PAX vs. JBBB
PAX (Patria Investments Limited) is a stock, while JBBB (Janus Henderson B-BBB CLO ETF) is CLO fund actively managed by Janus Henderson. Over the past 3 years, PAX returned -4.76%/yr vs 10.60%/yr for JBBB. At a 0.11 correlation, their price movements are largely independent.
Performance
PAX vs. JBBB - 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 JBBB's 1.86% return.
PAX
- 1D
- -3.87%
- 1M
- -10.63%
- YTD
- -27.91%
- 6M
- -24.79%
- 1Y
- -8.10%
- 3Y*
- -4.76%
- 5Y*
- -3.54%
- 10Y*
- —
JBBB
- 1D
- 0.02%
- 1M
- 0.62%
- YTD
- 1.86%
- 6M
- 2.34%
- 1Y
- 5.67%
- 3Y*
- 10.60%
- 5Y*
- —
- 10Y*
- —
PAX vs. JBBB - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
PAX Patria Investments Limited | -27.91% | 43.06% | -20.01% | 18.86% | -14.53% |
JBBB Janus Henderson B-BBB CLO ETF | 1.86% | 5.43% | 12.50% | 17.63% | -5.99% |
Correlation
The correlation between PAX and JBBB is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.27 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.18 |
Correlation (All Time) Calculated using the full available price history since Jan 13, 2022 | 0.11 |
The correlation between PAX and JBBB shifts across timeframes, from 0.11 (all time) to 0.27 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
PAX vs. JBBB — Risk / Return Rank
PAX
JBBB
PAX vs. JBBB - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and Janus Henderson B-BBB CLO ETF (JBBB). 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 | JBBB | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.98 | ||
| Sortino ratioReturn per unit of downside risk | -2.93 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.37 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 2.31 | -2.53 |
| Martin ratioReturn relative to average drawdown | -0.47 | 7.84 | -8.32 |
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 | JBBB | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | 1.70 | -1.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 1.31 | -1.47 |
Drawdowns
PAX vs. JBBB - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, which is greater than JBBB's maximum drawdown of -10.57%. Use the drawdown chart below to compare losses from any high point for PAX and JBBB.
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Drawdown Indicators
| PAX | JBBB | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -10.57% | -35.60% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -2.46% | -33.82% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -3.82% | -32.46% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | — | — |
Current DrawdownCurrent decline from peak | -34.88% | 0.00% | -34.88% |
Average DrawdownAverage peak-to-trough decline | -27.10% | -1.58% | -25.52% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.14% | 0.72% | +16.42% |
Volatility
PAX vs. JBBB - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 11.86% compared to Janus Henderson B-BBB CLO ETF (JBBB) at 0.45%. This indicates that PAX's price experiences larger fluctuations and is considered to be riskier than JBBB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | JBBB | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.86% | 0.45% | +11.41% |
Volatility (6M)Calculated over the trailing 6-month period | 23.92% | 2.76% | +21.16% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.26% | 3.34% | +25.92% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.31% | 5.26% | +26.05% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.62% | 5.26% | +27.36% |
Dividends
PAX vs. JBBB - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.48%, less than JBBB's 7.13% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
JBBB Janus Henderson B-BBB CLO ETF | 7.13% | 8.41% | 9.24% | 8.71% | 5.71% | 0.00% |
PAX Patria Investments Limited | 5.48% | 3.78% | 7.52% | 6.34% | 5.04% | 4.38% |
Frequently Asked Questions
PAX and JBBB have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAX has higher volatility (11.86%) compared to JBBB (0.45%). In terms of maximum drawdown, PAX dropped -46.17% vs JBBB's -10.57%.
JBBB currently has the higher Sharpe Ratio (1.70 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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