PancakeSwap (CAKE) is 16.1× the size of DeepBook (DEEP) by market capitalisation. Their daily returns move closely together (correlation 0.68 across 52 shared trading days). DEEP has been the more volatile of the two, at 119% annualised against CAKE's 82%.
DEEPCAKE
0.68over 52 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 | DEEP | CAKE |
|---|---|---|
| Max drawdown (400d) | -36.0% | -73.4% |
| Risk-adjusted return (90d) | 0.14 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: DEEP outperformed CAKE by 5.2% — measured on the DEEP/CAKE ratio, so it holds regardless of market direction.