PancakeSwap (CAKE) is 2595.2× the size of SessionX (SXS) by market capitalisation. Their daily returns move closely together (correlation 0.76 across 20 shared trading days). Both have run at a similar volatility, around 81% annualised.
SXSCAKE
0.76over 20 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 | SXS | CAKE |
|---|---|---|
| Max drawdown (400d) | -17.1% | -73.4% |
| Risk-adjusted return (90d) | — | 0.61 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: SXS outperformed CAKE by 14.2% — measured on the SXS/CAKE ratio, so it holds regardless of market direction.