FSM vs. PAA
FSM (Fortuna Silver Mines Inc.) and PAA (Plains All American Pipeline, L.P.) are both stocks. FSM operates in Silver (Basic Materials), while PAA operates in Oil & Gas Midstream (Energy). Over the past 10 years, FSM returned 3.63%/yr vs 5.97%/yr for PAA. At a 0.19 correlation, their price movements are largely independent.
Performance
FSM vs. PAA - Performance Comparison
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Returns By Period
In the year-to-date period, FSM achieves a -8.97% return, which is significantly lower than PAA's 30.01% return. Over the past 10 years, FSM has underperformed PAA with an annualized return of 3.63%, while PAA has yielded a comparatively higher 5.97% annualized return.
FSM
- 1D
- 3.72%
- 1M
- -6.49%
- YTD
- -8.97%
- 6M
- -8.69%
- 1Y
- 29.80%
- 3Y*
- 38.24%
- 5Y*
- 6.23%
- 10Y*
- 3.63%
PAA
- 1D
- -0.18%
- 1M
- -2.01%
- YTD
- 30.01%
- 6M
- 31.47%
- 1Y
- 35.06%
- 3Y*
- 28.99%
- 5Y*
- 22.23%
- 10Y*
- 5.97%
FSM vs. PAA - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FSM Fortuna Silver Mines Inc. | -8.97% | 128.67% | 11.14% | 2.93% | -3.85% | -52.67% | 101.96% | 12.09% | -30.27% | -7.61% |
PAA Plains All American Pipeline, L.P. | 30.01% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
Correlation
The correlation between FSM and PAA is -0.17, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.17 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.09 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.20 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.16 |
Correlation (All Time) Calculated using the full available price history since Jan 8, 2007 | 0.19 |
The correlation between FSM and PAA shifts across timeframes, from -0.17 (1 year) to 0.20 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
FSM:
$2.97B
PAA:
$15.84B
FSM:
$1.06
PAA:
$2.19
FSM:
8.40
PAA:
10.24
FSM:
0.12
PAA:
0.19
FSM:
2.61
PAA:
0.35
FSM:
1.68
PAA:
1.24
FSM:
$1.10B
PAA:
$45.25B
FSM:
$598.05M
PAA:
$1.55B
FSM:
$743.42M
PAA:
$2.54B
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Return for Risk
FSM vs. PAA — Risk / Return Rank
FSM
PAA
FSM vs. PAA - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Fortuna Silver Mines Inc. (FSM) and Plains All American Pipeline, L.P. (PAA). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| FSM | PAA | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.46 | ||
| Sortino ratioReturn per unit of downside risk | -1.70 | ||
| Omega ratioGain probability vs. loss probability | 1.13 | 1.33 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.73 | 2.51 | -1.78 |
| Martin ratioReturn relative to average drawdown | 1.87 | 7.17 | -5.30 |
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Drawdowns
FSM vs. PAA - Drawdown Comparison
The maximum FSM drawdown since its inception was -92.25%, roughly equal to the maximum PAA drawdown of -91.99%. Use the drawdown chart below to compare losses from any high point for FSM and PAA.
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Drawdown Indicators
| FSM | PAA | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.25% | -91.99% | -0.26% |
Max Drawdown (1Y)Largest decline over 1 year | -40.78% | -14.53% | -26.25% |
Max Drawdown (3Y)Largest decline over 3 years | -40.78% | -22.26% | -18.52% |
Max Drawdown (5Y)Largest decline over 5 years | -67.09% | -25.01% | -42.08% |
Max Drawdown (10Y)Largest decline over 10 years | -81.07% | -87.92% | +6.85% |
Current DrawdownCurrent decline from peak | -34.63% | -10.03% | -24.60% |
Average DrawdownAverage peak-to-trough decline | -45.15% | -25.75% | -19.40% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.94% | 5.08% | +10.86% |
Volatility
FSM vs. PAA - Volatility Comparison
Fortuna Silver Mines Inc. (FSM) has a higher volatility of 18.09% compared to Plains All American Pipeline, L.P. (PAA) at 7.32%. This indicates that FSM's price experiences larger fluctuations and is considered to be riskier than PAA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FSM | PAA | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.09% | 7.32% | +10.77% |
Volatility (6M)Calculated over the trailing 6-month period | 45.78% | 14.09% | +31.69% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.67% | 18.47% | +39.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.48% | 26.81% | +30.67% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.50% | 41.82% | +17.68% |
Dividends
FSM vs. PAA - Dividend Comparison
FSM has not paid dividends to shareholders, while PAA's dividend yield for the trailing twelve months is around 7.11%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FSM Fortuna Silver Mines Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAA Plains All American Pipeline, L.P. | 7.11% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
FSM vs. PAA - Financials Comparison
This section allows you to compare key financial metrics between Fortuna Silver Mines Inc. and Plains All American Pipeline, L.P.. 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
FSM vs. PAA - Profitability Comparison
FSM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fortuna Silver Mines Inc. reported a gross profit of 211.84M and revenue of 342.47M. Therefore, the gross margin over that period was 61.9%.
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a gross profit of 0.00 and revenue of 12.47B. Therefore, the gross margin over that period was 0.0%.
FSM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fortuna Silver Mines Inc. reported an operating income of 182.18M and revenue of 342.47M, resulting in an operating margin of 53.2%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
FSM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fortuna Silver Mines Inc. reported a net income of 111.01M and revenue of 342.47M, resulting in a net margin of 32.4%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
Frequently Asked Questions
FSM and PAA have a correlation of -0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FSM has higher volatility (18.09%) compared to PAA (7.32%). In terms of maximum drawdown, FSM dropped -92.25% vs PAA's -91.99%.
PAA currently has the higher Sharpe Ratio (1.98 vs 0.52), 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.
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