ASA vs PAAS: Correlation
Measured on weekly returns over the past three years, ASA Gold and Precious Metals Limited (ASA) and Pan American Silver Corp. (PAAS) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASA and PAAS?
Over the past 3 years, ASA and PAAS moved with a correlation of 0.87, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.91 over 1 year against 0.87 over 3. Over 5 years the correlation is 0.84, and the annualized covariance of weekly returns is 2019.3 %².
Few assets follow ASA as closely as PAAS, which ranks #2 of 59 tracked partners. Over the last 12 months ASA came out ahead by 9.1 percentage points (+77.0% against +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.
ASA vs PAAS: side by side
| ASA (ASA Gold and Precious Metals Limited) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +77.0% | +67.9% |
| 5-year return | +218.5% | +135.6% |
| Volatility (ann.) | 42.5% | 54.5% |
| Beta vs S&P 500 | 0.92 | 1.11 |
| Max drawdown (3Y) | -40.8% | -38.8% |
| Market cap | – | $22.8B |
| P/E (trailing) | 1.7 | 16.2 |
| Dividend yield | 0.11% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASA | PAAS |
|---|---|---|
| 2022 | -32.1% | -33.0% |
| 2023 | +5.4% | +2.5% |
| 2024 | +34.5% | +26.6% |
| 2025 | +195.6% | +158.4% |
| 2026 | +9.5% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASA and PAAS good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ASA and PAAS?
Using weekly returns as of 2026-08-27: 0.87 over 3 years, with 0.91 over the last year and 0.84 over 5 years.
Is PAAS a good diversifier for ASA?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/asa-vs-paas.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/asa-vs-paas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ASA correlations · PAAS correlations
