PancakeSwap (CAKE) is 1010.6× the size of Netswap (NETT) by market capitalisation. Over the past 1 year, CAKE is ahead by 65.2 percentage points (NETT -80.2% against CAKE -15.0%). Their daily returns move barely together (correlation 0.26 across 364 shared trading days). Both have run at a similar volatility, around 81% annualised.
NETTCAKE
0.26over 364 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 | NETT | CAKE |
|---|---|---|
| Max drawdown (400d) | -82.7% | -73.4% |
| Risk-adjusted return (90d) | -0.36 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: CAKE outperformed NETT by 60.3% — measured on the NETT/CAKE ratio, so it holds regardless of market direction.