PAAS.TO vs. EQX.TO

Last updated Jun 9, 2026

PAAS.TO (Pan American Silver Corp.) and EQX.TO (Equinox Gold Corp.) are both stocks. Both are in the Basic Materials sector — PAAS.TO in Silver, EQX.TO in Gold. Over the past 10 years, PAAS.TO returned 14.58%/yr vs 7.28%/yr for EQX.TO. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

PAAS.TO vs. EQX.TO - Performance Comparison

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

Returns By Period

In the year-to-date period, PAAS.TO achieves a -6.95% return, which is significantly higher than EQX.TO's -21.50% return. Over the past 10 years, PAAS.TO has outperformed EQX.TO with an annualized return of 14.58%, while EQX.TO has yielded a comparatively lower 7.28% annualized return.

PAAS.TO

• 1D: -0.62%
• 1M: -18.40%
• YTD: -6.95%
• 6M: 9.68%
• 1Y: 70.16%
• 3Y*: 50.24%
• 5Y*: 13.72%
• 10Y*: 14.58%

EQX.TO

• 1D: 0.33%
• 1M: -22.58%
• YTD: -21.50%
• 6M: -18.72%
• 1Y: 59.40%
• 3Y*: 33.39%
• 5Y*: 7.45%
• 10Y*: 7.28%

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

PAAS.TO vs. EQX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS.TO Pan American Silver Corp.	-6.95%	148.70%	37.51%	0.37%	-28.30%	-27.43%	43.89%	55.86%	2.74%	-2.74%
EQX.TO Equinox Gold Corp.	-21.50%	166.44%	12.42%	45.37%	-48.25%	-35.00%	31.83%	95.88%	-8.93%	-38.46%

Correlation

The correlation between PAAS.TO and EQX.TO is 0.76, 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	0.76
Correlation (3Y) Calculated over the trailing 3-year period	0.75
Correlation (5Y) Calculated over the trailing 5-year period	0.75
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014	0.50

Over the past year, PAAS.TO and EQX.TO have become more correlated (0.76) than their long-term average of 0.50, meaning their price movements have been converging.

Fundamentals

Market Cap PAAS.TO : CA$27.78B EQX.TO : CA$12.48B
EPS PAAS.TO : CA$3.21 EQX.TO : CA$0.94
PE Ratio PAAS.TO : 20.49 EQX.TO : 16.01
PEG Ratio PAAS.TO : 0.11 EQX.TO : 0.03
PS Ratio PAAS.TO : 6.49 EQX.TO : 3.49
PB Ratio PAAS.TO : 3.78 EQX.TO : 2.04
Total Revenue (TTM) PAAS.TO : CA$4.02B EQX.TO : CA$2.84B
Gross Profit (TTM) PAAS.TO : CA$1.76B EQX.TO : CA$1.21B
EBITDA (TTM) PAAS.TO : CA$2.14B EQX.TO : CA$1.38B

Return for Risk

PAAS.TO vs. EQX.TO — 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: 77
PAAS.TO Sharpe Ratio Rank: 80
PAAS.TO Sortino Ratio Rank: 74
PAAS.TO Omega Ratio Rank: 75
PAAS.TO Calmar Ratio Rank: 78
PAAS.TO Martin Ratio Rank: 80

EQX.TO

EQX.TO Risk / Return Rank: 70
EQX.TO Sharpe Ratio Rank: 73
EQX.TO Sortino Ratio Rank: 69
EQX.TO Omega Ratio Rank: 68
EQX.TO Calmar Ratio Rank: 70
EQX.TO Martin Ratio Rank: 72

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. EQX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS.TO) and Equinox Gold Corp. (EQX.TO). 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	EQX.TO	Difference
Sharpe ratio: Return per unit of total volatility	1.33	1.01	+0.31
Sortino ratio: Return per unit of downside risk	1.84	1.61	+0.24
Omega ratio: Gain probability vs. loss probability	1.25	1.21	+0.04
Calmar ratio: Return relative to maximum drawdown	2.27	1.45	+0.82
Martin ratio: Return relative to average drawdown	6.10	3.95	+2.15
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. EQX.TO - Sharpe Ratio Comparison

The current PAAS.TO Sharpe Ratio is 1.33, which is higher than the EQX.TO Sharpe Ratio of 1.01. The chart below compares the historical Sharpe Ratios of PAAS.TO and EQX.TO, 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	EQX.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.33	1.01	+0.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.13	+0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.13	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.03	+0.12

Drawdowns

PAAS.TO vs. EQX.TO - Drawdown Comparison

The maximum PAAS.TO drawdown since its inception was -79.35%, roughly equal to the maximum EQX.TO drawdown of -81.51%. Use the drawdown chart below to compare losses from any high point for PAAS.TO and EQX.TO.

Drawdown Indicators

	PAAS.TO	EQX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-79.35%	-81.51%	+2.16%
Max Drawdown (1Y) Largest decline over 1 year	-31.01%	-41.09%	+10.08%
Max Drawdown (3Y) Largest decline over 3 years	-31.01%	-41.09%	+10.08%
Max Drawdown (5Y) Largest decline over 5 years	-55.18%	-69.34%	+14.16%
Max Drawdown (10Y) Largest decline over 10 years	-66.06%	-80.51%	+14.45%
Current Drawdown Current decline from peak	-29.24%	-40.89%	+11.65%
Average Drawdown Average peak-to-trough decline	-40.44%	-52.60%	+12.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.53%	15.10%	-3.57%

Volatility

PAAS.TO vs. EQX.TO - Volatility Comparison

The current volatility for Pan American Silver Corp. (PAAS.TO) is 18.96%, while Equinox Gold Corp. (EQX.TO) has a volatility of 20.71%. This indicates that PAAS.TO experiences smaller price fluctuations and is considered to be less risky than EQX.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS.TO	EQX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.96%	20.71%	-1.75%
Volatility (6M) Calculated over the trailing 6-month period	43.79%	46.78%	-2.99%
Volatility (1Y) Calculated over the trailing 1-year period	53.32%	58.98%	-5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.79%	55.90%	-10.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.51%	56.44%	-8.93%

Dividends

PAAS.TO vs. EQX.TO - Dividend Comparison

PAAS.TO's dividend yield for the trailing twelve months is around 1.30%, more than EQX.TO's 0.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQX.TO Equinox Gold Corp.	0.27%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAAS.TO Pan American Silver Corp.	1.30%	0.91%	1.89%	2.51%	2.63%	1.08%	0.67%	0.60%	0.91%	0.67%	0.33%	3.86%

Financials

PAAS.TO vs. EQX.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Pan American Silver Corp. and Equinox Gold Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

PAAS.TO - 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%.

EQX.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported a gross profit of 438.50M and revenue of 861.59M. Therefore, the gross margin over that period was 50.9%.

PAAS.TO - 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%.

EQX.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported an operating income of 390.23M and revenue of 861.59M, resulting in an operating margin of 45.3%.

PAAS.TO - 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%.

EQX.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported a net income of 310.11M and revenue of 861.59M, resulting in a net margin of 36.0%.

Frequently Asked Questions

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

PAAS.TO and EQX.TO have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.