Honey (HNY) and PancakeSwap (CAKE) compared side by side. Their daily returns move barely together (correlation 0.11 across 31 shared trading days). CAKE has been the more volatile of the two, at 82% annualised against HNY's 28%.
HNYCAKE
0.11over 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 | HNY | CAKE |
|---|---|---|
| Max drawdown (400d) | -4.3% | -73.4% |
| Risk-adjusted return (90d) | 0.18 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: CAKE outperformed HNY by 15.9% — measured on the HNY/CAKE ratio, so it holds regardless of market direction.