PAX vs. VGT

Last updated Jun 4, 2026

PAX (Patria Investments Limited) is a stock, while VGT (Vanguard Information Technology ETF) is Technology Equities fund tracking the MSCI USA IMI Information Technology 25/50 Index. Over the past 5 years, PAX returned -3.54%/yr vs 22.23%/yr for VGT. At a 0.45 correlation, their price movements are largely independent.

Performance

PAX vs. VGT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Patria Investments Limited (PAX) and Vanguard Information Technology ETF (VGT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PAX achieves a -27.91% return, which is significantly lower than VGT's 31.64% return.

PAX

• 1D: -3.87%
• 1M: -10.63%
• YTD: -27.91%
• 6M: -24.79%
• 1Y: -8.10%
• 3Y*: -4.76%
• 5Y*: -3.54%
• 10Y*: —

VGT

• 1D: -1.48%
• 1M: 18.07%
• YTD: 31.64%
• 6M: 30.51%
• 1Y: 60.15%
• 3Y*: 33.48%
• 5Y*: 22.23%
• 10Y*: 25.78%

*Multi-year figures are annualized to reflect compound growth (CAGR)

PAX vs. VGT - 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%
VGT Vanguard Information Technology ETF	31.64%	21.77%	29.30%	52.66%	-29.70%	26.86%

Correlation

The correlation between PAX and VGT is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 25, 2021	0.45

Return for Risk

PAX vs. VGT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

PAX

PAX Risk / Return Rank: 29
PAX Sharpe Ratio Rank: 29
PAX Sortino Ratio Rank: 25
PAX Omega Ratio Rank: 26
PAX Calmar Ratio Rank: 33
PAX Martin Ratio Rank: 32

VGT

VGT Risk / Return Rank: 76
VGT Sharpe Ratio Rank: 87
VGT Sortino Ratio Rank: 79
VGT Omega Ratio Rank: 78
VGT Calmar Ratio Rank: 72
VGT Martin Ratio Rank: 64

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

PAX vs. VGT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and Vanguard Information Technology ETF (VGT). 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	VGT	Difference
Sharpe ratio Return per unit of total volatility	-0.28	2.95	-3.22
Sortino ratio Return per unit of downside risk	-0.19	3.63	-3.82
Omega ratio Gain probability vs. loss probability	0.98	1.47	-0.50
Calmar ratio Return relative to maximum drawdown	-0.22	3.69	-3.91
Martin ratio Return relative to average drawdown	-0.47	11.77	-12.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAX vs. VGT - Sharpe Ratio Comparison

The current PAX Sharpe Ratio is -0.28, which is lower than the VGT Sharpe Ratio of 2.95. The chart below compares the historical Sharpe Ratios of PAX and VGT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PAX	VGT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.28	2.95	-3.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.11	0.89	-1.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	1.05	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.16	0.68	-0.84

Drawdowns

PAX vs. VGT - Drawdown Comparison

The maximum PAX drawdown since its inception was -46.17%, smaller than the maximum VGT drawdown of -54.63%. Use the drawdown chart below to compare losses from any high point for PAX and VGT.

Drawdown Indicators

	PAX	VGT	Difference
Max Drawdown Largest peak-to-trough decline	-46.17%	-54.63%	+8.46%
Max Drawdown (1Y) Largest decline over 1 year	-36.28%	-16.40%	-19.88%
Max Drawdown (3Y) Largest decline over 3 years	-36.28%	-27.23%	-9.05%
Max Drawdown (5Y) Largest decline over 5 years	-38.88%	-35.07%	-3.81%
Max Drawdown (10Y) Largest decline over 10 years	—	-35.07%	—
Current Drawdown Current decline from peak	-34.88%	-1.48%	-33.40%
Average Drawdown Average peak-to-trough decline	-27.10%	-7.95%	-19.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.14%	5.13%	+12.01%

Volatility

PAX vs. VGT - Volatility Comparison

Patria Investments Limited (PAX) has a higher volatility of 11.86% compared to Vanguard Information Technology ETF (VGT) at 6.39%. This indicates that PAX's price experiences larger fluctuations and is considered to be riskier than VGT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAX	VGT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.86%	6.39%	+5.47%
Volatility (6M) Calculated over the trailing 6-month period	23.92%	16.07%	+7.85%
Volatility (1Y) Calculated over the trailing 1-year period	29.26%	20.57%	+8.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.31%	25.18%	+6.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.62%	24.60%	+8.02%

Dividends

PAX vs. VGT - Dividend Comparison

PAX's dividend yield for the trailing twelve months is around 5.48%, more than VGT's 0.31% 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%
VGT Vanguard Information Technology ETF	0.31%	0.40%	0.60%	0.65%	0.91%	0.64%	0.82%	1.11%	1.29%	0.99%	1.31%	1.28%

Frequently Asked Questions

Can I hold both PAX and VGT in my portfolio?

PAX and VGT have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAX or VGT?

PAX has higher volatility (11.86%) compared to VGT (6.39%). In terms of maximum drawdown, PAX dropped -46.17% vs VGT's -54.63%.

Which has better risk-adjusted returns?

VGT currently has the higher Sharpe Ratio (2.95 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.