PAX Gold (PAXG) is 7291990.9× the size of Token Teknoloji A.Ş. ONS Silver (ONSS) by market capitalisation. Their daily returns move very closely together (correlation 0.88 across 31 shared trading days). ONSS has been the more volatile of the two, at 38% annualised against PAXG's 29%.
$49.8100
ONSSPAXG
0.88over 31 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 | ONSS | PAXG |
|---|---|---|
| Max drawdown (400d) | -10.3% | -29.6% |
| Risk-adjusted return (90d) | -0.16 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: PAXG outperformed ONSS by 2.8% — measured on the ONSS/PAXG ratio, so it holds regardless of market direction.