NEWP vs PAAS: Correlation
How closely do New Pacific Metals Corp. (NEWP) and Pan American Silver Corp. (PAAS) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEWP and PAAS?
Across a 3-year window, the weekly returns of NEWP and PAAS correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 2931.5 %².
Among the 12 assets we track against NEWP, PAAS ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEWP outperformed by 250.7 percentage points (+318.6% for NEWP 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.
NEWP vs PAAS: side by side
| NEWP (New Pacific Metals Corp.) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +318.6% | +67.9% |
| 5-year return | +96.6% | +135.6% |
| Volatility (ann.) | 76.6% | 54.5% |
| Beta vs S&P 500 | 1.96 | 1.11 |
| Max drawdown (3Y) | -64.6% | -38.8% |
| Market cap | $1.4B | $22.8B |
| P/E (trailing) | – | 16.2 |
| Dividend yield | 0.00% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NEWP | PAAS |
|---|---|---|
| 2022 | -23.5% | -33.0% |
| 2023 | -15.1% | +2.5% |
| 2024 | -38.2% | +26.6% |
| 2025 | +197.5% | +158.4% |
| 2026 | +111.1% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEWP and PAAS good diversifiers for each other?
To a limited degree. At 0.70 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 NEWP and PAAS?
As of 2026-08-27, the correlation of weekly returns between NEWP and PAAS is 0.70 over 3 years, 0.76 over 1 year and 0.65 over 5 years.
Is PAAS a good diversifier for NEWP?
To a limited degree. At 0.70 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 0.70 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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Related comparisons
Hubs: NEWP correlations · PAAS correlations
