CSAN vs PAGS: Correlation
Cosan S.A. (CSAN) and PagSeguro Digital Ltd. Class A (PAGS) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSAN and PAGS?
On 3 years of weekly data the CSAN/PAGS correlation comes out at 0.45, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.58 versus 0.45 over 3 years. The 5-year figure is 0.41, and annualized covariance runs at 845.1 %².
Among the 11 assets we track against CSAN, PAGS ranks #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAGS ahead by 37.6 points (-32.0% versus +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.
CSAN vs PAGS: side by side
| CSAN (Cosan S.A.) | PAGS (PagSeguro Digital Ltd. Class A) | |
|---|---|---|
| 1-year return | -32.0% | +5.6% |
| 5-year return | -81.8% | -84.4% |
| Volatility (ann.) | 44.6% | 42.1% |
| Beta vs S&P 500 | 0.59 | 1.17 |
| Max drawdown (3Y) | -84.7% | -57.6% |
| Market cap | $2.8B | $2.5B |
| P/E (trailing) | – | 6.2 |
| Dividend yield | 0.00% | 14.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSAN | PAGS |
|---|---|---|
| 2022 | -14.6% | -66.7% |
| 2023 | +23.2% | +42.7% |
| 2024 | -64.0% | -49.8% |
| 2025 | -27.4% | +58.7% |
| 2026 | -29.4% | -5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSAN and PAGS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CSAN and PAGS?
The CSAN/PAGS correlation stands at 0.45 on a 3-year window (1 year: 0.58, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is PAGS a good diversifier for CSAN?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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/csan-vs-pags.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csan-vs-pags/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSAN correlations · PAGS correlations
