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 -1.36%/yr vs 13.31%/yr for VOO. At a 0.49 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 -28.36% return, which is significantly lower than VOO's 10.72% return.
PAX
- 1D
- -0.45%
- 1M
- -4.48%
- 6M
- -34.69%
- YTD
- -28.36%
- 1Y
- -13.89%
- 3Y*
- -5.64%
- 5Y*
- -1.36%
- 10Y*
- —
VOO
- 1D
- -0.53%
- 1M
- 0.35%
- 6M
- 9.07%
- YTD
- 10.72%
- 1Y
- 21.71%
- 3Y*
- 20.11%
- 5Y*
- 13.31%
- 10Y*
- 15.15%
PAX vs. VOO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
PAX Patria Investments Limited | -28.36% | 43.06% | -20.01% | 18.86% | -9.94% | -21.34% |
VOO Vanguard S&P 500 ETF | 10.72% | 17.82% | 24.98% | 26.32% | -18.17% | 25.34% |
Correlation
The correlation between PAX and VOO is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
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 | 0.49 |
The correlation between PAX and VOO has been stable across timeframes, ranging from 0.49 to 0.50 - 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 | -2.22 | ||
| Sortino ratioReturn per unit of downside risk | -2.88 | ||
| Omega ratioGain probability vs. loss probability | 0.94 | 1.32 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.37 | 2.45 | -2.82 |
| Martin ratioReturn relative to average drawdown | -0.67 | 10.68 | -11.35 |
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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 | -37.33% | -8.90% | -28.43% |
Max Drawdown (3Y)Largest decline over 3 years | -37.33% | -18.69% | -18.64% |
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 | -35.29% | -0.88% | -34.41% |
Average DrawdownAverage peak-to-trough decline | -27.28% | -3.67% | -23.61% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 20.72% | 2.04% | +18.68% |
Volatility
PAX vs. VOO - Volatility Comparison
Patria Investments Limited (PAX) has a higher volatility of 5.77% compared to Vanguard S&P 500 ETF (VOO) at 3.48%. 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 | 5.77% | 3.48% | +2.29% |
Volatility (6M)Calculated over the trailing 6-month period | 23.66% | 9.98% | +13.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 29.37% | 12.52% | +16.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.23% | 16.92% | +14.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.61% | 17.99% | +14.62% |
Dividends
PAX vs. VOO - Dividend Comparison
PAX's dividend yield for the trailing twelve months is around 5.52%, more than VOO's 1.06% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PAX Patria Investments Limited | 5.52% | 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 | 1.06% | 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 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PAX has higher volatility (5.77%) compared to VOO (3.48%). In terms of maximum drawdown, PAX dropped -46.17% vs VOO's -33.99%.
VOO currently has the higher Sharpe Ratio (1.74 vs -0.47), 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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