CDE vs PAAS: Correlation
How closely do Coeur Mining, Inc. (CDE) 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 CDE and PAAS?
Across a 3-year window, the weekly returns of CDE and PAAS correlate at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.81 over 1 year against 0.80 over 3. Stretching to 5 years gives 0.77, with an annualized covariance of 3256.2 %².
Few assets follow CDE as closely as PAAS, which ranks #2 of 10 tracked partners. Over the last 12 months CDE came out ahead by 10.4 percentage points (+78.3% 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.
CDE vs PAAS: side by side
| CDE (Coeur Mining, Inc.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +78.3% | +67.9% |
| 5-year return | +222.7% | +135.6% |
| Volatility (ann.) | 74.8% | 54.5% |
| Beta vs S&P 500 | 1.98 | 1.11 |
| Max drawdown (3Y) | -47.8% | -38.8% |
| Market cap | $22.8B | $22.8B |
| P/E (trailing) | 18.7 | 16.2 |
| Dividend yield | 0.09% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDE | PAAS |
|---|---|---|
| 2022 | -33.3% | -33.0% |
| 2023 | -3.0% | +2.5% |
| 2024 | +75.5% | +26.6% |
| 2025 | +211.7% | +158.4% |
| 2026 | +24.7% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDE and PAAS good diversifiers for each other?
No: a correlation of 0.80 means CDE and PAAS tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CDE and PAAS?
As of 2026-08-27, the correlation of weekly returns between CDE and PAAS is 0.80 over 3 years, 0.81 over 1 year and 0.77 over 5 years.
Is PAAS a good diversifier for CDE?
No: a correlation of 0.80 means CDE 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cde-vs-paas.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cde-vs-paas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CDE correlations · PAAS correlations
