GAU vs PAAS: Correlation
Measured on weekly returns over the past three years, Galiano Gold Inc. (GAU) and Pan American Silver Corp. (PAAS) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAU and PAAS?
On 3 years of weekly data the GAU/PAAS correlation comes out at 0.67, strong. The past 12 months show a tighter link (0.78) than the 3-year average (0.67). The 5-year figure is 0.63, and annualized covariance runs at 2569.4 %².
Among the 10 assets we track against GAU, PAAS ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months PAAS outperformed by 54.8 percentage points (+13.1% for GAU 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.
GAU vs PAAS: side by side
| GAU (Galiano Gold Inc.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +13.1% | +67.9% |
| 5-year return | +183.5% | +135.6% |
| Volatility (ann.) | 70.6% | 54.5% |
| Beta vs S&P 500 | 0.93 | 1.11 |
| Max drawdown (3Y) | -51.8% | -38.8% |
| Market cap | $0.6B | $22.8B |
| P/E (trailing) | 8.9 | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAU | PAAS |
|---|---|---|
| 2022 | -25.7% | -33.0% |
| 2023 | +80.8% | +2.5% |
| 2024 | +30.9% | +26.6% |
| 2025 | +105.7% | +158.4% |
| 2026 | -4.7% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAU and PAAS good diversifiers for each other?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GAU and PAAS?
As of 2026-08-27, the correlation of weekly returns between GAU and PAAS is 0.67 over 3 years, 0.78 over 1 year and 0.63 over 5 years.
Is PAAS a good diversifier for GAU?
Somewhat, no more. With 0.67 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.67 mean?
A reading of 0.67 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GAU correlations · PAAS correlations
