PAX vs. AMLP
PAX (Patria Investments Limited) is a stock, while AMLP (Alerian MLP ETF) is MLPs fund tracking the Alerian MLP Infrastructure Index. Over the past 5 years, PAX returned -1.69%/yr vs 19.50%/yr for AMLP. Their 0.28 correlation means their historical movements had little consistent relationship.
Performance
PAX vs. AMLP - Performance Comparison
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Returns By Period
In the year-to-date period, PAX achieves a -30.17% return, which is significantly lower than AMLP's 22.35% return.
PAX
- 1D
- -1.37%
- 1M
- -2.52%
- 6M
- -24.05%
- YTD
- -30.17%
- 1Y
- -15.05%
- 3Y*
- -5.95%
- 5Y*
- -1.69%
- 10Y*
- —
- ALL TIME*
- -6.93%
AMLP
- 1D
- 0.89%
- 1M
- 6.26%
- 6M
- 14.99%
- YTD
- 22.35%
- 1Y
- 21.27%
- 3Y*
- 19.27%
- 5Y*
- 19.50%
- 10Y*
- 7.29%
- ALL TIME*
- 5.90%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
AMLP Alerian MLP ETF | $65.00M | $60.75M | $74.60M |
| $12.76M | $9.89M | $10.93M |
PAX vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAX Patria Investments Limited | -30.17% | 43.06% | -20.01% | 18.86% | -9.94% | -21.34% |
AMLP Alerian MLP ETF | 22.35% | 5.78% | 22.76% | 21.40% | 25.47% | 27.69% |
Correlation
The correlation between PAX and AMLP is -0.07, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.07 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.28 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.28 |
The correlation between PAX and AMLP shifts across timeframes, from -0.07 (1 year) to 0.28 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
PAX vs. AMLP — Risk / Return Rank
PAX
AMLP
PAX vs. AMLP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and Alerian MLP ETF (AMLP). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PAX | AMLP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.95 | ||
| Omega ratioGain probability vs. loss probability | 0.91 | 1.27 | -0.36 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 2.35 | -2.84 |
| Martin ratioReturn relative to average drawdown | -0.85 | 6.55 | -7.41 |
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Drawdowns
PAX vs. AMLP - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, smaller than the maximum AMLP drawdown of -77.19%. Use the drawdown chart below to compare losses from any high point for PAX and AMLP.
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Drawdown Indicators
| PAX | AMLP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -77.19% | +31.02% |
Max Drawdown (1Y)Largest decline over 1 year | -37.74% | -8.47% | -29.27% |
Max Drawdown (3Y)Largest decline over 3 years | -37.74% | -14.27% | -23.47% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -20.92% | -17.96% |
Max Drawdown (10Y)Largest decline over 10 years | — | -72.62% | — |
Current DrawdownCurrent decline from peak | -36.92% | 0.00% | -36.92% |
Average DrawdownAverage peak-to-trough decline | -27.35% | -17.26% | -10.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 22.04% | 3.20% | +18.84% |
Volatility
PAX vs. AMLP - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 6.76% compared to Alerian MLP ETF (AMLP) at 3.98%. This indicates that PAX's price experiences larger fluctuations and is considered to be riskier than AMLP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | AMLP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.76% | 3.98% | +2.78% |
Volatility (6M)Calculated over the trailing 6-month period | 22.98% | 9.81% | +13.17% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.44% | 12.55% | +16.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.27% | 19.37% | +11.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.58% | 27.64% | +4.94% |
Dividends
PAX vs. AMLP - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.66%, less than AMLP's 7.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.27% | 8.36% | 7.70% | 7.86% | 7.70% | 8.55% | 12.31% | 9.12% | 9.29% | 7.97% | 8.09% | 9.84% |
PAX Patria Investments Limited | 5.66% | 3.78% | 7.52% | 6.34% | 5.04% | 4.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
PAX and AMLP have a correlation of -0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAX has higher volatility (6.76%) compared to AMLP (3.98%). In terms of maximum drawdown, PAX dropped -46.17% vs AMLP's -77.19%.
AMLP currently has the higher Sharpe Ratio (1.58 vs -0.64), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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