PancakeSwap (CAKE) is 61.4× the size of Balsa MM Fund (BMMF) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 182 shared trading days). CAKE has been the more volatile of the two, at 82% annualised against BMMF's 9%.
BMMFCAKE
-0.04over 182 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 | BMMF | CAKE |
|---|---|---|
| Max drawdown (400d) | -1.1% | -73.4% |
| Risk-adjusted return (90d) | 0.27 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: BMMF outperformed CAKE by 7.3% — measured on the BMMF/CAKE ratio, so it holds regardless of market direction.