PPTA vs SA: Correlation
How closely do Perpetua Resources Corp. (PPTA) and Seabridge Gold, Inc. (SA) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PPTA and SA?
Across a 3-year window, the weekly returns of PPTA and SA correlate at 0.56, moderate. The link has tightened recently: the 1-year correlation (0.75) runs above the 3-year figure (0.56). Stretching to 5 years gives 0.54, with an annualized covariance of 2460.1 %².
Within PPTA's tracked universe of 11 assets, SA comes in at #4 by 3-year correlation. The last year tells two different stories: SA led by 64.4 percentage points, +40.7% for PPTA against +105.1% for SA.
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.
PPTA vs SA: side by side
| PPTA (Perpetua Resources Corp.) | SA (Seabridge Gold, Inc.) | |
|---|---|---|
| 1-year return | +40.7% | +105.1% |
| 5-year return | +427.8% | +93.2% |
| Volatility (ann.) | 77.8% | 56.7% |
| Beta vs S&P 500 | 0.85 | 1.46 |
| Max drawdown (3Y) | -54.6% | -52.5% |
| Market cap | $3.3B | $3.7B |
| P/E (trailing) | – | 179.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PPTA | SA |
|---|---|---|
| 2022 | -38.5% | -23.7% |
| 2023 | +8.6% | -3.6% |
| 2024 | +236.6% | -5.9% |
| 2025 | +126.9% | +159.3% |
| 2026 | +8.1% | +15.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PPTA and SA good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PPTA and SA?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.75 over the last year and 0.54 over 5 years.
Is SA a good diversifier for PPTA?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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/ppta-vs-sa.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ppta-vs-sa/)
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Related comparisons
Hubs: PPTA correlations · SA correlations
