PAAS vs WPM: Correlation
Pan American Silver Corp. (PAAS) and Wheaton Precious Metals Corp (WPM) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAAS and WPM?
Over the past 3 years, PAAS and WPM moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.85 over 3. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 1895.2 %².
Few assets follow PAAS as closely as WPM, which ranks #3 of 42 tracked partners. Twelve-month performance is nearly a tie, at +67.9% for PAAS and +64.3% for WPM.
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 WPM: side by side
| PAAS (Pan American Silver Corp.) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +67.9% | +64.3% |
| 5-year return | +135.6% | +275.2% |
| Volatility (ann.) | 54.5% | 41.1% |
| Beta vs S&P 500 | 1.11 | 0.82 |
| Max drawdown (3Y) | -38.8% | -37.4% |
| Market cap | $22.8B | $71.8B |
| P/E (trailing) | 16.2 | 34.6 |
| Dividend yield | 1.18% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAAS | WPM |
|---|---|---|
| 2022 | -33.0% | -7.5% |
| 2023 | +2.5% | +27.9% |
| 2024 | +26.6% | +15.2% |
| 2025 | +158.4% | +109.8% |
| 2026 | +6.9% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAAS and WPM good diversifiers for each other?
No: a correlation of 0.85 means PAAS and WPM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between PAAS and WPM?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.89 over the last year and 0.83 over 5 years.
Is WPM a good diversifier for PAAS?
No: a correlation of 0.85 means PAAS and WPM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/paas-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PAAS correlations · WPM correlations
