PancakeSwap (CAKE) is 3.6× the size of Convex Finance (CVX) by market capitalisation. Over the past 1 year, CVX is ahead by 9.6 percentage points (CVX +2.4% against CAKE -7.3%). Their daily returns move loosely together (correlation 0.55 across 399 shared trading days). CVX has been the more volatile of the two, at 104% annualised against CAKE's 80%.
CVXCAKE
0.55over 399 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 | CVX | CAKE |
|---|---|---|
| Max drawdown (400d) | -71.5% | -73.4% |
| Risk-adjusted return (90d) | 0.26 | 0.61 |
| Best 30 days (past year) | +88.3% | +65.1% |
| Worst 30 days (past year) | -37.0% | -38.0% |
Relative strength over 90 days: CAKE outperformed CVX by 10.5% — measured on the CVX/CAKE ratio, so it holds regardless of market direction.