PancakeSwap (CAKE) is 16183.8× the size of Mochi Market (MOMA) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 78 shared trading days). MOMA has been the more volatile of the two, at 120% annualised against CAKE's 79%.
MOMACAKE
0.72over 78 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 | MOMA | CAKE |
|---|---|---|
| Max drawdown (400d) | -60.2% | -73.4% |
| Risk-adjusted return (90d) | -0.28 | 0.48 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: MOMA outperformed CAKE by 27.2% — measured on the MOMA/CAKE ratio, so it holds regardless of market direction.