PancakeSwap (CAKE) is 130661.8× the size of Flap Futures (FFX) by market capitalisation. Their daily returns move closely together (correlation 0.67 across 25 shared trading days). CAKE has been the more volatile of the two, at 79% annualised against FFX's 45%.
FFXCAKE
0.67over 25 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 | FFX | CAKE |
|---|---|---|
| Max drawdown (400d) | -19.9% | -73.4% |
| Risk-adjusted return (90d) | -0.40 | 0.48 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: FFX outperformed CAKE by 6.1% — measured on the FFX/CAKE ratio, so it holds regardless of market direction.