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 -1.74%/yr vs 18.25%/yr for AMLP. At a 0.29 correlation, their price movements are largely independent.
Performance
PAX vs. AMLP - Performance Comparison
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Returns By Period
In the year-to-date period, PAX achieves a -29.59% return, which is significantly lower than AMLP's 18.74% return.
PAX
- 1D
- -1.27%
- 1M
- -5.54%
- 6M
- -35.07%
- YTD
- -29.59%
- 1Y
- -16.35%
- 3Y*
- -5.63%
- 5Y*
- -1.74%
- 10Y*
- —
AMLP
- 1D
- 1.88%
- 1M
- 2.99%
- 6M
- 15.34%
- YTD
- 18.74%
- 1Y
- 19.21%
- 3Y*
- 19.54%
- 5Y*
- 18.25%
- 10Y*
- 6.74%
PAX vs. AMLP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAX Patria Investments Limited | -29.59% | 43.06% | -20.01% | 18.86% | -9.94% | -21.34% |
AMLP Alerian MLP ETF | 18.74% | 5.78% | 22.76% | 21.40% | 25.47% | 27.69% |
Correlation
The correlation between PAX and AMLP is -0.04, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.04 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.29 |
The correlation between PAX and AMLP shifts across timeframes, from -0.04 (1 year) to 0.29 (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 | -2.11 | ||
| Sortino ratioReturn per unit of downside risk | -2.78 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.27 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.44 | 2.16 | -2.60 |
| Martin ratioReturn relative to average drawdown | -0.80 | 6.04 | -6.84 |
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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 | -37.33% | -8.94% | -28.39% |
Max Drawdown (3Y)Largest decline over 3 years | -37.33% | -14.27% | -23.06% |
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 | -36.39% | -2.10% | -34.29% |
Average DrawdownAverage peak-to-trough decline | -27.27% | -17.32% | -9.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.36% | 3.19% | +17.17% |
Volatility
PAX vs. AMLP - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 6.08% compared to Alerian MLP ETF (AMLP) at 5.24%. 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 | 6.08% | 5.24% | +0.84% |
Volatility (6M)Calculated over the trailing 6-month period | 23.60% | 9.62% | +13.98% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.42% | 12.50% | +16.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.22% | 19.69% | +11.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.64% | 27.65% | +4.99% |
Dividends
PAX vs. AMLP - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.61%, less than AMLP's 7.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AMLP Alerian MLP ETF | 7.49% | 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 | 5.61% | 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 -0.04, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAX has higher volatility (6.08%) compared to AMLP (5.24%). In terms of maximum drawdown, PAX dropped -46.17% vs AMLP's -77.19%.
AMLP currently has the higher Sharpe Ratio (1.55 vs -0.56), 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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