PancakeSwap (CAKE) is 31.2× the size of Tread.fi (TREAD) by market capitalisation. Their daily returns move loosely together (correlation 0.54 across 23 shared trading days). TREAD has been the more volatile of the two, at 332% annualised against CAKE's 82%.
TREADCAKE
0.54over 23 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 | TREAD | CAKE |
|---|---|---|
| Max drawdown (400d) | -40.8% | -73.4% |
| Risk-adjusted return (90d) | 0.35 | 0.49 |
| Best 30 days (past year) | — | +65.1% |
| Worst 30 days (past year) | — | -38.0% |
Relative strength over 90 days: TREAD outperformed CAKE by 165.4% — measured on the TREAD/CAKE ratio, so it holds regardless of market direction.