PAAS vs PPTA: Correlation
Measured on weekly returns over the past three years, Pan American Silver Corp. (PAAS) and Perpetua Resources Corp. (PPTA) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and PPTA?
Over the past 3 years, PAAS and PPTA moved with a correlation of 0.56, which is moderate. The past 12 months show a tighter link (0.72) than the 3-year average (0.56). Over 5 years the correlation is 0.52, and the annualized covariance of weekly returns is 2368.1 %².
Within PAAS's tracked universe of 42 assets, PPTA comes in at #37 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAAS ahead by 27.2 points (+67.9% versus +40.7%).
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.
PAAS vs PPTA: side by side
| PAAS (Pan American Silver Corp.) | PPTA (Perpetua Resources Corp.) | |
|---|---|---|
| 1-year return | +67.9% | +40.7% |
| 5-year return | +135.6% | +427.8% |
| Volatility (ann.) | 54.5% | 77.8% |
| Beta vs S&P 500 | 1.11 | 0.85 |
| Max drawdown (3Y) | -38.8% | -54.6% |
| Market cap | $22.8B | $3.3B |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | PPTA |
|---|---|---|
| 2022 | -33.0% | -38.5% |
| 2023 | +2.5% | +8.6% |
| 2024 | +26.6% | +236.6% |
| 2025 | +158.4% | +126.9% |
| 2026 | +6.9% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and PPTA good diversifiers for each other?
Only partially. A correlation of 0.56 means PAAS and PPTA 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 PAAS and PPTA?
As of 2026-08-27, the correlation of weekly returns between PAAS and PPTA is 0.56 over 3 years, 0.72 over 1 year and 0.52 over 5 years.
Is PPTA a good diversifier for PAAS?
Only partially. A correlation of 0.56 means PAAS and PPTA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.56 mean?
A reading of 0.56 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/paas-vs-ppta.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/paas-vs-ppta/)
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Related comparisons
Hubs: PAAS correlations · PPTA correlations
