PancakeSwap (CAKE) is 9.0× the size of yearn.finance (YFI) by market capitalisation. Over the past 1 year, CAKE is ahead by 45.5 percentage points (YFI -52.8% against CAKE -7.3%). Their daily returns move loosely together (correlation 0.44 across 399 shared trading days). Both have run at a similar volatility, around 78% annualised.
YFICAKE
0.44over 399 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 | YFI | CAKE |
|---|---|---|
| Max drawdown (400d) | -70.8% | -73.4% |
| Risk-adjusted return (90d) | -0.03 | 0.61 |
| Best 30 days (past year) | +52.0% | +65.1% |
| Worst 30 days (past year) | -35.3% | -38.0% |
Relative strength over 90 days: CAKE outperformed YFI by 31.5% — measured on the YFI/CAKE ratio, so it holds regardless of market direction.