PAX vs RMT: Correlation
How closely do Patria Investments Limited - Class A (PAX) and Royce Micro-Cap Trust, Inc. (RMT) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAX and RMT?
On 3 years of weekly data the PAX/RMT correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. The 5-year figure is 0.55, and annualized covariance runs at 345.1 %².
Among the 17 assets we track against PAX, RMT ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months RMT outperformed by 57.2 percentage points (-8.8% for PAX against +48.4% for RMT).
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.
PAX vs RMT: side by side
| PAX (Patria Investments Limited - Class A) | RMT (Royce Micro-Cap Trust, Inc.) | |
|---|---|---|
| 1-year return | -8.8% | +48.4% |
| 5-year return | -3.0% | +80.1% |
| Volatility (ann.) | 28.8% | 20.5% |
| Beta vs S&P 500 | 0.98 | 1.09 |
| Max drawdown (3Y) | -37.7% | -26.4% |
| Market cap | $1.9B | $0.8B |
| P/E (trailing) | 25.9 | 8.5 |
| Dividend yield | 5.28% | 5.57% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAX | RMT |
|---|---|---|
| 2022 | -9.9% | -16.8% |
| 2023 | +18.9% | +15.8% |
| 2024 | -20.0% | +14.0% |
| 2025 | +43.1% | +16.1% |
| 2026 | -23.7% | +39.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAX and RMT good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between PAX and RMT?
As of 2026-08-27, the correlation of weekly returns between PAX and RMT is 0.58 over 3 years, 0.57 over 1 year and 0.55 over 5 years.
Is RMT a good diversifier for PAX?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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/pax-vs-rmt.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/pax-vs-rmt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAX correlations · RMT correlations
