PAAS.TO vs. XEC.TO

Last updated Jun 4, 2026

PAAS.TO (Pan American Silver Corp.) is a stock, while XEC.TO (iShares Core MSCI Emerging Markets IMI Index ETF) is Emerging Markets Equities fund tracking the Morningstar EM GR CAD. Over the past 10 years, PAAS.TO returned 15.42%/yr vs 10.71%/yr for XEC.TO. At a 0.17 correlation, their price movements are largely independent.

Performance

PAAS.TO vs. XEC.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Pan American Silver Corp. (PAAS.TO) and iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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 XEC.TO's 27.92% return. Over the past 10 years, PAAS.TO has outperformed XEC.TO with an annualized return of 15.42%, while XEC.TO has yielded a comparatively lower 10.71% 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%

XEC.TO

• 1D: -0.88%
• 1M: 10.15%
• YTD: 27.92%
• 6M: 28.48%
• 1Y: 54.44%
• 3Y*: 24.69%
• 5Y*: 10.21%
• 10Y*: 10.71%

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

PAAS.TO vs. XEC.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%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	27.92%	25.78%	16.14%	7.92%	-14.68%	-1.74%	15.08%	11.53%	-8.26%	27.93%

Correlation

The correlation between PAAS.TO and XEC.TO is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Apr 16, 2013	0.17

The correlation between PAAS.TO and XEC.TO shifts across timeframes, from 0.17 (all time) to 0.33 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

PAAS.TO vs. XEC.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

XEC.TO

XEC.TO Risk / Return Rank: 86
XEC.TO Sharpe Ratio Rank: 88
XEC.TO Sortino Ratio Rank: 85
XEC.TO Omega Ratio Rank: 88
XEC.TO Calmar Ratio Rank: 86
XEC.TO Martin Ratio Rank: 83

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. XEC.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS.TO) and iShares Core MSCI Emerging Markets IMI Index ETF (XEC.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	XEC.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.02	3.01	-0.98
Sortino ratio: Return per unit of downside risk	2.45	3.86	-1.41
Omega ratio: Gain probability vs. loss probability	1.33	1.56	-0.23
Calmar ratio: Return relative to maximum drawdown	3.43	4.86	-1.43
Martin ratio: Return relative to average drawdown	9.52	17.00	-7.48
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. XEC.TO - Sharpe Ratio Comparison

The current PAAS.TO Sharpe Ratio is 2.02, which is lower than the XEC.TO Sharpe Ratio of 3.01. The chart below compares the historical Sharpe Ratios of PAAS.TO and XEC.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	XEC.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	3.01	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.65	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.33	0.61	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.52	-0.31

Drawdowns

PAAS.TO vs. XEC.TO - Drawdown Comparison

The maximum PAAS.TO drawdown since its inception was -96.25%, which is greater than XEC.TO's maximum drawdown of -32.54%. Use the drawdown chart below to compare losses from any high point for PAAS.TO and XEC.TO.

Drawdown Indicators

	PAAS.TO	XEC.TO	Difference
Max Drawdown Largest peak-to-trough decline	-96.25%	-32.54%	-63.71%
Max Drawdown (1Y) Largest decline over 1 year	-31.01%	-11.25%	-19.76%
Max Drawdown (3Y) Largest decline over 3 years	-31.01%	-15.07%	-15.94%
Max Drawdown (5Y) Largest decline over 5 years	-55.10%	-29.14%	-25.96%
Max Drawdown (10Y) Largest decline over 10 years	-65.97%	-32.54%	-33.43%
Current Drawdown Current decline from peak	-21.34%	-0.88%	-20.46%
Average Drawdown Average peak-to-trough decline	-38.56%	-9.56%	-29.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.16%	3.21%	+7.95%

Volatility

PAAS.TO vs. XEC.TO - Volatility Comparison

Pan American Silver Corp. (PAAS.TO) has a higher volatility of 19.88% compared to iShares Core MSCI Emerging Markets IMI Index ETF (XEC.TO) at 7.80%. This indicates that PAAS.TO's price experiences larger fluctuations and is considered to be riskier than XEC.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS.TO	XEC.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.88%	7.80%	+12.08%
Volatility (6M) Calculated over the trailing 6-month period	42.53%	15.85%	+26.68%
Volatility (1Y) Calculated over the trailing 1-year period	52.63%	18.19%	+34.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.58%	15.91%	+29.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.41%	17.60%	+29.81%

Dividends

PAAS.TO vs. XEC.TO - Dividend Comparison

PAAS.TO's dividend yield for the trailing twelve months is around 1.17%, less than XEC.TO's 1.50% 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%
XEC.TO iShares Core MSCI Emerging Markets IMI Index ETF	1.50%	1.92%	2.03%	2.16%	2.28%	2.78%	1.64%	2.87%	2.66%	2.13%	1.80%	2.19%

Frequently Asked Questions

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

PAAS.TO and XEC.TO have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.