PAX Gold (PAXG) is 5.1× the size of Kinesis Gold (KAU) by market capitalisation. Their daily returns move closely together (correlation 0.72 across 57 shared trading days). Both have run at a similar volatility, around 31% annualised.
PAXGKAU
0.72over 57 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 | KAU |
|---|---|---|
| Max drawdown (400d) | -29.6% | -18.0% |
| Risk-adjusted return (90d) | -0.36 | -0.32 |
| Best 30 days (past year) | +27.0% | — |
| Worst 30 days (past year) | -16.0% | — |
Relative strength over 90 days: PAXG outperformed KAU by 1.2% — measured on the PAXG/KAU ratio, so it holds regardless of market direction.