PAX vs. MTUM
PAX (Patria Investments Limited) is a stock, while MTUM (iShares MSCI USA Momentum Factor ETF) is Momentum fund tracking the MSCI USA Momentum SR Variant Index. Over the past 5 years, PAX returned -3.32%/yr vs 15.18%/yr for MTUM. At a 0.43 correlation, their price movements are largely independent.
Performance
PAX vs. MTUM - Performance Comparison
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Returns By Period
In the year-to-date period, PAX achieves a -28.82% return, which is significantly lower than MTUM's 32.00% return.
PAX
- 1D
- -1.61%
- 1M
- 0.09%
- YTD
- -28.82%
- 6M
- -28.82%
- 1Y
- -15.55%
- 3Y*
- -4.60%
- 5Y*
- -3.32%
- 10Y*
- —
MTUM
- 1D
- -4.48%
- 1M
- 8.74%
- YTD
- 32.00%
- 6M
- 29.92%
- 1Y
- 41.78%
- 3Y*
- 33.87%
- 5Y*
- 15.18%
- 10Y*
- 17.49%
PAX vs. MTUM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAX Patria Investments Limited | -28.82% | 43.06% | -20.01% | 18.86% | -9.94% | -21.34% |
MTUM iShares MSCI USA Momentum Factor ETF | 32.00% | 22.15% | 32.89% | 9.15% | -18.27% | 7.19% |
Correlation
The correlation between PAX and MTUM is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.40 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.43 |
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Return for Risk
PAX vs. MTUM — Risk / Return Rank
PAX
MTUM
PAX vs. MTUM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and iShares MSCI USA Momentum Factor ETF (MTUM). 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 | MTUM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.35 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 3.64 | -4.07 |
| Martin ratioReturn relative to average drawdown | -0.83 | 13.91 | -14.74 |
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Drawdowns
PAX vs. MTUM - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, which is greater than MTUM's maximum drawdown of -34.08%. Use the drawdown chart below to compare losses from any high point for PAX and MTUM.
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Drawdown Indicators
| PAX | MTUM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -34.08% | -12.09% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -11.54% | -24.74% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -20.99% | -15.29% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -32.28% | -6.60% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.08% | — |
Current DrawdownCurrent decline from peak | -35.69% | -4.48% | -31.21% |
Average DrawdownAverage peak-to-trough decline | -27.18% | -6.19% | -20.99% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.76% | 3.01% | +15.75% |
Volatility
PAX vs. MTUM - Volatility Comparison
The current volatility for Patria Investments Limited (PAX) is 8.64%, while iShares MSCI USA Momentum Factor ETF (MTUM) has a volatility of 12.20%. This indicates that PAX experiences smaller price fluctuations and is considered to be less risky than MTUM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | MTUM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.64% | 12.20% | -3.56% |
Volatility (6M)Calculated over the trailing 6-month period | 24.14% | 19.44% | +4.70% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.36% | 21.93% | +7.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.27% | 21.15% | +10.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.73% | 21.31% | +11.42% |
Dividends
PAX vs. MTUM - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.55%, more than MTUM's 0.56% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
MTUM iShares MSCI USA Momentum Factor ETF | 0.56% | 0.91% | 0.75% | 1.35% | 1.80% | 0.55% | 0.83% | 1.48% | 1.27% | 1.02% | 1.43% | 1.12% |
PAX Patria Investments Limited | 5.55% | 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 MTUM have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MTUM has higher volatility (12.20%) compared to PAX (8.64%). In terms of maximum drawdown, PAX dropped -46.17% vs MTUM's -34.08%.
MTUM currently has the higher Sharpe Ratio (1.92 vs -0.53), 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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