AG vs PAAS: Correlation
How closely do First Majestic Silver Corp. (AG) and Pan American Silver Corp. (PAAS) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and PAAS?
Over the past 3 years, AG and PAAS moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.88 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 3138.7 %².
Within AG's tracked universe of 27 assets, PAAS comes in at #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AG outperformed by 72.0 percentage points (+139.9% for AG against +67.9% for PAAS).
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.
AG vs PAAS: side by side
| AG (First Majestic Silver Corp.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +139.9% | +67.9% |
| 5-year return | +74.1% | +135.6% |
| Volatility (ann.) | 70.1% | 54.5% |
| Beta vs S&P 500 | 1.45 | 1.11 |
| Max drawdown (3Y) | -53.0% | -38.8% |
| Market cap | $10.7B | $22.8B |
| P/E (trailing) | 30.2 | 16.2 |
| Dividend yield | 0.22% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | PAAS |
|---|---|---|
| 2022 | -24.7% | -33.0% |
| 2023 | -26.0% | +2.5% |
| 2024 | -10.5% | +26.6% |
| 2025 | +204.1% | +158.4% |
| 2026 | +30.7% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and PAAS good diversifiers for each other?
No: a correlation of 0.82 means AG and PAAS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AG and PAAS?
The AG/PAAS correlation stands at 0.82 on a 3-year window (1 year: 0.88, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for AG?
No: a correlation of 0.82 means AG and PAAS tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: AG correlations · PAAS correlations
