I have long used a separate partition for the page file, and set the max to equal the min. The object is performance related - it is called stability. A pagefile that is dynamic is always changing, and if on C:\ drive, pushes all the files around and causes fragmentation. It's very easy to see that happen. With a default pagefile on C:\, optimize the drive and then reboot. Then optimize it again and you will see a lot has to be done.
Placing the pagefile on a separate partition of the same physical drive by itself eliminates that problem. Fragmentation affects performance significantly - therefore, anything that reduces fragmentation can improve performance.