PAAS vs SLV: Correlation
Pan American Silver Corp. (PAAS) and iShares Silver Trust (SLV) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and SLV?
Over the past 3 years, PAAS and SLV moved with a correlation of 0.79, which is strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Over 5 years the correlation is 0.76, and the annualized covariance of weekly returns is 1652.2 %².
Within PAAS's tracked universe of 42 assets, SLV comes in at #12 by 3-year correlation. The trailing year gives SLV the advantage: +67.9% versus +79.4%, a 11.5-point spread.
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 SLV: side by side
| PAAS (Pan American Silver Corp.) | SLV (iShares Silver Trust) | |
|---|---|---|
| 1-year return | +67.9% | +79.4% |
| 5-year return | +135.6% | +182.0% |
| Volatility (ann.) | 54.5% | 38.6% |
| Beta vs S&P 500 | 1.11 | 0.80 |
| Max drawdown (3Y) | -38.8% | -52.3% |
| Market cap | $22.8B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Expense ratio | – | 0.50% |
| Assets under management | – | $28.1B |
| Sector / category | US Listed | ETF · Commodities |
SLV, iShares's Commodities Focused fund, carries $28.1B under management, a 0.50% expense ratio, a 0.00% trailing dividend yield.
Year-by-year returns
| Year | PAAS | SLV |
|---|---|---|
| 2022 | -33.0% | +2.4% |
| 2023 | +2.5% | -1.1% |
| 2024 | +26.6% | +20.9% |
| 2025 | +158.4% | +144.7% |
| 2026 | +6.9% | -2.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and SLV good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PAAS and SLV?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.82 over the last year and 0.76 over 5 years.
Is SLV a good diversifier for PAAS?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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-slv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/paas-vs-slv/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAAS correlations · SLV correlations
