HMY vs. PAAS
HMY (Harmony Gold Mining Company Limited) and PAAS (Pan American Silver Corp.) are both stocks. Both are in the Basic Materials sector — HMY in Gold, PAAS in Silver. Over the past 10 years, HMY returned 17.69%/yr vs 14.08%/yr for PAAS. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
HMY vs. PAAS - Performance Comparison
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Returns By Period
In the year-to-date period, HMY achieves a -18.77% return, which is significantly lower than PAAS's -6.53% return. Over the past 10 years, HMY has outperformed PAAS with an annualized return of 17.69%, while PAAS has yielded a comparatively lower 14.08% annualized return.
HMY
- 1D
- 4.27%
- 1M
- -9.63%
- YTD
- -18.77%
- 6M
- -20.76%
- 1Y
- 8.74%
- 3Y*
- 55.21%
- 5Y*
- 29.67%
- 10Y*
- 17.69%
PAAS
- 1D
- 3.46%
- 1M
- -24.13%
- YTD
- -6.53%
- 6M
- -2.63%
- 1Y
- 68.49%
- 3Y*
- 50.01%
- 5Y*
- 11.06%
- 10Y*
- 14.08%
HMY vs. PAAS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HMY Harmony Gold Mining Company Limited | -18.77% | 145.47% | 35.39% | 82.51% | -16.42% | -10.25% | 28.93% | 102.79% | -4.28% | -12.94% |
PAAS Pan American Silver Corp. | -6.53% | 160.40% | 26.61% | 2.50% | -33.00% | -26.78% | 46.88% | 63.86% | -5.30% | 3.86% |
Correlation
The correlation between HMY and PAAS is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.72 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.72 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Sep 30, 1996 | 0.59 |
The correlation between HMY and PAAS shifts across timeframes, from 0.59 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
HMY:
$9.49B
PAAS:
$20.31B
HMY:
ZAR 41.64
PAAS:
$3.21
HMY:
0.36
PAAS:
14.98
HMY:
0.00
PAAS:
0.08
HMY:
0.06
PAAS:
4.75
HMY:
0.18
PAAS:
2.76
HMY:
ZAR 150.28B
PAAS:
$4.02B
HMY:
ZAR 57.55B
PAAS:
$1.76B
HMY:
ZAR 55.56B
PAAS:
$2.14B
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Return for Risk
HMY vs. PAAS — Risk / Return Rank
HMY
PAAS
HMY vs. PAAS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Harmony Gold Mining Company Limited (HMY) 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.
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.
| HMY | PAAS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.11 | ||
| Sortino ratioReturn per unit of downside risk | -1.12 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.23 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.18 | 1.95 | -1.77 |
| Martin ratioReturn relative to average drawdown | 0.40 | 5.44 | -5.04 |
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Drawdowns
HMY vs. PAAS - Drawdown Comparison
The maximum HMY drawdown since its inception was -97.04%, which is greater than PAAS's maximum drawdown of -85.10%. Use the drawdown chart below to compare losses from any high point for HMY and PAAS.
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Drawdown Indicators
| HMY | PAAS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.04% | -85.10% | -11.94% |
Max Drawdown (1Y)Largest decline over 1 year | -48.85% | -35.33% | -13.52% |
Max Drawdown (3Y)Largest decline over 3 years | -48.85% | -35.33% | -13.52% |
Max Drawdown (5Y)Largest decline over 5 years | -62.48% | -58.89% | -3.59% |
Max Drawdown (10Y)Largest decline over 10 years | -71.05% | -66.74% | -4.31% |
Current DrawdownCurrent decline from peak | -37.92% | -29.51% | -8.41% |
Average DrawdownAverage peak-to-trough decline | -52.74% | -41.64% | -11.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.98% | 12.63% | +9.35% |
Volatility
HMY vs. PAAS - Volatility Comparison
Harmony Gold Mining Company Limited (HMY) has a higher volatility of 21.33% compared to Pan American Silver Corp. (PAAS) at 18.82%. This indicates that HMY'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
| HMY | PAAS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.33% | 18.82% | +2.51% |
Volatility (6M)Calculated over the trailing 6-month period | 48.63% | 44.62% | +4.01% |
Volatility (1Y)Calculated over the trailing 1-year period | 64.67% | 55.23% | +9.44% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 58.53% | 47.97% | +10.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 61.20% | 49.62% | +11.58% |
Dividends
HMY vs. PAAS - Dividend Comparison
HMY's dividend yield for the trailing twelve months is around 2.67%, more than PAAS's 1.29% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HMY Harmony Gold Mining Company Limited | 2.53% | 1.07% | 1.59% | 0.66% | 1.14% | 2.23% | 0.00% | 0.00% | 0.00% | 3.13% | 1.37% | 0.00% |
PAAS Pan American Silver Corp. | 1.29% | 0.89% | 1.98% | 2.45% | 2.75% | 1.36% | 0.64% | 0.59% | 0.96% | 0.64% | 0.33% | 4.23% |
Financials
HMY vs. PAAS - Financials Comparison
This section allows you to compare key financial metrics between Harmony Gold Mining Company Limited 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
HMY vs. PAAS - Profitability Comparison
HMY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Harmony Gold Mining Company Limited reported a gross profit of 20.53B and revenue of 46.57B. Therefore, the gross margin over that period was 44.1%.
PAAS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported a gross profit of 608.00M and revenue of 1.15B. Therefore, the gross margin over that period was 52.7%.
HMY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Harmony Gold Mining Company Limited reported an operating income of 19.36B and revenue of 46.57B, resulting in an operating margin of 41.6%.
PAAS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported an operating income of 560.00M and revenue of 1.15B, resulting in an operating margin of 48.5%.
HMY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Harmony Gold Mining Company Limited reported a net income of 9.29B and revenue of 46.57B, resulting in a net margin of 19.9%.
PAAS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported a net income of 457.00M and revenue of 1.15B, resulting in a net margin of 39.6%.
Frequently Asked Questions
HMY and PAAS have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HMY has higher volatility (21.33%) compared to PAAS (18.82%). In terms of maximum drawdown, HMY dropped -97.04% vs PAAS's -85.10%.
PAAS currently has the higher Sharpe Ratio (1.25 vs 0.14), 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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