PAAS vs USAU: Correlation
How closely do Pan American Silver Corp. (PAAS) and U.S. Gold Corp. (USAU) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and USAU?
Over the past 3 years, PAAS and USAU moved with a correlation of 0.71, which is strong. Little has changed lately, as the 1-year reading of 0.74 lands near the 3-year figure. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 2674.0 %².
Within PAAS's tracked universe of 42 assets, USAU comes in at #22 by 3-year correlation. Correlation aside, the last 12 months split them widely, with PAAS ahead by 44.3 points (+67.9% versus +23.6%).
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 USAU: side by side
| PAAS (Pan American Silver Corp.) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | +67.9% | +23.6% |
| 5-year return | +135.6% | +73.0% |
| Volatility (ann.) | 54.5% | 69.5% |
| Beta vs S&P 500 | 1.11 | 1.73 |
| Max drawdown (3Y) | -38.8% | -44.0% |
| Market cap | $22.8B | $0.3B |
| P/E (trailing) | 16.2 | – |
| Dividend yield | 1.18% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | USAU |
|---|---|---|
| 2022 | -33.0% | -46.5% |
| 2023 | +2.5% | -11.5% |
| 2024 | +26.6% | +44.2% |
| 2025 | +158.4% | +216.6% |
| 2026 | +6.9% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and USAU good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PAAS and USAU?
The PAAS/USAU correlation stands at 0.71 on a 3-year window (1 year: 0.74, 5 years: 0.60), computed from weekly returns as of 2026-08-27.
Is USAU a good diversifier for PAAS?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
A reading of 0.71 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: PAAS correlations · USAU correlations
