PAX vs. VOO
PAX (Patria Investments Limited) is a stock, while VOO (Vanguard S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 5 years, PAX returned -3.32%/yr vs 13.13%/yr for VOO. At a 0.50 correlation, their price movements are largely independent.
Performance
PAX vs. VOO - 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 VOO's 8.19% return.
PAX
- 1D
- -1.61%
- 1M
- 0.09%
- YTD
- -28.82%
- 6M
- -28.82%
- 1Y
- -15.55%
- 3Y*
- -4.60%
- 5Y*
- -3.32%
- 10Y*
- —
VOO
- 1D
- -1.42%
- 1M
- -1.34%
- YTD
- 8.19%
- 6M
- 7.24%
- 1Y
- 23.69%
- 3Y*
- 20.78%
- 5Y*
- 13.13%
- 10Y*
- 15.61%
PAX vs. VOO - 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% |
VOO Vanguard S&P 500 ETF | 8.19% | 17.82% | 24.98% | 26.32% | -18.17% | 25.34% |
Correlation
The correlation between PAX and VOO is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.51 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.50 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.50 |
The correlation between PAX and VOO has been stable across timeframes, ranging from 0.50 to 0.51 - a consistent structural relationship.
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Return for Risk
PAX vs. VOO — Risk / Return Rank
PAX
VOO
PAX vs. VOO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Patria Investments Limited (PAX) and Vanguard S&P 500 ETF (VOO). 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 | VOO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.45 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.35 | -0.42 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 2.67 | -3.10 |
| Martin ratioReturn relative to average drawdown | -0.83 | 11.96 | -12.79 |
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Drawdowns
PAX vs. VOO - Drawdown Comparison
The maximum PAX drawdown since its inception was -46.17%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for PAX and VOO.
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Drawdown Indicators
| PAX | VOO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -46.17% | -33.99% | -12.18% |
Max Drawdown (1Y)Largest decline over 1 year | -36.28% | -8.90% | -27.38% |
Max Drawdown (3Y)Largest decline over 3 years | -36.28% | -18.69% | -17.59% |
Max Drawdown (5Y)Largest decline over 5 years | -38.88% | -24.52% | -14.36% |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.99% | — |
Current DrawdownCurrent decline from peak | -35.69% | -3.14% | -32.55% |
Average DrawdownAverage peak-to-trough decline | -27.18% | -3.68% | -23.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.76% | 1.99% | +16.77% |
Volatility
PAX vs. VOO - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 8.64% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that PAX's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAX | VOO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.64% | 4.83% | +3.81% |
Volatility (6M)Calculated over the trailing 6-month period | 24.14% | 9.82% | +14.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.36% | 12.46% | +16.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.27% | 16.91% | +14.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.73% | 18.02% | +14.71% |
Dividends
PAX vs. VOO - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.55%, more than VOO's 1.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
VOO Vanguard S&P 500 ETF | 1.05% | 1.13% | 1.24% | 1.46% | 1.69% | 1.25% | 1.54% | 1.88% | 2.06% | 1.78% | 2.02% | 2.10% |
Frequently Asked Questions
PAX and VOO have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAX has higher volatility (8.64%) compared to VOO (4.83%). In terms of maximum drawdown, PAX dropped -46.17% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.91 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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