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PAX vs. VOO
Performance
Return for Risk
Drawdowns
Volatility
Dividends

PAX vs. VOO

Last updated Jun 4, 2026

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 -3.54%/yr vs 13.90%/yr for VOO. At a 0.49 correlation, their price movements are largely independent.

Performance

PAX vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Patria Investments Limited (PAX) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Loading charts...

Returns By Period

In the year-to-date period, PAX achieves a -27.91% return, which is significantly lower than VOO's 10.91% return.

PAX

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

VOO

1D
-0.70%
1M
5.04%
YTD
10.91%
6M
10.93%
1Y
28.04%
3Y*
22.44%
5Y*
13.90%
10Y*
15.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

PAX vs. VOO - Yearly Performance Comparison

2026 (YTD)20252024202320222021
PAX
Patria Investments Limited		-27.91%43.06%-20.01%18.86%-9.94%-15.01%
VOO
Vanguard S&P 500 ETF		10.91%17.82%24.98%26.32%-18.17%25.79%

Correlation

The correlation between PAX and VOO is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.48

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 25, 2021

0.49

The correlation between PAX and VOO has been stable across timeframes, ranging from 0.48 to 0.50 - a consistent structural relationship.

Compare stocks, funds, or ETFs

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Patria Investments Limited

Vanguard S&P 500 ETF

Often compared with PAX:
PAX vs. MBLYPAX vs. BLKPAX vs. ABPAX vs. BAMPAX vs. VGTPAX vs. ARCCPAX vs. DX
Often compared with VOO:
VOO vs. VTIVOO vs. QQQVOO vs. SCHDVOO vs. VTVOO vs. SPYVOO vs. FXAIXVOO vs. IVV

Return for Risk

PAX vs. VOO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
PAX
PAX Risk / Return Rank: 2929
Overall Rank
PAX Sharpe Ratio Rank: 2929
Sharpe Ratio Rank
PAX Sortino Ratio Rank: 2525
Sortino Ratio Rank
PAX Omega Ratio Rank: 2626
Omega Ratio Rank
PAX Calmar Ratio Rank: 3333
Calmar Ratio Rank
PAX Martin Ratio Rank: 3232
Martin Ratio Rank
VOO
VOO Risk / Return Rank: 7070
Overall Rank
VOO Sharpe Ratio Rank: 7171
Sharpe Ratio Rank
VOO Sortino Ratio Rank: 7070
Sortino Ratio Rank
VOO Omega Ratio Rank: 7070
Omega Ratio Rank
VOO Calmar Ratio Rank: 6262
Calmar Ratio Rank
VOO Martin Ratio Rank: 7575
Martin Ratio Rank
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. 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.

PAXVOODifference
Sharpe ratioReturn per unit of total volatility
-0.28
2.39

-2.67

Sortino ratioReturn per unit of downside risk
-0.19
3.25

-3.45

Omega ratioGain probability vs. loss probability

0.98

1.43

-0.46

Calmar ratioReturn relative to maximum drawdown

-0.22

3.16

-3.39

Martin ratioReturn relative to average drawdown

-0.47

14.73

-15.20

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. VOO - Sharpe Ratio Comparison

The current PAX Sharpe Ratio is -0.28, which is lower than the VOO Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of PAX and VOO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

PAXVOODifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.28

2.39

-2.67

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.11

0.83

-0.94

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.87

—

Sharpe Ratio (All Time)

Calculated using the full available price history

-0.16

0.89

-1.05

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

PAXVOODifference

Max Drawdown

Largest 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 Drawdown

Current decline from peak

-34.88%

-0.70%

-34.18%

Average Drawdown

Average peak-to-trough decline

-27.10%

-3.69%

-23.41%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.14%

1.91%

+15.23%

Volatility

PAX vs. VOO - Volatility Comparison

Patria Investments Limited (PAX) has a higher volatility of 11.86% compared to Vanguard S&P 500 ETF (VOO) at 2.84%. 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

PAXVOODifference

Volatility (1M)

Calculated over the trailing 1-month period

11.86%

2.84%

+9.02%

Volatility (6M)

Calculated over the trailing 6-month period

23.92%

8.90%

+15.02%

Volatility (1Y)

Calculated over the trailing 1-year period

29.26%

11.80%

+17.46%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

31.31%

16.81%

+14.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

32.62%

18.01%

+14.61%

Dividends

PAX vs. VOO - Dividend Comparison

PAX's dividend yield for the trailing twelve months is around 5.48%, more than VOO's 1.03% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
VOO
Vanguard S&P 500 ETF		1.03%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 0.48, 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 VOO (2.84%). In terms of maximum drawdown, PAX dropped -46.17% vs VOO's -33.99%.

VOO currently has the higher Sharpe Ratio (2.39 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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