What Moves Like PAX

Patria Investments Limited - Class A Investment Advice · Nasdaq

The tradable tickers whose daily moves track PAX most closely over the past year, filtered to risk comparable with PAX's own.

Closest match

EWZS iShares MSCI Brazil Small-Cap ETF — 0.691 correlation over the past year, and 35% choppier than PAX.

About PAX

Annualised volatility 35.9%
Beta vs SPY 1.08
Market correlation 0.410
Traded per day $11.7M
Rate sensitivity -0.31
Volatility sensitivity -0.44

As filed with the SEC balance sheet 2025-12-31

Total assets $1.50B
Total liabilities $861.7M
251 sessions to 2026-11-09 · PAX volatility 35.9% annualised · $11.7M a day
Ticker 1-year correlation 3-year Volatility vs PAX Risk What it is
EWZS iShares MSCI Brazil Small-Cap ETF
0.691
0.585 1.35× 35% choppier Fund
EWZ iShares MSCI Brazil ETF
0.656
0.584 0.98× similar Fund
PAGS PagSeguro Digital Ltd. Class A
0.653
0.518 1.51× 51% choppier Services-Computer Processing & Data Preparation
BBD Banco Bradesco Sa American Depositary Shares
0.644
0.461 1.38× 38% choppier State Commercial Banks
ITUB Itau Unibanco Banco Holding SA American Preferred
0.638
0.524 1.17× 17% choppier State Commercial Banks
ILF iShares Latin America 40 ETF
0.638
0.604 0.75× 25% calmer Fund
FLBR Franklin FTSE Brazil ETF
0.638
0.558 0.99× similar Fund
NU Nu Holdings Ltd. Class A Ordinary Shares
0.597
0.513 1.29× 29% choppier Finance Services
SBS Companhia de saneamento Basico Do Estado De Sao Paulo - Sabesp American…
0.569
0.252 1.29× 29% choppier Water Supply
ELPC Companhia Paranaense de Energia (COPEL) American Preferred
0.557
— 1.18× 18% choppier Electric Services
BSBR Banco Santander Brasil SA American Preferred
0.541
0.459 1.09× similar Commercial Banks, Nec
ARCO Arcos Dorados Holdings Inc. Class A Shares
0.538
0.416 1.08× similar Retail-Eating Places
DLO DLocal Limited - Class A
0.533
0.336 1.24× 24% choppier Services-Business Services, Nec
FINX Global X FinTech ETF
0.532
0.580 0.86× 15% calmer Fund
PSP Invesco Global Listed Private Equity ETF
0.531
0.598 0.62× 38% calmer Fund
CIG Comp En De Mn Cemig ADS American Depositary Shares
0.523
0.394 1.03× similar Electric Services
KCE State Street SPDR S&P Capital Markets ETF
0.522
0.611 0.60× 40% calmer Fund
EMQQ EMQQ The Emerging Markets Internet ETF
0.510
0.461 0.60× 40% calmer Fund
ARGT Global X MSCI Argentina ETF
0.505
0.403 0.78× 22% calmer Fund
CG The Carlyle Group Inc.
0.504
0.563 1.06× similar Investment Advice
ARKF ARK Blockchain & Fintech Innovation ETF
0.503
0.548 0.96× similar Fund
IPAY Amplify Digital Payments ETF
0.500
0.563 0.69× 31% calmer Fund
HAPN Happen, Inc.
0.498
0.485 1.43× 43% choppier Personal Credit Institutions
ABEV Ambev S.A. American Preferred
0.485
0.382 0.98× similar Beverages
BN Brookfield Corporation Class A Limited Voting Shares
0.484
0.572 0.81× 19% calmer Operators Of Nonresidential Buildings

Showing 25 of 30 tickers that qualified. Correlation is of daily returns; 1.000 would mean moving in lockstep, 0.000 no relationship at all.

What this is for

Three questions, one number behind all of them.

How to read the two correlation columns

The one-year figure is what the relationship looks like now. The three-year figure is what it has looked like over a longer stretch. Comparing them is the point: when they agree, the relationship is structural and likely to hold. When the one-year number is far below the three-year one, something has changed — a shift in business mix, an index reconstitution, a sector that has stopped moving together — and the recent figure is the one to trust less, not more.

Correlation measures whether two things move together, not whether they move by the same amount. That is why the volatility column is there. Two tickers can correlate at 0.99 while one swings half again as hard, and swapping one for the other would quietly change how much risk you are carrying.

What was deliberately left out

Ranking purely by correlation produces answers that are mathematically perfect and practically useless. The closest matches to AAPL by raw correlation are leveraged AAPL funds at 0.999 — correct, and not replacements for anything. Four filters run before a ticker is allowed to appear:

Where all of that leaves a ticker with no close match, the page says so. A stock with no substitute is a real and useful finding, and inventing a loose one to fill the table would be worse than an empty answer.

Limits, stated up front

Where the numbers come from

Correlations are computed in-house from a daily price history and rebuilt every night. What gets published is the derived statistic — a correlation coefficient, a volatility ratio, an observation count — and nothing from which a price or return series could be reconstructed. The rest of the Markets section is on the Markets overview, including futures positioning extremes and SEC Form 4 insider transactions.