ASM vs PAAS: Correlation
How closely do Avino Silver & Gold Mines Ltd. (ASM) and Pan American Silver Corp. (PAAS) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ASM and PAAS?
Over the past 3 years, ASM and PAAS moved with a correlation of 0.76, which is strong. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 3228.4 %².
By 3-year correlation, PAAS places #4 of the 14 assets tracked against ASM. On 12-month performance ASM holds a 8.2-point edge, +76.1% 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.
ASM vs PAAS: side by side
| ASM (Avino Silver & Gold Mines Ltd.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +76.1% | +67.9% |
| 5-year return | +657.8% | +135.6% |
| Volatility (ann.) | 77.8% | 54.5% |
| Beta vs S&P 500 | 1.95 | 1.11 |
| Max drawdown (3Y) | -53.1% | -38.8% |
| Market cap | $1.3B | $22.8B |
| P/E (trailing) | 28.6 | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ASM | PAAS |
|---|---|---|
| 2022 | -20.9% | -33.0% |
| 2023 | -23.5% | +2.5% |
| 2024 | +69.2% | +26.6% |
| 2025 | +605.7% | +158.4% |
| 2026 | +24.5% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ASM and PAAS good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ASM and PAAS?
The ASM/PAAS correlation stands at 0.76 on a 3-year window (1 year: 0.79, 5 years: 0.74), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for ASM?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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
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Related comparisons
Hubs: ASM correlations · PAAS correlations
