PAX Gold (PAXG) is 4231.7× the size of Ember Gold (EXAU) by market capitalisation. Their daily returns move very closely together (correlation 0.93 across 31 shared trading days). PAXG has been the more volatile of the two, at 29% annualised against EXAU's 22%.
EXAUPAXG
0.93over 31 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 | EXAU | PAXG |
|---|---|---|
| Max drawdown (400d) | -7.7% | -29.6% |
| Risk-adjusted return (90d) | -0.15 | -0.20 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: PAXG outperformed EXAU by 0.0% — measured on the EXAU/PAXG ratio, so it holds regardless of market direction.