Bitcoin (BTC) is 857.0× the size of PAX Gold (PAXG) by market capitalisation. Over the past 1 year, PAXG is ahead by 48.1 percentage points (PAXG +18.3% against BTC -29.7%). Their daily returns move loosely together (correlation 0.36 across 399 shared trading days). BTC has been the more volatile of the two, at 44% annualised against PAXG's 29%.
| Period | PAXG | BTC | Ahead |
|---|---|---|---|
| 7 days | +0.25% | +5.14% | BTC |
| 30 days | -3.27% | +11.26% | BTC |
| 90 days | +5.54% | +28.33% | BTC |
| 1 year | +18.32% | -29.73% | PAXG |
| Metric | PAXG | BTC |
|---|---|---|
| Max drawdown (400d) | -28.1% | -53.0% |
| Risk-adjusted return (90d) | 0.23 | 0.74 |
| Best 30 days (past year) | +27.0% | +26.8% |
| Worst 30 days (past year) | -16.0% | -32.9% |
Relative strength over 90 days: BTC outperformed PAXG by 17.8% — measured on the PAXG/BTC ratio, so it holds regardless of market direction.
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.