PAAS vs SBSW: Correlation
Measured on weekly returns over the past three years, Pan American Silver Corp. (PAAS) and D/B/A Sibanye-Stillwater Limited (SBSW) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and SBSW?
Across a 3-year window, the weekly returns of PAAS and SBSW correlate at 0.72, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.72 over 3. Stretching to 5 years gives 0.68, with an annualized covariance of 2597.5 %².
By 3-year correlation, SBSW places #20 of the 42 assets tracked against PAAS. On 12-month performance PAAS holds a 7.4-point edge, +67.9% against +60.5%.
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 SBSW: side by side
| PAAS (Pan American Silver Corp.) | SBSW (D/B/A Sibanye-Stillwater Limited) | |
|---|---|---|
| 1-year return | +67.9% | +60.5% |
| 5-year return | +135.6% | -6.1% |
| Volatility (ann.) | 54.5% | 65.8% |
| Beta vs S&P 500 | 1.11 | 1.28 |
| Max drawdown (3Y) | -38.8% | -61.0% |
| Market cap | $22.8B | $8.9B |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 10.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | SBSW |
|---|---|---|
| 2022 | -33.0% | -9.6% |
| 2023 | +2.5% | -46.6% |
| 2024 | +26.6% | -39.2% |
| 2025 | +158.4% | +331.8% |
| 2026 | +6.9% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and SBSW good diversifiers for each other?
To a limited degree. At 0.72 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 SBSW?
As of 2026-08-27, the correlation of weekly returns between PAAS and SBSW is 0.72 over 3 years, 0.81 over 1 year and 0.68 over 5 years.
Is SBSW a good diversifier for PAAS?
To a limited degree. At 0.72 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 0.72 mean?
On the −1 to +1 scale, 0.72 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/paas-vs-sbsw.json
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[](https://www.pairbook.io/pair/paas-vs-sbsw/)
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Related comparisons
Hubs: PAAS correlations · SBSW correlations
