WIW vs. PAX
WIW (Western Asset Inflation-Linked Opportunities & Income Fund) is Inflation-Protected Bonds fund, while PAX (Patria Investments Limited) is a stock. Over the past 5 years, WIW returned 0.32%/yr vs -1.36%/yr for PAX. At a 0.20 correlation, their price movements are largely independent.
Performance
WIW vs. PAX - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, WIW achieves a 1.71% return, which is significantly higher than PAX's -28.36% return.
WIW
- 1D
- 0.12%
- 1M
- -0.44%
- 6M
- 1.59%
- YTD
- 1.71%
- 1Y
- 3.50%
- 3Y*
- 6.46%
- 5Y*
- 0.32%
- 10Y*
- 3.83%
PAX
- 1D
- -0.45%
- 1M
- -4.48%
- 6M
- -34.69%
- YTD
- -28.36%
- 1Y
- -13.89%
- 3Y*
- -5.64%
- 5Y*
- -1.36%
- 10Y*
- —
WIW vs. PAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
WIW Western Asset Inflation-Linked Opportunities & Income Fund | 1.71% | 13.17% | 3.83% | 5.10% | -25.30% | 16.71% |
PAX Patria Investments Limited | -28.36% | 43.06% | -20.01% | 18.86% | -9.94% | -21.34% |
Correlation
The correlation between WIW and PAX is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.21 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (All Time) Calculated using the full available price history since Jan 22, 2021 | 0.20 |
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
WIW vs. PAX — Risk / Return Rank
WIW
PAX
WIW vs. PAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Western Asset Inflation-Linked Opportunities & Income Fund (WIW) and Patria Investments Limited (PAX). 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.
| WIW | PAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.98 | ||
| Sortino ratioReturn per unit of downside risk | +1.25 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.94 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.97 | -0.37 | +1.35 |
| Martin ratioReturn relative to average drawdown | 2.49 | -0.67 | +3.17 |
Loading charts...
Drawdowns
WIW vs. PAX - Drawdown Comparison
The maximum WIW drawdown since its inception was -29.49%, smaller than the maximum PAX drawdown of -46.17%. Use the drawdown chart below to compare losses from any high point for WIW and PAX.
Loading charts...
Drawdown Indicators
| WIW | PAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -29.49% | -46.17% | +16.68% |
Max Drawdown (1Y)Largest decline over 1 year | -3.61% | -37.33% | +33.72% |
Max Drawdown (3Y)Largest decline over 3 years | -8.65% | -37.33% | +28.68% |
Max Drawdown (5Y)Largest decline over 5 years | -29.49% | -38.88% | +9.39% |
Max Drawdown (10Y)Largest decline over 10 years | -29.49% | — | — |
Current DrawdownCurrent decline from peak | -6.17% | -35.29% | +29.12% |
Average DrawdownAverage peak-to-trough decline | -7.96% | -27.28% | +19.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.41% | 20.72% | -19.31% |
Volatility
WIW vs. PAX - Volatility Comparison
The current volatility for Western Asset Inflation-Linked Opportunities & Income Fund (WIW) is 1.66%, while Patria Investments Limited (PAX) has a volatility of 5.77%. This indicates that WIW experiences smaller price fluctuations and is considered to be less risky than PAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| WIW | PAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.66% | 5.77% | -4.11% |
Volatility (6M)Calculated over the trailing 6-month period | 4.29% | 23.66% | -19.37% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.88% | 29.37% | -22.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.11% | 31.23% | -21.12% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.98% | 32.61% | -22.63% |
Dividends
WIW vs. PAX - Dividend Comparison
WIW's dividend yield for the trailing twelve months is around 8.97%, more than PAX's 5.52% 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% |
WIW Western Asset Inflation-Linked Opportunities & Income Fund | 8.97% | 8.68% | 8.78% | 10.38% | 11.81% | 6.93% | 3.20% | 3.74% | 4.26% | 3.70% | 3.61% | 3.91% |
Frequently Asked Questions
WIW and PAX have a correlation of 0.17, 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 WIW (1.66%). In terms of maximum drawdown, WIW dropped -29.49% vs PAX's -46.17%.
WIW currently has the higher Sharpe Ratio (0.51 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.
Find the right allocation for WIW and PAX
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer