PancakeSwap (CAKE) is 6.0× the size of SoSoValue (SOSO) by market capitalisation. Their daily returns move barely together (correlation 0.24 across 57 shared trading days). CAKE has been the more volatile of the two, at 80% annualised against SOSO's 69%.
SOSOCAKE
0.24over 57 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 | SOSO | CAKE |
|---|---|---|
| Max drawdown (400d) | -11.6% | -73.4% |
| Risk-adjusted return (90d) | 0.03 | 0.61 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: CAKE outperformed SOSO by 22.8% — measured on the SOSO/CAKE ratio, so it holds regardless of market direction.