ARCO vs PAGS: Correlation
Arcos Dorados Holdings Inc. Class A Shares (ARCO) and PagSeguro Digital Ltd. Class A (PAGS) show a moderate relationship: their 3-year correlation of weekly returns is 0.51.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARCO and PAGS?
Across a 3-year window, the weekly returns of ARCO and PAGS correlate at 0.51, moderate. The link has tightened recently: the 1-year correlation (0.63) runs above the 3-year figure (0.51). Stretching to 5 years gives 0.46, with an annualized covariance of 656.8 %².
In ARCO's tracked universe of 10 assets, PAGS sits right near the top at #2. On 12-month performance ARCO holds a 12.4-point edge, +18.0% against +5.6%.
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.
ARCO vs PAGS: side by side
| ARCO (Arcos Dorados Holdings Inc. Class A Shares) | PAGS (PagSeguro Digital Ltd. Class A) | |
|---|---|---|
| 1-year return | +18.0% | +5.6% |
| 5-year return | +59.4% | -84.4% |
| Volatility (ann.) | 30.6% | 42.1% |
| Beta vs S&P 500 | 0.59 | 1.17 |
| Max drawdown (3Y) | -47.9% | -57.6% |
| Market cap | $1.7B | $2.5B |
| P/E (trailing) | 6.5 | 6.2 |
| Dividend yield | 3.50% | 14.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARCO | PAGS |
|---|---|---|
| 2022 | +46.3% | -66.7% |
| 2023 | +54.9% | +42.7% |
| 2024 | -41.0% | -49.8% |
| 2025 | +4.1% | +58.7% |
| 2026 | +10.0% | -5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARCO and PAGS good diversifiers for each other?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ARCO and PAGS?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.63 over the last year and 0.46 over 5 years.
Is PAGS a good diversifier for ARCO?
To a limited degree. At 0.51 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.51 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/arco-vs-pags.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arco-vs-pags/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARCO correlations · PAGS correlations
