PancakeSwap (CAKE) is 11766.0× the size of SpookySwap (BOO) by market capitalisation. Their daily returns move barely together (correlation 0.25 across 25 shared trading days). BOO has been the more volatile of the two, at 206% annualised against CAKE's 79%.
BOOCAKE
0.25over 25 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 | BOO | CAKE |
|---|---|---|
| Max drawdown (400d) | -45.2% | -73.4% |
| Risk-adjusted return (90d) | -0.01 | 0.48 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: BOO outperformed CAKE by 32.5% — measured on the BOO/CAKE ratio, so it holds regardless of market direction.