BTG vs PAAS: Correlation
How closely do B2Gold Corp (BTG) and Pan American Silver Corp. (PAAS) trade together? Their weekly returns over three years give a correlation of 0.80, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTG and PAAS?
Over the past 3 years, BTG and PAAS moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.84 over 1 year against 0.80 over 3. Over 5 years the correlation is 0.78, and the annualized covariance of weekly returns is 2420.5 %².
Few assets follow BTG as closely as PAAS, which ranks #3 of 16 tracked partners. Their recent paths diverged sharply: over the last 12 months PAAS outperformed by 23.0 percentage points (+44.9% for BTG against +67.9% for PAAS).
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.
BTG vs PAAS: side by side
| BTG (B2Gold Corp) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +44.9% | +67.9% |
| 5-year return | +85.7% | +135.6% |
| Volatility (ann.) | 55.7% | 54.5% |
| Beta vs S&P 500 | 1.12 | 1.11 |
| Max drawdown (3Y) | -40.7% | -38.8% |
| Market cap | $7.7B | $22.8B |
| P/E (trailing) | 10.4 | 16.2 |
| Dividend yield | 1.39% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BTG | PAAS |
|---|---|---|
| 2022 | -5.1% | -33.0% |
| 2023 | -7.2% | +2.5% |
| 2024 | -18.1% | +26.6% |
| 2025 | +87.2% | +158.4% |
| 2026 | +30.4% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTG and PAAS good diversifiers for each other?
No: a correlation of 0.80 means BTG and PAAS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BTG and PAAS?
The BTG/PAAS correlation stands at 0.80 on a 3-year window (1 year: 0.84, 5 years: 0.78), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for BTG?
No: a correlation of 0.80 means BTG and PAAS tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
On the −1 to +1 scale, 0.80 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.
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Related comparisons
Hubs: BTG correlations · PAAS correlations
