AGI vs PAAS: Correlation
Alamos Gold Inc. Class A (AGI) and Pan American Silver Corp. (PAAS) show a very strong relationship: their 3-year correlation of weekly returns is 0.83.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AGI and PAAS?
Across a 3-year window, the weekly returns of AGI and PAAS correlate at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.83 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 2097.9 %².
By 3-year correlation, PAAS places #7 of the 26 assets tracked against AGI. Correlation aside, the last 12 months split them widely, with PAAS ahead by 40.2 points (+27.7% versus +67.9%).
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.
AGI vs PAAS: side by side
| AGI (Alamos Gold Inc. Class A) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +27.7% | +67.9% |
| 5-year return | +404.0% | +135.6% |
| Volatility (ann.) | 46.1% | 54.5% |
| Beta vs S&P 500 | 0.76 | 1.11 |
| Max drawdown (3Y) | -49.6% | -38.8% |
| Market cap | $15.9B | $22.8B |
| P/E (trailing) | 13.5 | 16.2 |
| Dividend yield | 0.35% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AGI | PAAS |
|---|---|---|
| 2022 | +33.1% | -33.0% |
| 2023 | +34.3% | +2.5% |
| 2024 | +37.7% | +26.6% |
| 2025 | +109.6% | +158.4% |
| 2026 | -1.6% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AGI and PAAS good diversifiers for each other?
No: a correlation of 0.83 means AGI and PAAS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between AGI and PAAS?
The AGI/PAAS correlation stands at 0.83 on a 3-year window (1 year: 0.89, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for AGI?
No: a correlation of 0.83 means AGI and PAAS tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
A reading of 0.83 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: AGI correlations · PAAS correlations
