Bitway (BTW) is 2.4× the size of PancakeSwap (CAKE) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 59 shared trading days). BTW has been the more volatile of the two, at 362% annualised against CAKE's 80%.
CAKEBTW
0.22over 59 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 | CAKE | BTW |
|---|---|---|
| Max drawdown (400d) | -73.4% | -60.7% |
| Risk-adjusted return (90d) | 0.61 | 0.48 |
| Best 30 days (past year) | +65.1% | — |
| Worst 30 days (past year) | -38.0% | — |
Relative strength over 90 days: BTW outperformed CAKE by 49.3% — measured on the CAKE/BTW ratio, so it holds regardless of market direction.