PAX Gold (PAXG) is 938.9× the size of Kinka (XNK) by market capitalisation. Their daily returns move closely together (correlation 0.70 across 68 shared trading days). XNK has been the more volatile of the two, at 50% annualised against PAXG's 29%.
XNKPAXG
0.70over 68 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 | XNK | PAXG |
|---|---|---|
| Max drawdown (400d) | -24.8% | -29.6% |
| Risk-adjusted return (90d) | 0.15 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: XNK outperformed PAXG by 3.9% — measured on the XNK/PAXG ratio, so it holds regardless of market direction.