PAAS.TO vs. WPM.TO

Last updated Jun 4, 2026

PAAS.TO (Pan American Silver Corp.) and WPM.TO (Wheaton Precious Metals Corp.) are both stocks. Both are in the Basic Materials sector — PAAS.TO in Silver, WPM.TO in Gold. Over the past 10 years, PAAS.TO returned 15.42%/yr vs 22.38%/yr for WPM.TO. A 0.70 correlation means they provide meaningful diversification when combined.

Performance

PAAS.TO vs. WPM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Pan American Silver Corp. (PAAS.TO) and Wheaton Precious Metals Corp. (WPM.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 3.44% return, which is significantly lower than WPM.TO's 8.12% return. Over the past 10 years, PAAS.TO has underperformed WPM.TO with an annualized return of 15.42%, while WPM.TO has yielded a comparatively higher 22.38% 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%

WPM.TO

• 1D: -3.52%
• 1M: 3.05%
• YTD: 8.12%
• 6M: 15.76%
• 1Y: 39.10%
• 3Y*: 43.22%
• 5Y*: 25.93%
• 10Y*: 22.38%

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

PAAS.TO vs. WPM.TO - 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%
WPM.TO Wheaton Precious Metals Corp.	8.12%	100.92%	25.13%	25.20%	-0.53%	3.47%	39.06%	47.18%	-2.24%	8.88%

Correlation

The correlation between PAAS.TO and WPM.TO is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (3Y) Calculated over the trailing 3-year period	0.77
Correlation (5Y) Calculated over the trailing 5-year period	0.79
Correlation (10Y) Calculated over the trailing 10-year period	0.77
Correlation (All Time) Calculated using the full available price history since Aug 13, 2002	0.70

The correlation between PAAS.TO and WPM.TO shifts across timeframes, from 0.70 (all time) to 0.81 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PAAS.TO : CA$30.88B WPM.TO : CA$79.13B
EPS PAAS.TO : CA$3.21 WPM.TO : CA$3.96
PE Ratio PAAS.TO : 22.78 WPM.TO : 43.97
PEG Ratio PAAS.TO : 0.13 WPM.TO : 1.18
PS Ratio PAAS.TO : 7.22 WPM.TO : 28.82
PB Ratio PAAS.TO : 4.20 WPM.TO : 8.55
Total Revenue (TTM) PAAS.TO : CA$4.02B WPM.TO : CA$2.74B
Gross Profit (TTM) PAAS.TO : CA$1.76B WPM.TO : CA$2.12B
EBITDA (TTM) PAAS.TO : CA$2.14B WPM.TO : CA$2.37B

Return for Risk

PAAS.TO vs. WPM.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: 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

WPM.TO

WPM.TO Risk / Return Rank: 65
WPM.TO Sharpe Ratio Rank: 68
WPM.TO Sortino Ratio Rank: 61
WPM.TO Omega Ratio Rank: 62
WPM.TO Calmar Ratio Rank: 65
WPM.TO Martin Ratio Rank: 69

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. WPM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS.TO) and Wheaton Precious Metals Corp. (WPM.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	WPM.TO	Difference
Sharpe ratio Return per unit of total volatility	2.02	0.91	+1.12
Sortino ratio Return per unit of downside risk	2.45	1.33	+1.12
Omega ratio Gain probability vs. loss probability	1.33	1.18	+0.15
Calmar ratio Return relative to maximum drawdown	3.43	1.28	+2.15
Martin ratio Return relative to average drawdown	9.52	3.59	+5.93
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. WPM.TO - Sharpe Ratio Comparison

The current PAAS.TO Sharpe Ratio is 2.02, which is higher than the WPM.TO Sharpe Ratio of 0.91. The chart below compares the historical Sharpe Ratios of PAAS.TO and WPM.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	WPM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	0.91	+1.12
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.79	-0.44
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.64	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.35	-0.15

Drawdowns

PAAS.TO vs. WPM.TO - Drawdown Comparison

The maximum PAAS.TO drawdown since its inception was -96.25%, which is greater than WPM.TO's maximum drawdown of -83.21%. Use the drawdown chart below to compare losses from any high point for PAAS.TO and WPM.TO.

Drawdown Indicators

	PAAS.TO	WPM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-83.21%	-13.04%
Max Drawdown (1Y) Largest decline over 1 year	-31.01%	-30.69%	-0.32%
Max Drawdown (3Y) Largest decline over 3 years	-31.01%	-30.69%	-0.32%
Max Drawdown (5Y) Largest decline over 5 years	-55.10%	-39.04%	-16.06%
Max Drawdown (10Y) Largest decline over 10 years	-65.97%	-47.50%	-18.47%
Current Drawdown Current decline from peak	-21.34%	-23.03%	+1.69%
Average Drawdown Average peak-to-trough decline	-38.56%	-24.66%	-13.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.16%	10.92%	+0.24%

Volatility

PAAS.TO vs. WPM.TO - Volatility Comparison

Pan American Silver Corp. (PAAS.TO) has a higher volatility of 19.88% compared to Wheaton Precious Metals Corp. (WPM.TO) at 16.44%. This indicates that PAAS.TO's price experiences larger fluctuations and is considered to be riskier than WPM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS.TO	WPM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.88%	16.44%	+3.44%
Volatility (6M) Calculated over the trailing 6-month period	42.53%	36.54%	+5.99%
Volatility (1Y) Calculated over the trailing 1-year period	52.63%	43.36%	+9.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.58%	33.07%	+12.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.41%	35.06%	+12.35%

Dividends

PAAS.TO vs. WPM.TO - Dividend Comparison

PAAS.TO's dividend yield for the trailing twelve months is around 1.17%, more than WPM.TO's 0.58% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAAS.TO Pan American Silver Corp.	1.17%	0.91%	1.89%	2.51%	2.63%	1.35%	0.67%	0.60%	0.91%	0.67%	0.33%	3.86%
WPM.TO Wheaton Precious Metals Corp.	0.58%	0.57%	1.05%	1.25%	1.83%	1.31%	1.08%	1.24%	1.75%	1.54%	1.06%	1.77%

Financials

PAAS.TO vs. WPM.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Pan American Silver Corp. and Wheaton Precious Metals 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%.

WPM.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Wheaton Precious Metals Corp. reported a gross profit of 687.49M and revenue of 886.69M. Therefore, the gross margin over that period was 77.5%.

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%.

WPM.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Wheaton Precious Metals Corp. reported an operating income of 665.21M and revenue of 886.69M, resulting in an operating margin of 75.0%.

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%.

WPM.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Wheaton Precious Metals Corp. reported a net income of 572.50M and revenue of 886.69M, resulting in a net margin of 64.6%.

Frequently Asked Questions

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

PAAS.TO and WPM.TO have a correlation of 0.81, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.