BNB (BNB) is 115.5× the size of PancakeSwap (CAKE) by market capitalisation. Over the past 1 year, CAKE is ahead by 11.4 percentage points (CAKE -11.1% against BNB -22.6%). Their daily returns move closely together (correlation 0.82 across 399 shared trading days). CAKE has been the more volatile of the two, at 84% annualised against BNB's 52%.
| Period | CAKE | BNB | Ahead |
|---|---|---|---|
| 7 days | +8.29% | +4.73% | CAKE |
| 30 days | +46.32% | +16.37% | CAKE |
| 90 days | +75.73% | +30.43% | CAKE |
| 1 year | -11.13% | -22.57% | CAKE |
| Metric | CAKE | BNB |
|---|---|---|
| Max drawdown (400d) | -73.4% | -58.2% |
| Risk-adjusted return (90d) | 1.30 | 0.88 |
| Best 30 days (past year) | +64.1% | +29.4% |
| Worst 30 days (past year) | -48.2% | -34.9% |
Relative strength over 90 days: CAKE outperformed BNB by 34.7% — measured on the CAKE/BNB ratio, so it holds regardless of market direction.
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.