OGC vs PAAS: Correlation
OceanaGold Corporation (OGC) and Pan American Silver Corp. (PAAS) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OGC and PAAS?
On 3 years of weekly data the OGC/PAAS correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 2128.6 %².
Among the 12 assets we track against OGC, PAAS ranks #4 by 3-year correlation. The trailing year gives OGC the advantage: +82.6% versus +67.9%, a 14.7-point spread.
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.
OGC vs PAAS: side by side
| OGC (OceanaGold Corporation) | PAAS (Pan American Silver Corp.) | |
|---|---|---|
| 1-year return | +82.6% | +67.9% |
| 5-year return | +489.5% | +135.6% |
| Volatility (ann.) | 50.1% | 54.5% |
| Beta vs S&P 500 | 0.86 | 1.11 |
| Max drawdown (3Y) | -47.7% | -38.8% |
| Market cap | $7.0B | $22.8B |
| P/E (trailing) | 8.1 | 16.2 |
| Dividend yield | 0.78% | 1.18% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OGC | PAAS |
|---|---|---|
| 2022 | +9.8% | -33.0% |
| 2023 | +2.1% | +2.5% |
| 2024 | +45.1% | +26.6% |
| 2025 | +243.9% | +158.4% |
| 2026 | +12.1% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OGC and PAAS good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between OGC and PAAS?
As of 2026-08-27, the correlation of weekly returns between OGC and PAAS is 0.78 over 3 years, 0.86 over 1 year and 0.75 over 5 years.
Is PAAS a good diversifier for OGC?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 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: OGC correlations · PAAS correlations
