PAX Gold (PAXG) is 364.1× the size of GoldZip Gold (XGZ) by market capitalisation. Over the past 1 year, PAXG is ahead by 7.1 percentage points (XGZ -8.3% against PAXG -1.1%). Their daily returns move closely together (correlation 0.67 across 295 shared trading days). XGZ has been the more volatile of the two, at 34% annualised against PAXG's 29%.
XGZPAXG
0.67over 295 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 | XGZ | PAXG |
|---|---|---|
| Max drawdown (400d) | -28.0% | -29.6% |
| Risk-adjusted return (90d) | -0.18 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: PAXG outperformed XGZ by 0.3% — measured on the XGZ/PAXG ratio, so it holds regardless of market direction.