PAX vs XPEL: Correlation
How closely do Patria Investments Limited - Class A (PAX) and XPEL, Inc. (XPEL) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAX and XPEL?
Over the past 3 years, PAX and XPEL moved with a correlation of 0.49, which is moderate. The relationship has been stable: the 1-year correlation (0.45) sits close to the 3-year figure. Over 5 years the correlation is 0.42, and the annualized covariance of weekly returns is 744.7 %².
By 3-year correlation, XPEL places #9 of the 17 assets tracked against PAX. Correlation aside, the last 12 months split them widely, with XPEL ahead by 44.0 points (-8.8% versus +35.2%). One caveat on sizing: XPEL is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 XPEL: side by side
| PAX (Patria Investments Limited - Class A) | XPEL (XPEL, Inc.) | |
|---|---|---|
| 1-year return | -8.8% | +35.2% |
| 5-year return | -3.0% | -32.6% |
| Volatility (ann.) | 28.8% | 52.7% |
| Beta vs S&P 500 | 0.98 | 1.03 |
| Max drawdown (3Y) | -37.7% | -70.7% |
| Market cap | $1.9B | $1.4B |
| P/E (trailing) | 25.9 | 25.6 |
| Dividend yield | 5.28% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAX | XPEL |
|---|---|---|
| 2022 | -9.9% | -12.0% |
| 2023 | +18.9% | -10.3% |
| 2024 | -20.0% | -25.8% |
| 2025 | +43.1% | +25.0% |
| 2026 | -23.7% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAX and XPEL good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PAX and XPEL?
The PAX/XPEL correlation stands at 0.49 on a 3-year window (1 year: 0.45, 5 years: 0.42), computed from weekly returns as of 2026-08-27.
Is XPEL a good diversifier for PAX?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 mean?
A reading of 0.49 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/pax-vs-xpel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pax-vs-xpel/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PAX correlations · XPEL correlations
