_diagonalize',...	['estimate_correlation', 'cluster_assets', 'quasi_diagonalize',...
rules	[{'id': 'min_history', 'enforced_by': 'params.lookback',...	[{'id': 'min_history', 'enforced_by': 'params.lookback',...
universe_filters	[{'id': 'has_full_lookback_history', 'enforced_by':...	[{'id': 'has_full_lookback_history', 'enforced_by':...

These changed without changing what the methodology promises its consumers.

How comparability could be restored

Re-run methodology/hrp@1 under methodology/hrp@2's output contract and compare the re-run against methodology/hrp@2. This is the only route that removes the difference rather than hiding it.
Comparing turnover-adjusted figures is not a substitute: the cost model is applied inside the run, so it cannot be reversed out afterwards.
Reporting both figures side by side without a comparability note is the one option that is not available — it is the failure this page exists to prevent.

Performance comparison

Performance comparison unavailable — versions are directly comparable, performance classes are declared, publication permits this surface

✕	Versions are directly comparable	1 blocking contract difference(s)
✕	Performance classes are declared	no performance_class attached
✕	Publication permits this surface	no publication decision recorded
✓	Historical and forward series would be separated

A performance visual is itself a claim. It renders only when every condition holds — otherwise the chart would assert something the artifacts do not support.

Why methodology/hrp@2 exists

Erratum 2026-07-30-01 established that v1's published performance was computed without an execution lag or transaction costs. Correcting those revealed that v1's 5-business-day rebalance carries turnover the corrected cost model makes material. Lengthened the rebalance interval to 21 business days and added an explicit turnover cap, both of which reduce cost drag. Also lengthened the correlation lookback from 252 to 504 days to stabilise the clustering, which was flipping cluster membership between adjacent rebalances. Comparability: this changes the rebalance frequency in the output contract, so results published against v1 describe a different strategy and must not be linked to v2's.

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