PAAS vs THM: Correlation
How closely do Pan American Silver Corp. (PAAS) and International Tower Hill Mines, Ltd. (THM) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and THM?
Across a 3-year window, the weekly returns of PAAS and THM correlate at 0.66, strong. Little has changed lately, as the 1-year reading of 0.72 lands near the 3-year figure. Stretching to 5 years gives 0.61, with an annualized covariance of 3220.1 %².
Among the 42 assets we track against PAAS, THM ranks #32 by 3-year correlation. Correlation aside, the last 12 months split them widely, with THM ahead by 32.8 points (+67.9% versus +100.7%). One caveat on sizing: THM is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 THM: side by side
| PAAS (Pan American Silver Corp.) | THM (International Tower Hill Mines, Ltd.) | |
|---|---|---|
| 1-year return | +67.9% | +100.7% |
| 5-year return | +135.6% | +222.1% |
| Volatility (ann.) | 54.5% | 89.9% |
| Beta vs S&P 500 | 1.11 | 1.27 |
| Max drawdown (3Y) | -38.8% | -51.5% |
| Market cap | $22.8B | – |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | THM |
|---|---|---|
| 2022 | -33.0% | -41.1% |
| 2023 | +2.5% | +37.2% |
| 2024 | +26.6% | -22.0% |
| 2025 | +158.4% | +304.3% |
| 2026 | +6.9% | +48.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and THM good diversifiers for each other?
To a limited degree. At 0.66 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 THM?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.72 over the last year and 0.61 over 5 years.
Is THM a good diversifier for PAAS?
To a limited degree. At 0.66 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 0.66 mean?
A reading of 0.66 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-thm.json
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[](https://www.pairbook.io/pair/paas-vs-thm/)
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Related comparisons
Hubs: PAAS correlations · THM correlations
