GROY vs PAAS: Correlation
Gold Royalty Corp. (GROY) and Pan American Silver Corp. (PAAS) show a strong relationship: their 3-year correlation of weekly returns is 0.69.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GROY and PAAS?
On 3 years of weekly data the GROY/PAAS correlation comes out at 0.69, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. The 5-year figure is 0.63, and annualized covariance runs at 2064.0 %².
Few assets follow GROY as closely as PAAS, which ranks #3 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with PAAS ahead by 63.6 points (+4.3% versus +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.
GROY vs PAAS: side by side
| GROY (Gold Royalty Corp.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +4.3% | +67.9% |
| 5-year return | -15.6% | +135.6% |
| Volatility (ann.) | 55.2% | 54.5% |
| Beta vs S&P 500 | 1.04 | 1.11 |
| Max drawdown (3Y) | -51.6% | -38.8% |
| Market cap | $0.8B | $22.8B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GROY | PAAS |
|---|---|---|
| 2022 | -52.0% | -33.0% |
| 2023 | -36.3% | +2.5% |
| 2024 | -17.7% | +26.6% |
| 2025 | +233.9% | +158.4% |
| 2026 | -15.1% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GROY and PAAS good diversifiers for each other?
Only partially. A correlation of 0.69 means GROY and PAAS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GROY and PAAS?
As of 2026-08-27, the correlation of weekly returns between GROY and PAAS is 0.69 over 3 years, 0.76 over 1 year and 0.63 over 5 years.
Is PAAS a good diversifier for GROY?
Only partially. A correlation of 0.69 means GROY and PAAS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
A reading of 0.69 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: GROY correlations · PAAS correlations
