PAAS vs SA: Correlation
How closely do Pan American Silver Corp. (PAAS) and Seabridge Gold, Inc. (SA) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and SA?
Across a 3-year window, the weekly returns of PAAS and SA correlate at 0.76, strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 2343.9 %².
Within PAAS's tracked universe of 42 assets, SA comes in at #16 by 3-year correlation. The last year tells two different stories: SA led by 37.2 percentage points, +67.9% for PAAS against +105.1% for SA.
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 SA: side by side
| PAAS (Pan American Silver Corp.) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +67.9% | +105.1% |
| 5-year return | +135.6% | +93.2% |
| Volatility (ann.) | 54.5% | 56.7% |
| Beta vs S&P 500 | 1.11 | 1.46 |
| Max drawdown (3Y) | -38.8% | -52.5% |
| Market cap | $22.8B | $3.7B |
| P/E (trailing) | 16.2 | 179.3 |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | SA |
|---|---|---|
| 2022 | -33.0% | -23.7% |
| 2023 | +2.5% | -3.6% |
| 2024 | +26.6% | -5.9% |
| 2025 | +158.4% | +159.3% |
| 2026 | +6.9% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and SA 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 PAAS and SA?
The PAAS/SA correlation stands at 0.76 on a 3-year window (1 year: 0.77, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is SA a good diversifier for PAAS?
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/paas-vs-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/paas-vs-sa/)
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Related comparisons
Hubs: PAAS correlations · SA correlations
