PancakeSwap (CAKE) is 121.1× the size of Alchemix (ALCX) by market capitalisation. Over the past 1 year, CAKE is ahead by 60.8 percentage points (ALCX -75.9% against CAKE -15.0%). Their daily returns move loosely together (correlation 0.38 across 316 shared trading days). ALCX has been the more volatile of the two, at 152% annualised against CAKE's 82%.
ALCXCAKE
0.38over 316 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 | ALCX | CAKE |
|---|---|---|
| Max drawdown (400d) | -86.4% | -73.4% |
| Risk-adjusted return (90d) | -0.41 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: CAKE outperformed ALCX by 67.9% — measured on the ALCX/CAKE ratio, so it holds regardless of market direction.