PAX Gold (PAXG) is 22.0× the size of Goldfish Gold (GGBR) by market capitalisation. Their daily returns move loosely together (correlation 0.39 across 56 shared trading days). GGBR has been the more volatile of the two, at 41% annualised against PAXG's 29%.
PAXGGGBR
0.39over 56 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 | PAXG | GGBR |
|---|---|---|
| Max drawdown (400d) | -29.6% | -16.6% |
| Risk-adjusted return (90d) | -0.36 | -0.23 |
| Best 30 days (past year) | +27.0% | — |
| Worst 30 days (past year) | -16.0% | — |
Relative strength over 90 days: PAXG outperformed GGBR by 0.7% — measured on the PAXG/GGBR ratio, so it holds regardless of market direction.