New one..
Bill Cipher
Vs.
Freddy Kruger
Both are powerful Dream Demons with incredible skill, in the realm of the mind, at least. In the physical plane, while Freddy is strong, Bill is invariably stronger, able to still warp time and reality.
In addition, Bill doesn't seem to be bound by anything in the realm f dreams, wither. When the survivor powers are used in dreams, Freddy was able to fight, but when the Pines started turning the tide against him, Bill was able to basically turn off their powers.
So I kinda gotta give this to Bill, even if Freddy got his comic power-up from the Necronomicon