PAX vs. MAIN
PAX (Patria Investments Limited) and MAIN (Main Street Capital Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, PAX returned -3.54%/yr vs 12.47%/yr for MAIN. At a 0.36 correlation, their price movements are largely independent.
Performance
PAX vs. MAIN - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, PAX achieves a -27.91% return, which is significantly lower than MAIN's -13.65% return.
PAX
- 1D
- -3.87%
- 1M
- -10.63%
- YTD
- -27.91%
- 6M
- -24.79%
- 1Y
- -8.10%
- 3Y*
- -4.76%
- 5Y*
- -3.54%
- 10Y*
- —
MAIN
- 1D
- -1.67%
- 1M
- -8.64%
- YTD
- -13.65%
- 6M
- -11.32%
- 1Y
- -3.49%
- 3Y*
- 17.00%
- 5Y*
- 12.47%
- 10Y*
- 12.73%
PAX vs. MAIN - 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% |
MAIN Main Street Capital Corporation | -13.65% | 10.74% | 47.30% | 28.22% | -11.37% | 43.94% |
Correlation
The correlation between PAX and MAIN 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 | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2021 | 0.36 |
Fundamentals
PAX:
$1.77B
MAIN:
$4.60B
PAX:
$0.46
MAIN:
$5.22
PAX:
24.31
MAIN:
9.72
PAX:
4.37
MAIN:
6.46
PAX:
2.94
MAIN:
1.49
PAX:
$401.58M
MAIN:
$704.17M
PAX:
$340.05M
MAIN:
$499.08M
PAX:
$155.87M
MAIN:
$396.90M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
PAX vs. MAIN — Risk / Return Rank
PAX
MAIN
PAX vs. MAIN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and Main Street Capital Corporation (MAIN). 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 | MAIN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.16 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 1.00 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | -0.16 | -0.07 |
| Martin ratioReturn relative to average drawdown | -0.47 | -0.33 | -0.15 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| PAX | MAIN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | -0.14 | -0.14 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | 0.58 | -0.70 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.47 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 0.55 | -0.72 |
Drawdowns
PAX vs. MAIN - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, smaller than the maximum MAIN drawdown of -64.53%. Use the drawdown chart below to compare losses from any high point for PAX and MAIN.
Loading charts...
Drawdown Indicators
| PAX | MAIN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -64.53% | +18.36% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -22.43% | -13.85% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -22.43% | -13.85% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -27.06% | -11.82% |
Max Drawdown (10Y)Largest decline over 10 years | — | -64.53% | — |
Current DrawdownCurrent decline from peak | -34.88% | -20.74% | -14.14% |
Average DrawdownAverage peak-to-trough decline | -27.10% | -7.29% | -19.81% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.14% | 10.72% | +6.42% |
Volatility
PAX vs. MAIN - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 11.86% compared to Main Street Capital Corporation (MAIN) at 8.82%. This indicates that PAX's price experiences larger fluctuations and is considered to be riskier than MAIN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| PAX | MAIN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.86% | 8.82% | +3.04% |
Volatility (6M)Calculated over the trailing 6-month period | 23.92% | 20.33% | +3.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.26% | 24.81% | +4.45% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.31% | 21.56% | +9.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.62% | 27.29% | +5.33% |
Dividends
PAX vs. MAIN - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.48%, less than MAIN's 8.44% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MAIN Main Street Capital Corporation | 8.44% | 7.00% | 7.02% | 8.55% | 7.97% | 5.74% | 6.99% | 6.76% | 8.43% | 7.49% | 7.42% | 9.15% |
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% |
Financials
PAX vs. MAIN - Financials Comparison
This section allows you to compare key financial metrics between Patria Investments Limited and Main Street Capital Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
PAX vs. MAIN - Profitability Comparison
PAX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Patria Investments Limited reported a gross profit of 78.20M and revenue of 98.20M. Therefore, the gross margin over that period was 79.6%.
MAIN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported a gross profit of 0.00 and revenue of 140.11M. Therefore, the gross margin over that period was 0.0%.
PAX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Patria Investments Limited reported an operating income of 25.60M and revenue of 98.20M, resulting in an operating margin of 26.1%.
MAIN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported an operating income of 0.00 and revenue of 140.11M, resulting in an operating margin of 0.0%.
PAX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Patria Investments Limited reported a net income of 2.30M and revenue of 98.20M, resulting in a net margin of 2.3%.
MAIN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Main Street Capital Corporation reported a net income of 90.82M and revenue of 140.11M, resulting in a net margin of 64.8%.
Frequently Asked Questions
PAX and MAIN 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.
PAX has higher volatility (11.86%) compared to MAIN (8.82%). In terms of maximum drawdown, PAX dropped -46.17% vs MAIN's -64.53%.
MAIN currently has the higher Sharpe Ratio (-0.14 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.
Find the right allocation for PAX and MAIN
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer