PAX vs. TFLO
PAX (Patria Investments Limited) is a stock, while TFLO (iShares Treasury Floating Rate Bond ETF) is Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Index. Over the past 5 years, PAX returned -3.54%/yr vs 3.63%/yr for TFLO. At a correlation of -0.03, they often move in opposite directions.
Performance
PAX vs. TFLO - 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 TFLO's 1.59% return.
PAX
- 1D
- -3.87%
- 1M
- -10.63%
- YTD
- -27.91%
- 6M
- -24.79%
- 1Y
- -8.10%
- 3Y*
- -4.76%
- 5Y*
- -3.54%
- 10Y*
- —
TFLO
- 1D
- 0.02%
- 1M
- 0.31%
- YTD
- 1.59%
- 6M
- 1.92%
- 1Y
- 3.97%
- 3Y*
- 4.74%
- 5Y*
- 3.63%
- 10Y*
- 2.37%
PAX vs. TFLO - 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% |
TFLO iShares Treasury Floating Rate Bond ETF | 1.59% | 4.22% | 5.34% | 5.12% | 1.99% | -0.04% |
Correlation
The correlation between PAX and TFLO is 0.02, 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 | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Jan 25, 2021 | -0.03 |
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Return for Risk
PAX vs. TFLO — Risk / Return Rank
PAX
TFLO
PAX vs. TFLO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and iShares Treasury Floating Rate Bond ETF (TFLO). 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 | TFLO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.37 | ||
| Sortino ratioReturn per unit of downside risk | -51.05 | ||
| Omega ratioGain probability vs. loss probability | 0.98 | 13.94 | -12.97 |
| Calmar ratioReturn relative to maximum drawdown | -0.22 | 201.22 | -201.45 |
| Martin ratioReturn relative to average drawdown | -0.47 | 823.26 | -823.74 |
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 | TFLO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.28 | 14.09 | -14.37 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.11 | 10.30 | -10.42 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 5.21 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.16 | 0.99 | -1.15 |
Drawdowns
PAX vs. TFLO - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, which is greater than TFLO's maximum drawdown of -5.01%. Use the drawdown chart below to compare losses from any high point for PAX and TFLO.
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Drawdown Indicators
| PAX | TFLO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -5.01% | -41.16% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -0.02% | -36.26% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -0.04% | -36.24% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -0.13% | -38.75% |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.16% | — |
Current DrawdownCurrent decline from peak | -34.88% | 0.00% | -34.88% |
Average DrawdownAverage peak-to-trough decline | -27.10% | -0.10% | -27.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.14% | 0.00% | +17.14% |
Volatility
PAX vs. TFLO - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 11.86% compared to iShares Treasury Floating Rate Bond ETF (TFLO) at 0.07%. This indicates that PAX's price experiences larger fluctuations and is considered to be riskier than TFLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | TFLO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.86% | 0.07% | +11.79% |
Volatility (6M)Calculated over the trailing 6-month period | 23.92% | 0.20% | +23.72% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.26% | 0.28% | +28.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.31% | 0.35% | +30.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.62% | 0.46% | +32.16% |
Dividends
PAX vs. TFLO - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.48%, more than TFLO's 3.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
TFLO iShares Treasury Floating Rate Bond ETF | 3.90% | 4.16% | 5.21% | 4.88% | 1.68% | 0.00% | 0.36% | 2.08% | 1.65% | 0.86% | 0.31% | 0.15% |
Frequently Asked Questions
PAX and TFLO have a correlation of 0.02, 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 TFLO (0.07%). In terms of maximum drawdown, PAX dropped -46.17% vs TFLO's -5.01%.
TFLO currently has the higher Sharpe Ratio (14.09 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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