MTA vs PAAS: Correlation
Metalla Royalty & Streaming Ltd. (MTA) and Pan American Silver Corp. (PAAS) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MTA and PAAS?
Across a 3-year window, the weekly returns of MTA and PAAS correlate at 0.66, strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Stretching to 5 years gives 0.68, with an annualized covariance of 1868.3 %².
By 3-year correlation, PAAS places #4 of the 11 assets tracked against MTA. Their recent paths diverged sharply: over the last 12 months MTA outperformed by 51.8 percentage points (+119.7% for MTA 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.
MTA vs PAAS: side by side
| MTA (Metalla Royalty & Streaming Ltd.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +119.7% | +67.9% |
| 5-year return | +45.5% | +135.6% |
| Volatility (ann.) | 51.6% | 54.5% |
| Beta vs S&P 500 | 1.16 | 1.11 |
| Max drawdown (3Y) | -44.4% | -38.8% |
| Market cap | $1.0B | $22.8B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MTA | PAAS |
|---|---|---|
| 2022 | -29.1% | -33.0% |
| 2023 | -37.0% | +2.5% |
| 2024 | -18.5% | +26.6% |
| 2025 | +210.0% | +158.4% |
| 2026 | +41.8% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MTA and PAAS good diversifiers for each other?
Only partially. A correlation of 0.66 means MTA 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 MTA and PAAS?
The MTA/PAAS correlation stands at 0.66 on a 3-year window (1 year: 0.72, 5 years: 0.68), computed from weekly returns as of 2026-08-27.
Is PAAS a good diversifier for MTA?
Only partially. A correlation of 0.66 means MTA 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 0.66 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/mta-vs-paas.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mta-vs-paas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MTA correlations · PAAS correlations
