PAX vs. EWY
PAX (Patria Investments Limited) is a stock, while EWY (iShares MSCI South Korea ETF) is Asia Pacific Equities fund tracking the MSCI Korea Index. Over the past 5 years, PAX returned -3.54%/yr vs 20.31%/yr for EWY. At a 0.38 correlation, their price movements are largely independent.
Performance
PAX vs. EWY - Performance Comparison
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Returns By Period
In the year-to-date period, PAX achieves a -27.91% return, which is significantly lower than EWY's 119.05% return.
PAX
- 1D
- -3.87%
- 1M
- -10.63%
- YTD
- -27.91%
- 6M
- -24.79%
- 1Y
- -8.10%
- 3Y*
- -4.76%
- 5Y*
- -3.54%
- 10Y*
- —
EWY
- 1D
- -0.73%
- 1M
- 30.18%
- YTD
- 119.05%
- 6M
- 134.13%
- 1Y
- 251.82%
- 3Y*
- 51.99%
- 5Y*
- 20.31%
- 10Y*
- 17.46%
PAX vs. EWY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAX Patria Investments Limited | -27.91% | 43.06% | -20.01% | 18.86% | -9.94% | -15.01% |
EWY iShares MSCI South Korea ETF | 119.05% | 95.33% | -20.48% | 19.05% | -26.59% | -15.24% |
Correlation
The correlation between PAX and EWY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.37 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.38 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2021 | 0.38 |
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Return for Risk
PAX vs. EWY — Risk / Return Rank
PAX
EWY
PAX vs. EWY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and iShares MSCI South Korea ETF (EWY). 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.
| PAX | EWY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -6.30 | ||
| Sortino ratioReturn per unit of downside risk | -5.50 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.74 | -0.77 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 10.99 | -11.21 |
| Martin ratioReturn relative to average drawdown | -0.47 | 40.91 | -41.38 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAX | EWY | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | 6.02 | -6.30 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | 0.71 | -0.82 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.64 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 0.33 | -0.49 |
Drawdowns
PAX vs. EWY - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, smaller than the maximum EWY drawdown of -74.14%. Use the drawdown chart below to compare losses from any high point for PAX and EWY.
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Drawdown Indicators
| PAX | EWY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -74.14% | +27.97% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -23.08% | -13.20% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -27.36% | -8.92% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -48.55% | +9.67% |
Max Drawdown (10Y)Largest decline over 10 years | — | -49.73% | — |
Current DrawdownCurrent decline from peak | -34.88% | -1.73% | -33.15% |
Average DrawdownAverage peak-to-trough decline | -27.10% | -20.13% | -6.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.14% | 6.19% | +10.95% |
Volatility
PAX vs. EWY - Volatility Comparison
The current volatility for Patria Investments Limited (PAX) is 11.86%, while iShares MSCI South Korea ETF (EWY) has a volatility of 20.32%. This indicates that PAX experiences smaller price fluctuations and is considered to be less risky than EWY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | EWY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.86% | 20.32% | -8.46% |
Volatility (6M)Calculated over the trailing 6-month period | 23.92% | 37.41% | -13.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.26% | 42.10% | -12.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.31% | 28.83% | +2.48% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.62% | 27.37% | +5.25% |
Dividends
PAX vs. EWY - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.48%, more than EWY's 0.96% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EWY iShares MSCI South Korea ETF | 0.96% | 2.10% | 2.55% | 2.52% | 1.23% | 2.16% | 0.73% | 2.10% | 1.34% | 2.90% | 1.21% | 2.42% |
PAX Patria Investments Limited | 5.48% | 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 EWY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
EWY has higher volatility (20.32%) compared to PAX (11.86%). In terms of maximum drawdown, PAX dropped -46.17% vs EWY's -74.14%.
EWY currently has the higher Sharpe Ratio (6.02 vs -0.28), 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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