PAX Gold (PAXG) is 227.1× the size of Brickken (BKN) by market capitalisation. Over the past 1 year, PAXG is ahead by 65.1 percentage points (BKN -66.2% against PAXG -1.1%). Their daily returns move barely together (correlation 0.07 across 373 shared trading days). BKN has been the more volatile of the two, at 137% annualised against PAXG's 29%.
BKNPAXG
0.07over 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 | BKN | PAXG |
|---|---|---|
| Max drawdown (400d) | -80.6% | -29.6% |
| Risk-adjusted return (90d) | 0.09 | -0.36 |
| Best 30 days (past year) | +157.7% | +27.0% |
| Worst 30 days (past year) | -46.9% | -16.0% |
Relative strength over 90 days: BKN outperformed PAXG by 19.9% — measured on the BKN/PAXG ratio, so it holds regardless of market direction.