ASA vs. PAAS

Last updated Jun 3, 2026

ASA (ASA Gold and Precious Metals Limited) and PAAS (Pan American Silver Corp.) are both stocks. ASA operates in Asset Management (Financial Services), while PAAS operates in Silver (Basic Materials). Over the past 10 years, ASA returned 17.36%/yr vs 15.15%/yr for PAAS. A 0.67 correlation means they provide meaningful diversification when combined.

Performance

ASA vs. PAAS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in ASA Gold and Precious Metals Limited (ASA) and Pan American Silver Corp. (PAAS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ASA achieves a 5.71% return, which is significantly lower than PAAS's 7.17% return. Over the past 10 years, ASA has outperformed PAAS with an annualized return of 17.36%, while PAAS has yielded a comparatively lower 15.15% annualized return.

ASA

• 1D: 1.14%
• 1M: -1.22%
• YTD: 5.71%
• 6M: 19.27%
• 1Y: 87.69%
• 3Y*: 58.88%
• 5Y*: 21.72%
• 10Y*: 17.36%

PAAS

• 1D: -0.54%
• 1M: 6.89%
• YTD: 7.17%
• 6M: 23.80%
• 1Y: 113.88%
• 3Y*: 55.62%
• 5Y*: 13.85%
• 10Y*: 15.15%

*Multi-year figures are annualized to reflect compound growth (CAGR)

ASA vs. PAAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ASA ASA Gold and Precious Metals Limited	5.71%	195.60%	34.55%	5.38%	-32.06%	-3.48%	60.65%	44.35%	-16.18%	2.89%
PAAS Pan American Silver Corp.	7.17%	160.40%	26.61%	2.50%	-33.00%	-26.78%	46.88%	63.86%	-5.30%	3.86%

Correlation

The correlation between ASA and PAAS is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.82
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.80
Correlation (All Time) Calculated using the full available price history since Jun 13, 1995	0.67

The correlation between ASA and PAAS shifts across timeframes, from 0.67 (all time) to 0.82 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ASA : $1.18B PAAS : $23.29B
EPS ASA : $42.09 PAAS : $3.21
PE Ratio ASA : 1.50 PAAS : 17.18
PEG Ratio ASA : 0.00 PAAS : 0.10
PS Ratio ASA : 8.65 PAAS : 5.44
PB Ratio ASA : 1.08 PAAS : 3.17
Total Revenue (TTM) ASA : $137.30M PAAS : $4.02B
Gross Profit (TTM) ASA : $3.98M PAAS : $1.76B
EBITDA (TTM) ASA : $444.29M PAAS : $2.14B

Return for Risk

ASA vs. PAAS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ASA

ASA Risk / Return Rank: 82
ASA Sharpe Ratio Rank: 86
ASA Sortino Ratio Rank: 78
ASA Omega Ratio Rank: 78
ASA Calmar Ratio Rank: 82
ASA Martin Ratio Rank: 84

PAAS

PAAS Risk / Return Rank: 86
PAAS Sharpe Ratio Rank: 88
PAAS Sortino Ratio Rank: 82
PAAS Omega Ratio Rank: 82
PAAS Calmar Ratio Rank: 88
PAAS Martin Ratio Rank: 89

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ASA vs. PAAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ASA Gold and Precious Metals Limited (ASA) and Pan American Silver Corp. (PAAS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ASA	PAAS	Difference
Sharpe ratio Return per unit of total volatility	1.86	2.12	-0.26
Sortino ratio Return per unit of downside risk	2.21	2.51	-0.30
Omega ratio Gain probability vs. loss probability	1.30	1.34	-0.04
Calmar ratio Return relative to maximum drawdown	3.06	4.06	-1.00
Martin ratio Return relative to average drawdown	8.39	11.29	-2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ASA vs. PAAS - Sharpe Ratio Comparison

The current ASA Sharpe Ratio is 1.86, which is comparable to the PAAS Sharpe Ratio of 2.12. The chart below compares the historical Sharpe Ratios of ASA and PAAS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ASA	PAAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.86	2.12	-0.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.62	0.29	+0.33
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.31	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.17	-0.01

Drawdowns

ASA vs. PAAS - Drawdown Comparison

The maximum ASA drawdown since its inception was -80.36%, smaller than the maximum PAAS drawdown of -85.10%. Use the drawdown chart below to compare losses from any high point for ASA and PAAS.

Drawdown Indicators

	ASA	PAAS	Difference
Max Drawdown Largest peak-to-trough decline	-80.36%	-85.10%	+4.74%
Max Drawdown (1Y) Largest decline over 1 year	-32.51%	-31.90%	-0.61%
Max Drawdown (3Y) Largest decline over 3 years	-32.51%	-31.90%	-0.61%
Max Drawdown (5Y) Largest decline over 5 years	-51.33%	-60.02%	+8.69%
Max Drawdown (10Y) Largest decline over 10 years	-51.66%	-66.74%	+15.08%
Current Drawdown Current decline from peak	-22.40%	-19.18%	-3.22%
Average Drawdown Average peak-to-trough decline	-42.54%	-41.65%	-0.89%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.85%	11.46%	+0.39%

Volatility

ASA vs. PAAS - Volatility Comparison

The current volatility for ASA Gold and Precious Metals Limited (ASA) is 15.02%, while Pan American Silver Corp. (PAAS) has a volatility of 18.87%. This indicates that ASA experiences smaller price fluctuations and is considered to be less risky than PAAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ASA	PAAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.02%	18.87%	-3.85%
Volatility (6M) Calculated over the trailing 6-month period	38.97%	43.66%	-4.69%
Volatility (1Y) Calculated over the trailing 1-year period	47.67%	54.38%	-6.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.13%	47.68%	-12.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	35.34%	49.46%	-14.12%

Dividends

ASA vs. PAAS - Dividend Comparison

ASA's dividend yield for the trailing twelve months is around 0.11%, less than PAAS's 1.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ASA ASA Gold and Precious Metals Limited	0.11%	0.10%	0.20%	0.13%	0.14%	0.09%	0.09%	0.15%	0.32%	0.35%	0.36%	0.56%
PAAS Pan American Silver Corp.	1.12%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%

Financials

Frequently Asked Questions

Can I hold both ASA and PAAS in my portfolio?

ASA and PAAS have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ASA or PAAS?

PAAS has higher volatility (18.87%) compared to ASA (15.02%). In terms of maximum drawdown, ASA dropped -80.36% vs PAAS's -85.10%.

Which has better risk-adjusted returns?

PAAS currently has the higher Sharpe Ratio (2.12 vs 1.86), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.