Ethereum (ETH) is 167.8× the size of PAX Gold (PAXG) by market capitalisation. Over the past 1 year, PAXG is ahead by 59.4 percentage points (PAXG +18.3% against ETH -41.1%). Their daily returns move barely together (correlation 0.33 across 399 shared trading days). ETH has been the more volatile of the two, at 65% annualised against PAXG's 29%.
| Period | PAXG | ETH | Ahead |
|---|---|---|---|
| 7 days | +0.25% | +4.23% | ETH |
| 30 days | -3.27% | +13.15% | ETH |
| 90 days | +5.54% | +54.23% | ETH |
| 1 year | +18.32% | -41.08% | PAXG |
| Metric | PAXG | ETH |
|---|---|---|
| Max drawdown (400d) | -28.1% | -67.5% |
| Risk-adjusted return (90d) | 0.23 | 0.97 |
| Best 30 days (past year) | +27.0% | +34.1% |
| Worst 30 days (past year) | -16.0% | -44.6% |
Relative strength over 90 days: ETH outperformed PAXG by 31.6% — measured on the PAXG/ETH 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.