OPAL vs PAX: Correlation
How closely do OPAL Fuels Inc. (OPAL) and Patria Investments Limited - Class A (PAX) trade together? Their weekly returns over three years give a correlation of 0.37, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OPAL and PAX?
Over the past 3 years, OPAL and PAX moved with a correlation of 0.37, which is moderate. Recent behaviour matches the longer record: 0.29 over 1 year against 0.37 over 3. Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 663.0 %².
Within OPAL's tracked universe of 11 assets, PAX comes in at #4 by 3-year correlation. Twelve-month performance is nearly a tie, at -7.8% for OPAL and -8.8% for PAX. Note the risk asymmetry: OPAL runs 2.1 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.
OPAL vs PAX: side by side
| OPAL (OPAL Fuels Inc.) | PAX (Patria Investments Limited - Class A) | |
|---|---|---|
| 1-year return | -7.8% | -8.8% |
| 5-year return | -77.9% | -3.0% |
| Volatility (ann.) | 61.5% | 28.8% |
| Beta vs S&P 500 | 1.19 | 0.98 |
| Max drawdown (3Y) | -84.1% | -37.7% |
| Market cap | $0.4B | $1.9B |
| P/E (trailing) | – | 25.9 |
| Dividend yield | 0.00% | 5.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OPAL | PAX |
|---|---|---|
| 2022 | -27.1% | -9.9% |
| 2023 | -24.2% | +18.9% |
| 2024 | -38.6% | -20.0% |
| 2025 | -30.5% | +43.1% |
| 2026 | -9.6% | -23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OPAL and PAX good diversifiers for each other?
Reasonably. At 0.37, OPAL and PAX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OPAL and PAX?
The OPAL/PAX correlation stands at 0.37 on a 3-year window (1 year: 0.29, 5 years: 0.27), computed from weekly returns as of 2026-08-27.
Is PAX a good diversifier for OPAL?
Reasonably. At 0.37, OPAL and PAX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.37 mean?
A reading of 0.37 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/opal-vs-pax.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/opal-vs-pax/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: OPAL correlations · PAX correlations
