PAAS.TO vs. ^TNX

Last updated Jun 4, 2026

PAAS.TO (Pan American Silver Corp.) is a stock, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 10 years, PAAS.TO returned 15.42%/yr vs 10.97%/yr for ^TNX. At a correlation of -0.19, they often move in opposite directions.

Performance

PAAS.TO vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Pan American Silver Corp. (PAAS.TO) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

PAAS.TO is traded in CAD, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, PAAS.TO achieves a 3.44% return, which is significantly lower than ^TNX's 9.25% return. Over the past 10 years, PAAS.TO has outperformed ^TNX with an annualized return of 15.42%, while ^TNX has yielded a comparatively lower 10.97% annualized return.

PAAS.TO

• 1D: -4.19%
• 1M: 5.40%
• YTD: 3.44%
• 6M: 18.78%
• 1Y: 105.85%
• 3Y*: 55.04%
• 5Y*: 15.71%
• 10Y*: 15.42%

^TNX

• 1D: 1.22%
• 1M: 3.03%
• YTD: 9.25%
• 6M: 10.27%
• 1Y: 1.99%
• 3Y*: 8.00%
• 5Y*: 27.08%
• 10Y*: 10.97%

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

PAAS.TO vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS.TO Pan American Silver Corp.	3.44%	148.70%	37.51%	0.37%	-28.31%	-27.25%	43.89%	55.86%	2.74%	-2.74%
^TNX Treasury Yield 10 Years	9.25%	-13.14%	28.45%	-2.53%	174.83%	63.40%	-53.02%	-32.07%	21.16%	-7.94%

Correlation

The correlation between PAAS.TO and ^TNX 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	-0.19
Correlation (5Y) Calculated over the trailing 5-year period	-0.22
Correlation (10Y) Calculated over the trailing 10-year period	-0.25
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	-0.19

Return for Risk

PAAS.TO vs. ^TNX — Risk / Return Rank

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

PAAS.TO

PAAS.TO Risk / Return Rank: 85
PAAS.TO Sharpe Ratio Rank: 88
PAAS.TO Sortino Ratio Rank: 82
PAAS.TO Omega Ratio Rank: 82
PAAS.TO Calmar Ratio Rank: 85
PAAS.TO Martin Ratio Rank: 86

^TNX

^TNX Risk / Return Rank: 12
^TNX Sharpe Ratio Rank: 12
^TNX Sortino Ratio Rank: 11
^TNX Omega Ratio Rank: 11
^TNX Calmar Ratio Rank: 12
^TNX Martin Ratio Rank: 12

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.

PAAS.TO vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS.TO) and Treasury Yield 10 Years (^TNX). 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.

	PAAS.TO	^TNX	Difference
Sharpe ratio Return per unit of total volatility	2.02	0.12	+1.90
Sortino ratio Return per unit of downside risk	2.45	0.29	+2.16
Omega ratio Gain probability vs. loss probability	1.33	1.03	+0.30
Calmar ratio Return relative to maximum drawdown	3.43	0.16	+3.27
Martin ratio Return relative to average drawdown	9.52	0.32	+9.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PAAS.TO vs. ^TNX - Sharpe Ratio Comparison

The current PAAS.TO Sharpe Ratio is 2.02, which is higher than the ^TNX Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of PAAS.TO and ^TNX, 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

	PAAS.TO	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	0.12	+1.90
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.82	-0.47
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.23	+0.10
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.05	+0.15

Drawdowns

PAAS.TO vs. ^TNX - Drawdown Comparison

The maximum PAAS.TO drawdown since its inception was -96.25%, which is greater than ^TNX's maximum drawdown of -83.97%. Use the drawdown chart below to compare losses from any high point for PAAS.TO and ^TNX.

Drawdown Indicators

	PAAS.TO	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-83.97%	-12.28%
Max Drawdown (1Y) Largest decline over 1 year	-31.01%	-12.47%	-18.54%
Max Drawdown (3Y) Largest decline over 3 years	-31.01%	-28.10%	-2.91%
Max Drawdown (5Y) Largest decline over 5 years	-55.10%	-28.10%	-27.00%
Max Drawdown (10Y) Largest decline over 10 years	-65.97%	-83.93%	+17.96%
Current Drawdown Current decline from peak	-21.34%	-9.63%	-11.71%
Average Drawdown Average peak-to-trough decline	-38.56%	-32.52%	-6.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.16%	6.24%	+4.92%

Volatility

PAAS.TO vs. ^TNX - Volatility Comparison

Pan American Silver Corp. (PAAS.TO) has a higher volatility of 19.88% compared to Treasury Yield 10 Years (^TNX) at 5.28%. This indicates that PAAS.TO's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS.TO	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.88%	5.28%	+14.60%
Volatility (6M) Calculated over the trailing 6-month period	42.53%	11.60%	+30.93%
Volatility (1Y) Calculated over the trailing 1-year period	52.63%	17.01%	+35.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.58%	33.42%	+12.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.41%	48.26%	-0.85%

Frequently Asked Questions

Can I hold both PAAS.TO and ^TNX in my portfolio?

PAAS.TO and ^TNX 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.