PAX Gold (PAXG) is 196.9× the size of Uranium (XU3O8) by market capitalisation. Over the past 1 year, XU3O8 is ahead by 9.4 percentage points (XU3O8 +8.3% against PAXG -1.1%). Their daily returns move barely together (correlation 0.21 across 364 shared trading days). PAXG has been the more volatile of the two, at 29% annualised against XU3O8's 21%.
XU3O8PAXG
0.21over 364 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 | XU3O8 | PAXG |
|---|---|---|
| Max drawdown (400d) | -19.3% | -29.6% |
| Risk-adjusted return (90d) | 0.26 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: PAXG outperformed XU3O8 by 0.7% — measured on the XU3O8/PAXG ratio, so it holds regardless of market direction.