PAAS vs QQQ: Correlation
Measured on weekly returns over the past three years, Pan American Silver Corp. (PAAS) and Invesco QQQ Trust (QQQ) carry a correlation of 0.26, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and QQQ?
Across a 3-year window, the weekly returns of PAAS and QQQ correlate at 0.26, weak. The past 12 months show a tighter link (0.40) than the 3-year average (0.26). Stretching to 5 years gives 0.27, with an annualized covariance of 279.9 %².
QQQ is close to the least connected end of PAAS's tracked universe, ranking #39 of 42. The last year tells two different stories: PAAS led by 41.6 percentage points, +67.9% for PAAS against +26.3% for QQQ. One caveat on sizing: PAAS is 2.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QQQ: side by side
| PAAS (Pan American Silver Corp.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +67.9% | +26.3% |
| 5-year return | +135.6% | +95.4% |
| Volatility (ann.) | 54.5% | 19.6% |
| Beta vs S&P 500 | 1.11 | 1.28 |
| Max drawdown (3Y) | -38.8% | -22.8% |
| Market cap | $22.8B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | PAAS | QQQ |
|---|---|---|
| 2022 | -33.0% | -32.6% |
| 2023 | +2.5% | +54.9% |
| 2024 | +26.6% | +25.6% |
| 2025 | +158.4% | +20.8% |
| 2026 | +6.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and QQQ good diversifiers for each other?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PAAS and QQQ?
Using weekly returns as of 2026-08-27: 0.26 over 3 years, with 0.40 over the last year and 0.27 over 5 years.
Is QQQ a good diversifier for PAAS?
A fair diversifier. At 0.26, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.26 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/paas-vs-qqq.json
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[](https://www.pairbook.io/pair/paas-vs-qqq/)
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Related comparisons
Hubs: PAAS correlations · QQQ correlations
