methodology/hrp@3 vs methodology/hrp@1

Not comparable

2 contract differences prevent 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	3	1	Why it matters
rebalance frequency	21B	5B	Turnover and cost drag scale with rebalance frequency, so the two sets of figures were produced under different cost burdens.
weight bound max	0.25	1.0	The earlier version could take positions this one cannot (or vice versa), so the two describe different strategies rather than the same strategy tuned differently.

Differences that do not block

Field	3	1
assumptions	['A 25% ceiling is binding often enough to diversify without...	["Close-to-close execution at the next session's price.",...
assumptions_ref	['assumption/adjusted-close-is-restated@1',...	['assumption/adjusted-close-is-restated@1',...
claims_ref	['claim/hrp-outperforms-mvo-out-of-sample@1']	['claim/hrp-diversifies-without-constraints@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...
objective	Allocate across a fixed multi-asset ETF universe using...	Allocate across a fixed multi-asset ETF universe using...
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': 'concentration_cap', 'enforced_by':...	[{'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@3 under methodology/hrp@1's output contract and compare the re-run against methodology/hrp@1. 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	2 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@1 exists

Initial publication.

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