FSM vs PAAS: Correlation
Measured on weekly returns over the past three years, Fortuna Mining Corp. (FSM) and Pan American Silver Corp. (PAAS) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSM and PAAS?
Across a 3-year window, the weekly returns of FSM and PAAS correlate at 0.82, very strong, meaning they move nearly in lockstep. Lately the two have moved closer together, with the 1-year correlation at 0.93 versus 0.82 over 3 years. Stretching to 5 years gives 0.77, with an annualized covariance of 2669.7 %².
Few assets follow FSM as closely as PAAS, which ranks #2 of 12 tracked partners. Twelve-month performance is nearly a tie, at +69.0% for FSM and +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.
FSM vs PAAS: side by side
| FSM (Fortuna Mining Corp.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +69.0% | +67.9% |
| 5-year return | +196.5% | +135.6% |
| Volatility (ann.) | 59.4% | 54.5% |
| Beta vs S&P 500 | 1.22 | 1.11 |
| Max drawdown (3Y) | -41.2% | -38.8% |
| Market cap | $3.8B | $22.8B |
| P/E (trailing) | 10.8 | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSM | PAAS |
|---|---|---|
| 2022 | -3.8% | -33.0% |
| 2023 | +2.9% | +2.5% |
| 2024 | +11.1% | +26.6% |
| 2025 | +128.7% | +158.4% |
| 2026 | +30.6% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSM and PAAS good diversifiers for each other?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between FSM and PAAS?
The FSM/PAAS correlation stands at 0.82 on a 3-year window (1 year: 0.93, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for FSM?
Not really. At 0.82, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: FSM correlations · PAAS correlations
