FUN vs. CAKE

Last updated Jun 4, 2026

FUN (Cedar Fair, L.P.) and CAKE (The Cheesecake Factory Incorporated) are both stocks. Both are in the Consumer Cyclical sector — FUN in Leisure, CAKE in Restaurants. Over the past 10 years, FUN returned -7.19%/yr vs 4.87%/yr for CAKE. At a 0.23 correlation, their price movements are largely independent.

Performance

FUN vs. CAKE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cedar Fair, L.P. (FUN) and The Cheesecake Factory Incorporated (CAKE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FUN achieves a 32.27% return, which is significantly higher than CAKE's 29.78% return. Over the past 10 years, FUN has underperformed CAKE with an annualized return of -7.19%, while CAKE has yielded a comparatively higher 4.87% annualized return.

FUN

• 1D: -1.98%
• 1M: 14.89%
• YTD: 32.27%
• 6M: 31.84%
• 1Y: -38.72%
• 3Y*: -21.69%
• 5Y*: -13.64%
• 10Y*: -7.19%

CAKE

• 1D: 0.60%
• 1M: 9.97%
• YTD: 29.78%
• 6M: 35.35%
• 1Y: 17.29%
• 3Y*: 28.43%
• 5Y*: 5.29%
• 10Y*: 4.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

FUN vs. CAKE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FUN Cedar Fair, L.P.	32.27%	-68.17%	26.39%	-0.96%	-16.23%	27.25%	-27.49%	25.65%	-22.66%	6.45%
CAKE The Cheesecake Factory Incorporated	29.78%	8.61%	39.33%	14.01%	-17.02%	5.64%	-3.53%	-7.82%	-7.44%	-17.83%

Correlation

The correlation between FUN and CAKE is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.31
Correlation (All Time) Calculated using the full available price history since Sep 21, 1992	0.23

The correlation between FUN and CAKE shifts across timeframes, from 0.23 (all time) to 0.39 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

EPS FUN : -$16.06 CAKE : $2.39
PS Ratio FUN : 0.71 CAKE : 1.20
Total Revenue (TTM) FUN : $2.90B CAKE : $1.96B
Gross Profit (TTM) FUN : $1.59B CAKE : $1.54B
EBITDA (TTM) FUN : -$733.45M CAKE : $161.36M

Return for Risk

FUN vs. CAKE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FUN

FUN Risk / Return Rank: 18
FUN Sharpe Ratio Rank: 16
FUN Sortino Ratio Rank: 18
FUN Omega Ratio Rank: 19
FUN Calmar Ratio Rank: 18
FUN Martin Ratio Rank: 22

CAKE

CAKE Risk / Return Rank: 52
CAKE Sharpe Ratio Rank: 58
CAKE Sortino Ratio Rank: 51
CAKE Omega Ratio Rank: 50
CAKE Calmar Ratio Rank: 51
CAKE Martin Ratio Rank: 52

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FUN vs. CAKE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cedar Fair, L.P. (FUN) and The Cheesecake Factory Incorporated (CAKE). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	FUN	CAKE	Difference
Sharpe ratio: Return per unit of total volatility	-0.59	0.51	-1.10
Sortino ratio: Return per unit of downside risk	-0.56	0.92	-1.48
Omega ratio: Gain probability vs. loss probability	0.93	1.11	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.63	0.48	-1.11
Martin ratio: Return relative to average drawdown	-0.97	1.05	-2.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FUN vs. CAKE - Sharpe Ratio Comparison

The current FUN Sharpe Ratio is -0.59, which is lower than the CAKE Sharpe Ratio of 0.51. The chart below compares the historical Sharpe Ratios of FUN and CAKE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FUN	CAKE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.59	0.51	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.31	0.13	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.16	0.11	-0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.23	+0.01

Drawdowns

FUN vs. CAKE - Drawdown Comparison

The maximum FUN drawdown since its inception was -77.75%, smaller than the maximum CAKE drawdown of -86.17%. Use the drawdown chart below to compare losses from any high point for FUN and CAKE.

Drawdown Indicators

	FUN	CAKE	Difference
Max Drawdown Largest peak-to-trough decline	-77.75%	-86.17%	+8.42%
Max Drawdown (1Y) Largest decline over 1 year	-61.43%	-36.39%	-25.04%
Max Drawdown (3Y) Largest decline over 3 years	-77.74%	-36.39%	-41.35%
Max Drawdown (5Y) Largest decline over 5 years	-77.74%	-57.36%	-20.38%
Max Drawdown (10Y) Largest decline over 10 years	-77.75%	-75.50%	-2.25%
Current Drawdown Current decline from peak	-64.79%	-3.41%	-61.38%
Average Drawdown Average peak-to-trough decline	-19.84%	-22.84%	+3.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	39.97%	16.52%	+23.45%

Volatility

FUN vs. CAKE - Volatility Comparison

Cedar Fair, L.P. (FUN) has a higher volatility of 23.61% compared to The Cheesecake Factory Incorporated (CAKE) at 11.55%. This indicates that FUN's price experiences larger fluctuations and is considered to be riskier than CAKE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FUN	CAKE	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.61%	11.55%	+12.06%
Volatility (6M) Calculated over the trailing 6-month period	44.39%	25.60%	+18.79%
Volatility (1Y) Calculated over the trailing 1-year period	66.16%	33.95%	+32.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.76%	40.32%	+3.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.02%	44.42%	+0.60%

Dividends

FUN vs. CAKE - Dividend Comparison

FUN has not paid dividends to shareholders, while CAKE's dividend yield for the trailing twelve months is around 1.76%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CAKE The Cheesecake Factory Incorporated	1.76%	2.14%	2.28%	3.08%	2.55%	0.00%	0.97%	3.55%	2.85%	2.20%	1.47%	1.58%
FUN Cedar Fair, L.P.	0.00%	0.00%	4.42%	3.02%	1.45%	0.00%	2.38%	6.69%	7.60%	5.32%	5.19%	5.51%

Financials

Frequently Asked Questions

Can I hold both FUN and CAKE in my portfolio?

FUN and CAKE have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FUN or CAKE?

FUN has higher volatility (23.61%) compared to CAKE (11.55%). In terms of maximum drawdown, FUN dropped -77.75% vs CAKE's -86.17%.

Which has better risk-adjusted returns?

CAKE currently has the higher Sharpe Ratio (0.51 vs -0.59), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.