The Trace report determines the Fmax of a design taking into account all of the timing constraints in the projects preference file (i.e.*.lpf).
For example, the preference file may have a multicycle constraint:
The Trace report and the PA report will differ as a result.
The Trace report lists all the paths and analyzes them according to the constraint. For example, the path u_edn_top/U_E_BR_TOP/U_E_BR_RCIF/SLICE_3902:CLK to u_edn_top/U_E_BR_TOP/U_E_BR_RCIF/SLICE_3875:DI1 is constrained as a result of the MULTICYCLE preference (the source net is in the GROUP "START_WORD_REG"). More time is available for signal propagation, relaxing the impact on Fmax. The path u_edn_top/U_E_BR_TOP/U_E_BR_RCIF/SLICE_3933:CLK to u_edn_top/U_E_BR_TOP/U_E_BR_RCIF/SLICE_3875:DI1 is not constrained by the MULTICYCLE preference (the source net is not in the GROUP "START_WORD_REG"), so it is calculated for determining Fmax.
The PA report lists all the worst case paths that reach each destination without regard for any constraints. For each destination, PA only lists the worst case path. For the destination u_edn_top/U_E_BR_TOP/U_E_BR_RCIF/SLICE_3875:DI1, it only lists one source u_edn_top/U_E_BR_TOP/U_E_BR_RCIF/SLICE_3902:CLK. The PA tool is not used to analyze the overall expected Fmax of a design because many paths are not listed in it.