PAAS vs USAS: Correlation
Pan American Silver Corp. (PAAS) and Americas Gold and Silver Corporation (USAS) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and USAS?
Across a 3-year window, the weekly returns of PAAS and USAS correlate at 0.71, strong. The past 12 months show a tighter link (0.81) than the 3-year average (0.71). Stretching to 5 years gives 0.67, with an annualized covariance of 3192.1 %².
Among the 42 assets we track against PAAS, USAS ranks #21 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months USAS outperformed by 71.3 percentage points (+67.9% for PAAS against +139.2% for USAS). Risk is not evenly split, since USAS carries 1.5 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 USAS: side by side
| PAAS (Pan American Silver Corp.) | USAS (Americas Gold and Silver Corporation) | |
|---|---|---|
| 1-year return | +67.9% | +139.2% |
| 5-year return | +135.6% | +122.9% |
| Volatility (ann.) | 54.5% | 82.6% |
| Beta vs S&P 500 | 1.11 | 1.41 |
| Max drawdown (3Y) | -38.8% | -63.5% |
| Market cap | $22.8B | $1.9B |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | USAS |
|---|---|---|
| 2022 | -33.0% | -29.6% |
| 2023 | +2.5% | -56.1% |
| 2024 | +26.6% | +52.0% |
| 2025 | +158.4% | +437.9% |
| 2026 | +6.9% | +12.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and USAS good diversifiers for each other?
To a limited degree. At 0.71 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 USAS?
The PAAS/USAS correlation stands at 0.71 on a 3-year window (1 year: 0.81, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is USAS a good diversifier for PAAS?
To a limited degree. At 0.71 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 0.71 mean?
On the −1 to +1 scale, 0.71 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-usas.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/paas-vs-usas/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAAS correlations · USAS correlations
