HL vs PAAS: Correlation
How closely do Hecla Mining Company (HL) and Pan American Silver Corp. (PAAS) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and PAAS?
Across a 3-year window, the weekly returns of HL and PAAS correlate at 0.83, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Stretching to 5 years gives 0.82, with an annualized covariance of 3025.5 %².
Few assets follow HL as closely as PAAS, which ranks #1 of 16 tracked partners. Correlation aside, the last 12 months split them widely, with HL ahead by 99.2 points (+167.1% 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.
HL vs PAAS: side by side
| HL (Hecla Mining Company) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +167.1% | +67.9% |
| 5-year return | +265.0% | +135.6% |
| Volatility (ann.) | 66.9% | 54.5% |
| Beta vs S&P 500 | 1.50 | 1.11 |
| Max drawdown (3Y) | -55.8% | -38.8% |
| Market cap | $14.4B | $22.8B |
| P/E (trailing) | 24.9 | 16.2 |
| Dividend yield | 0.07% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HL | PAAS |
|---|---|---|
| 2022 | +7.0% | -33.0% |
| 2023 | -13.0% | +2.5% |
| 2024 | +2.8% | +26.6% |
| 2025 | +291.8% | +158.4% |
| 2026 | +11.7% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and PAAS good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between HL and PAAS?
The HL/PAAS correlation stands at 0.83 on a 3-year window (1 year: 0.80, 5 years: 0.82), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for HL?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 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/hl-vs-paas.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hl-vs-paas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HL correlations · PAAS correlations
