PancakeSwap (CAKE) is 173.8× the size of Harvest Finance (FARM) by market capitalisation. Their daily returns move loosely together (correlation 0.52 across 272 shared trading days). FARM has been the more volatile of the two, at 95% annualised against CAKE's 82%.
FARMCAKE
0.52over 272 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 | FARM | CAKE |
|---|---|---|
| Max drawdown (400d) | -80.2% | -73.4% |
| Risk-adjusted return (90d) | -0.37 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: CAKE outperformed FARM by 62.2% — measured on the FARM/CAKE ratio, so it holds regardless of market direction.