MUX vs PAAS: Correlation
McEwen Inc. (MUX) and Pan American Silver Corp. (PAAS) show a strong relationship: their 3-year correlation of weekly returns is 0.70.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUX and PAAS?
On 3 years of weekly data the MUX/PAAS correlation comes out at 0.70, strong. The past 12 months show a tighter link (0.80) than the 3-year average (0.70). The 5-year figure is 0.67, and annualized covariance runs at 2155.6 %².
Within MUX's tracked universe of 15 assets, PAAS comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with MUX ahead by 29.4 points (+97.3% 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.
MUX vs PAAS: side by side
| MUX (McEwen Inc.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +97.3% | +67.9% |
| 5-year return | +90.0% | +135.6% |
| Volatility (ann.) | 56.7% | 54.5% |
| Beta vs S&P 500 | 1.41 | 1.11 |
| Max drawdown (3Y) | -46.5% | -38.8% |
| Market cap | $1.3B | $22.8B |
| P/E (trailing) | 16.7 | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUX | PAAS |
|---|---|---|
| 2022 | -33.9% | -33.0% |
| 2023 | +23.0% | +2.5% |
| 2024 | +7.9% | +26.6% |
| 2025 | +137.9% | +158.4% |
| 2026 | +17.0% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUX and PAAS good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between MUX and PAAS?
As of 2026-08-27, the correlation of weekly returns between MUX and PAAS is 0.70 over 3 years, 0.80 over 1 year and 0.67 over 5 years.
Is PAAS a good diversifier for MUX?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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$ curl https://www.pairbook.io/api/v1/pairs/mux-vs-paas.json
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Related comparisons
Hubs: MUX correlations · PAAS correlations
