Yes, because it's a percentage you can run a slower time with a lower PAX and still be "fast".
For example, on a 60 second run:
with a PAX of 0.809 - 48.54 pax time
with a PAX of 0.821 - 49.26 pax time
Which is why stock cars have lower paxes than street prepared and why AMOD has a PAX of 1
*and why Brian says Drew runs a cheater PAX.*