FM.TO vs. PAAS
Compare and contrast key facts about First Quantum Minerals Ltd. (FM.TO) and Pan American Silver Corp. (PAAS).
Performance
FM.TO vs. PAAS - Performance Comparison
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FM.TO vs. PAAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FM.TO First Quantum Minerals Ltd. | -5.19% | 98.60% | 70.78% | -61.41% | -5.96% | 32.52% | 73.68% | 19.40% | -37.27% | 32.00% |
PAAS Pan American Silver Corp. | 8.92% | 148.46% | 37.49% | 0.24% | -28.23% | -27.44% | 44.39% | 55.81% | 2.74% | -2.75% |
Different Trading Currencies
FM.TO is traded in CAD, while PAAS is traded in USD. To make them comparable, the PAAS values have been converted to CAD using the latest available exchange rates.
Fundamentals
FM.TO:
CA$29.07B
PAAS:
$23.46B
FM.TO:
-CA$0.03
PAAS:
$2.54
FM.TO:
5.57
PAAS:
5.92
FM.TO:
2.60
PAAS:
3.36
FM.TO:
CA$5.22B
PAAS:
$3.64B
FM.TO:
CA$1.44B
PAAS:
$1.40B
FM.TO:
CA$1.83B
PAAS:
$1.71B
Returns By Period
In the year-to-date period, FM.TO achieves a -5.19% return, which is significantly lower than PAAS's 8.92% return. Over the past 10 years, FM.TO has underperformed PAAS with an annualized return of 17.96%, while PAAS has yielded a comparatively higher 20.05% annualized return.
FM.TO
- 1D
- 4.90%
- 1M
- -13.17%
- YTD
- -5.19%
- 6M
- 9.82%
- 1Y
- 71.87%
- 3Y*
- 4.15%
- 5Y*
- 7.19%
- 10Y*
- 17.96%
PAAS
- 1D
- 1.60%
- 1M
- -15.72%
- YTD
- 8.92%
- 6M
- 42.01%
- 1Y
- 114.03%
- 3Y*
- 49.38%
- 5Y*
- 16.75%
- 10Y*
- 20.05%
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Return for Risk
FM.TO vs. PAAS — Risk / Return Rank
FM.TO
PAAS
FM.TO vs. PAAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) 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.
| FM.TO | PAAS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.51 | 2.05 | -0.54 |
Sortino ratioReturn per unit of downside risk | 2.03 | 2.35 | -0.32 |
Omega ratioGain probability vs. loss probability | 1.27 | 1.34 | -0.07 |
Calmar ratioReturn relative to maximum drawdown | 2.65 | 3.52 | -0.87 |
Martin ratioReturn relative to average drawdown | 8.16 | 11.34 | -3.18 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FM.TO | PAAS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.51 | 2.05 | -0.54 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.13 | 0.37 | -0.25 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | 0.42 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.22 | +0.07 |
Correlation
The correlation between FM.TO and PAAS is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FM.TO vs. PAAS - Dividend Comparison
FM.TO has not paid dividends to shareholders, while PAAS's dividend yield for the trailing twelve months is around 0.97%.
| TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FM.TO First Quantum Minerals Ltd. | 0.00% | 0.00% | 0.00% | 1.94% | 0.58% | 0.03% | 0.04% | 0.08% | 0.09% | 0.06% | 0.11% | 1.58% |
PAAS Pan American Silver Corp. | 0.97% | 0.89% | 1.98% | 2.45% | 2.75% | 1.36% | 0.64% | 0.59% | 0.96% | 0.64% | 0.33% | 4.23% |
Drawdowns
FM.TO vs. PAAS - Drawdown Comparison
The maximum FM.TO drawdown since its inception was -90.98%, which is greater than PAAS's maximum drawdown of -79.08%. Use the drawdown chart below to compare losses from any high point for FM.TO and PAAS.
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Drawdown Indicators
| FM.TO | PAAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.98% | -85.10% | -5.88% |
Max Drawdown (1Y)Largest decline over 1 year | -30.35% | -31.90% | +1.55% |
Max Drawdown (5Y)Largest decline over 5 years | -78.27% | -63.00% | -15.27% |
Max Drawdown (10Y)Largest decline over 10 years | -78.27% | -66.74% | -11.53% |
Current DrawdownCurrent decline from peak | -21.44% | -18.88% | -2.56% |
Average DrawdownAverage peak-to-trough decline | -36.83% | -41.78% | +4.95% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.84% | 9.92% | -0.08% |
Volatility
FM.TO vs. PAAS - Volatility Comparison
First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 18.92% compared to Pan American Silver Corp. (PAAS) at 17.23%. This indicates that FM.TO's price experiences larger fluctuations and is considered to be riskier than PAAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FM.TO | PAAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.92% | 17.23% | +1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 34.32% | 44.35% | -10.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.07% | 56.05% | -7.98% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.56% | 45.39% | +12.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.39% | 47.81% | +13.58% |
Financials
FM.TO vs. PAAS - Financials Comparison
This section allows you to compare key financial metrics between First Quantum Minerals Ltd. and Pan American Silver Corp.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
FM.TO vs. PAAS - Profitability Comparison
FM.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, First Quantum Minerals Ltd. reported a gross profit of 416.00M and revenue of 1.48B. Therefore, the gross margin over that period was 28.2%.
PAAS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Pan American Silver Corp. reported a gross profit of 565.26M and revenue of 1.20B. Therefore, the gross margin over that period was 47.2%.
FM.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, First Quantum Minerals Ltd. reported an operating income of 308.00M and revenue of 1.48B, resulting in an operating margin of 20.9%.
PAAS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Pan American Silver Corp. reported an operating income of 469.00M and revenue of 1.20B, resulting in an operating margin of 39.2%.
FM.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, First Quantum Minerals Ltd. reported a net income of 25.00M and revenue of 1.48B, resulting in a net margin of 1.7%.
PAAS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Pan American Silver Corp. reported a net income of 458.44M and revenue of 1.20B, resulting in a net margin of 38.3%.