PAM vs TGS: Correlation
Measured on weekly returns over the past three years, Pampa Energia S.A. (PAM) and Transportadora de Gas del Sur SA TGS (TGS) carry a correlation of 0.89, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAM and TGS?
Over the past 3 years, PAM and TGS moved with a correlation of 0.89, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.93 over 1 year against 0.89 over 3. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 2236.1 %².
In PAM's tracked universe of 21 assets, TGS sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months PAM outperformed by 15.8 percentage points (+22.4% for PAM against +6.6% for TGS).
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.
PAM vs TGS: side by side
| PAM (Pampa Energia S.A.) | TGS (Transportadora de Gas del Sur SA TGS) | |
|---|---|---|
| 1-year return | +22.4% | +6.6% |
| 5-year return | +339.3% | +412.6% |
| Volatility (ann.) | 45.3% | 55.6% |
| Beta vs S&P 500 | 0.38 | 0.33 |
| Max drawdown (3Y) | -40.4% | -39.5% |
| Market cap | $4.3B | $4.3B |
| P/E (trailing) | 7.3 | 12.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAM | TGS |
|---|---|---|
| 2022 | +51.3% | +165.8% |
| 2023 | +55.0% | +27.9% |
| 2024 | +77.6% | +94.0% |
| 2025 | +0.6% | +6.2% |
| 2026 | -8.3% | -8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAM and TGS good diversifiers for each other?
No. With a correlation of 0.89, PAM and TGS move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between PAM and TGS?
Using weekly returns as of 2026-08-27: 0.89 over 3 years, with 0.93 over the last year and 0.85 over 5 years.
Is TGS a good diversifier for PAM?
No. With a correlation of 0.89, PAM and TGS move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/pam-vs-tgs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pam-vs-tgs/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: PAM correlations · TGS correlations
