PAX Gold (PAXG) is 320.9× the size of VNX Gold (VNXAU) by market capitalisation. Their daily returns move closely together (correlation 0.69 across 40 shared trading days). PAXG has been the more volatile of the two, at 29% annualised against VNXAU's 22%.
VNXAUPAXG
0.69over 40 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 | VNXAU | PAXG |
|---|---|---|
| Max drawdown (400d) | -11.7% | -29.6% |
| Risk-adjusted return (90d) | -0.51 | -0.36 |
| Best 30 days (past year) | — | +27.0% |
| Worst 30 days (past year) | — | -16.0% |
Relative strength over 90 days: VNXAU outperformed PAXG by 0.2% — measured on the VNXAU/PAXG ratio, so it holds regardless of market direction.