PAAS vs TFPM: Correlation
How closely do Pan American Silver Corp. (PAAS) and Triple Flag Precious Metals Corp. (TFPM) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and TFPM?
Across a 3-year window, the weekly returns of PAAS and TFPM correlate at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.83 over 3. Stretching to 5 years gives 0.76, with an annualized covariance of 1692.1 %².
Among the 42 assets we track against PAAS, TFPM ranks #6 by 3-year correlation. The last year tells two different stories: PAAS led by 34.5 percentage points, +67.9% for PAAS against +33.4% for TFPM.
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 TFPM: side by side
| PAAS (Pan American Silver Corp.) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +67.9% | +33.4% |
| 5-year return | +135.6% | n/a |
| Volatility (ann.) | 54.5% | 37.3% |
| Beta vs S&P 500 | 1.11 | 0.62 |
| Max drawdown (3Y) | -38.8% | -34.9% |
| Market cap | $22.8B | $7.2B |
| P/E (trailing) | 16.2 | 17.5 |
| Dividend yield | 1.18% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | TFPM |
|---|---|---|
| 2022 | -33.0% | – |
| 2023 | +2.5% | -1.8% |
| 2024 | +26.6% | +14.6% |
| 2025 | +158.4% | +122.2% |
| 2026 | +6.9% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and TFPM good diversifiers for each other?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between PAAS and TFPM?
The PAAS/TFPM correlation stands at 0.83 on a 3-year window (1 year: 0.89, 5 years: 0.76), computed from weekly returns as of 2026-08-27.
Is TFPM a good diversifier for PAAS?
Not really. At 0.83, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.83 mean?
On the −1 to +1 scale, 0.83 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.
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Related comparisons
Hubs: PAAS correlations · TFPM correlations
