PAAS vs SCZM: Correlation
Measured on weekly returns over the past three years, Pan American Silver Corp. (PAAS) and Santacruz Silver Mining Ltd. (SCZM) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and SCZM?
Across a 3-year window, the weekly returns of PAAS and SCZM correlate at 0.73, strong. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Stretching to 5 years gives 0.64, with an annualized covariance of 3809.9 %².
Within PAAS's tracked universe of 42 assets, SCZM comes in at #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months SCZM outperformed by 40.9 percentage points (+67.9% for PAAS against +108.8% for SCZM). Risk is not evenly split, since SCZM carries 1.8 times the volatility of the other side.
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 SCZM: side by side
| PAAS (Pan American Silver Corp.) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | +67.9% | +108.8% |
| 5-year return | +135.6% | +818.6% |
| Volatility (ann.) | 54.5% | 96.4% |
| Beta vs S&P 500 | 1.11 | 1.72 |
| Max drawdown (3Y) | -38.8% | -63.2% |
| Market cap | $22.8B | $0.9B |
| P/E (trailing) | 16.2 | 21.3 |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | SCZM |
|---|---|---|
| 2022 | -33.0% | +25.0% |
| 2023 | +2.5% | -38.3% |
| 2024 | +26.6% | +5.5% |
| 2025 | +158.4% | +1137.2% |
| 2026 | +6.9% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and SCZM good diversifiers for each other?
Only partially. A correlation of 0.73 means PAAS and SCZM 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 SCZM?
The PAAS/SCZM correlation stands at 0.73 on a 3-year window (1 year: 0.80, 5 years: 0.64), computed from weekly returns as of 2026-08-27.
Is SCZM a good diversifier for PAAS?
Only partially. A correlation of 0.73 means PAAS and SCZM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 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-sczm.json
Markdown for the live badge, attribution link included:
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Related comparisons
Hubs: PAAS correlations · SCZM correlations
