Considered is the multiplicative semigroup of ratios of products of principal minors bounded over all positive definite matrices. A long history of literature identifies various elements of this semigroup, all of which lie in a sub-semigroup generated by Hadamard-Fischer inequalities. Via cone-theoretic techniques and the patterns of nullity among positive semidefinite matrices, a semigroup containing all bounded ratios is given. This allows the complete determination of the semigroup of bounded ratios for 4-by-4 positive definite matrices, whose 46 generators include ratios not implied by Hadamard-Fischer and ratios not bounded by 1. For n > 4 it is shown that the containment of semigroups is strict, but a generalization of nullity patterns, of which one example is given, is conjectured to provide a finite determination of all bounded ratios.
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