DexFi Governance (GDEX) and PancakeSwap (CAKE) compared side by side. Their daily returns move barely together (correlation 0.29 across 31 shared trading days). CAKE has been the more volatile of the two, at 82% annualised against GDEX's 49%.
GDEXCAKE
0.29over 31 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 | GDEX | CAKE |
|---|---|---|
| Max drawdown (400d) | -16.0% | -73.4% |
| Risk-adjusted return (90d) | 0.11 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: GDEX outperformed CAKE by 11.4% — measured on the GDEX/CAKE ratio, so it holds regardless of market direction.