PancakeSwap (CAKE) is 1486.3× the size of throne (THRONE) by market capitalisation. Their daily returns move barely together (correlation 0.22 across 36 shared trading days). THRONE has been the more volatile of the two, at 182% annualised against CAKE's 80%.
THRONECAKE
0.22over 36 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 | THRONE | CAKE |
|---|---|---|
| Max drawdown (400d) | -47.3% | -73.4% |
| Risk-adjusted return (90d) | -0.06 | 0.61 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: THRONE outperformed CAKE by 13.9% — measured on the THRONE/CAKE ratio, so it holds regardless of market direction.