PAX Gold (PAXG) is 18.5× the size of Verified Emeralds (VEREM) by market capitalisation. Their daily returns move barely in opposite directions (correlation -0.04 across 290 shared trading days). VEREM has been the more volatile of the two, at 1134% annualised against PAXG's 29%.
VEREMPAXG
-0.04over 290 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 | VEREM | PAXG |
|---|---|---|
| Max drawdown (400d) | -99.3% | -29.6% |
| Risk-adjusted return (90d) | 0.46 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: VEREM outperformed PAXG by 866.8% — measured on the VEREM/PAXG ratio, so it holds regardless of market direction.