PancakeSwap (CAKE) is 45.0× the size of Stargate Finance (STG) by market capitalisation. Over the past 1 year, CAKE is ahead by 10.7 percentage points (STG -25.7% against CAKE -15.0%). Their daily returns move barely together (correlation 0.30 across 373 shared trading days). STG has been the more volatile of the two, at 155% annualised against CAKE's 82%.
STGCAKE
0.30over 373 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 | STG | CAKE |
|---|---|---|
| Max drawdown (400d) | -81.6% | -73.4% |
| Risk-adjusted return (90d) | -0.05 | 0.49 |
| Best 30 days (past year) | +181.0% | +65.1% |
| Worst 30 days (past year) | -75.8% | -38.0% |
Relative strength over 90 days: CAKE outperformed STG by 30.0% — measured on the STG/CAKE ratio, so it holds regardless of market direction.