DH vs PAX: Correlation
Measured on weekly returns over the past three years, Definitive Healthcare Corp. (DH) and Patria Investments Limited - Class A (PAX) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DH and PAX?
Across a 3-year window, the weekly returns of DH and PAX correlate at 0.49, moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.49 over 3. Stretching to 5 years gives 0.38, with an annualized covariance of 926.7 %².
In DH's tracked universe of 14 assets, PAX sits right near the top at #2. Correlation aside, the last 12 months split them widely, with PAX ahead by 71.0 points (-79.8% versus -8.8%). Note the risk asymmetry: DH runs 2.3 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
DH vs PAX: side by side
| DH (Definitive Healthcare Corp.) | PAX (Patria Investments Limited - Class A) | |
|---|---|---|
| 1-year return | -79.8% | -8.8% |
| 5-year return | -98.1% | -3.0% |
| Volatility (ann.) | 65.1% | 28.8% |
| Beta vs S&P 500 | 1.74 | 0.98 |
| Max drawdown (3Y) | -93.9% | -37.7% |
| Market cap | $0.1B | $1.9B |
| P/E (trailing) | – | 25.9 |
| Dividend yield | 0.00% | 5.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DH | PAX |
|---|---|---|
| 2022 | -59.8% | -9.9% |
| 2023 | -9.6% | +18.9% |
| 2024 | -58.7% | -20.0% |
| 2025 | -30.2% | +43.1% |
| 2026 | -71.6% | -23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DH and PAX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DH and PAX?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.44 over the last year and 0.38 over 5 years.
Is PAX a good diversifier for DH?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dh-vs-pax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dh-vs-pax/)
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Related comparisons
Hubs: DH correlations · PAX correlations
