PAX Gold (PAXG) is 191.4× the size of Digital Gold (DGLD) by market capitalisation. Their daily returns move closely together (correlation 0.67 across 40 shared trading days). Both have run at a similar volatility, around 30% annualised.
DGLDPAXG
0.67over 40 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 | DGLD | PAXG |
|---|---|---|
| Max drawdown (400d) | -15.6% | -29.6% |
| Risk-adjusted return (90d) | -0.47 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: PAXG outperformed DGLD by 2.8% — measured on the DGLD/PAXG ratio, so it holds regardless of market direction.