AG vs PZG: Correlation
Measured on weekly returns over the past three years, First Majestic Silver Corp. (AG) and Paramount Gold Nevada Corp. (PZG) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AG and PZG?
Across a 3-year window, the weekly returns of AG and PZG correlate at 0.44, moderate. The link has tightened recently: the 1-year correlation (0.58) runs above the 3-year figure (0.44). Stretching to 5 years gives 0.44, with an annualized covariance of 1867.2 %².
Among the 27 assets we track against AG, PZG ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months AG outperformed by 82.0 percentage points (+139.9% for AG against +57.9% for PZG).
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 PZG: side by side
| AG (First Majestic Silver Corp.) | PZG (Paramount Gold Nevada Corp.) | |
|---|---|---|
| 1-year return | +139.9% | +57.9% |
| 5-year return | +74.1% | +73.0% |
| Volatility (ann.) | 70.1% | 60.9% |
| Beta vs S&P 500 | 1.45 | 0.50 |
| Max drawdown (3Y) | -53.0% | -60.3% |
| Market cap | $10.7B | – |
| P/E (trailing) | 30.2 | – |
| Dividend yield | 0.22% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AG | PZG |
|---|---|---|
| 2022 | -24.7% | -50.6% |
| 2023 | -26.0% | +8.7% |
| 2024 | -10.5% | -8.8% |
| 2025 | +204.1% | +268.4% |
| 2026 | +30.7% | +19.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AG and PZG good diversifiers for each other?
Reasonably. At 0.44, AG and PZG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AG and PZG?
The AG/PZG correlation stands at 0.44 on a 3-year window (1 year: 0.58, 5 years: 0.44), computed from weekly returns as of 2026-08-27.
Is PZG a good diversifier for AG?
Reasonably. At 0.44, AG and PZG keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ag-vs-pzg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ag-vs-pzg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: AG correlations · PZG correlations
