PAX Gold (PAXG) is 477.6× the size of Matrixdock Silver (XAGM) by market capitalisation. Their daily returns move closely together (correlation 0.76 across 41 shared trading days). XAGM has been the more volatile of the two, at 49% annualised against PAXG's 29%.
XAGMPAXG
0.76over 41 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 | XAGM | PAXG |
|---|---|---|
| Max drawdown (400d) | -25.9% | -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 XAGM by 13.2% — measured on the XAGM/PAXG ratio, so it holds regardless of market direction.