NEM vs PAAS: Correlation
Measured on weekly returns over the past three years, Newmont (NEM) and Pan American Silver Corp. (PAAS) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and PAAS?
Across a 3-year window, the weekly returns of NEM and PAAS correlate at 0.76, strong. The relationship has been stable: the 1-year correlation (0.83) sits close to the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 1785.8 %².
By 3-year correlation, PAAS places #13 of the 34 assets tracked against NEM. The last year tells two different stories: NEM led by 16.8 percentage points, +84.7% for NEM 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.
NEM vs PAAS: side by side
| NEM (Newmont) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +84.7% | +67.9% |
| 5-year return | +165.9% | +135.6% |
| Volatility (ann.) | 43.0% | 54.5% |
| Beta vs S&P 500 | 0.87 | 1.11 |
| Max drawdown (3Y) | -36.6% | -38.8% |
| Market cap | $139.4B | $22.8B |
| P/E (trailing) | 16.6 | 16.2 |
| Dividend yield | 0.78% | 1.18% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NEM | PAAS |
|---|---|---|
| 2022 | -20.8% | -33.0% |
| 2023 | -8.8% | +2.5% |
| 2024 | -7.8% | +26.6% |
| 2025 | +172.8% | +158.4% |
| 2026 | +33.1% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEM and PAAS good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between NEM and PAAS?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.83 over the last year and 0.75 over 5 years.
Is PAAS a good diversifier for NEM?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nem-vs-paas.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nem-vs-paas/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NEM correlations · PAAS correlations
