PAAS vs. AEM

Last updated Apr 1, 2026

Compare and contrast key facts about Pan American Silver Corp. (PAAS) and Agnico Eagle Mines Limited (AEM).

Performance

PAAS vs. AEM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Pan American Silver Corp. (PAAS) and Agnico Eagle Mines Limited (AEM). The values are adjusted to include any dividend payments, if applicable.

PAAS vs. AEM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS Pan American Silver Corp.	5.72%	160.40%	26.61%	2.50%	-33.00%	-26.78%	46.88%	63.86%	-5.30%	3.86%
AEM Agnico Eagle Mines Limited	19.95%	119.53%	46.04%	8.98%	1.08%	-22.81%	17.39%	54.18%	-11.51%	10.92%

Fundamentals

Market Cap PAAS : $23.06B AEM : $102.04B
EPS PAAS : $2.54 AEM : $8.83
PE Ratio PAAS : 21.51 AEM : 22.98
PEG Ratio PAAS : 0.12 AEM : 0.36
PS Ratio PAAS : 5.82 AEM : 8.61
PB Ratio PAAS : 3.30 AEM : 4.12
Total Revenue (TTM) PAAS : $3.64B AEM : $11.87B
Gross Profit (TTM) PAAS : $1.40B AEM : $6.80B
EBITDA (TTM) PAAS : $1.71B AEM : $8.35B

Returns By Period

In the year-to-date period, PAAS achieves a 5.72% return, which is significantly lower than AEM's 19.95% return. Over the past 10 years, PAAS has underperformed AEM with an annualized return of 19.06%, while AEM has yielded a comparatively higher 20.98% annualized return.

PAAS

• 1D: 6.78%
• 1M: -20.27%
• YTD: 5.72%
• 6M: 41.96%
• 1Y: 114.60%
• 3Y*: 47.16%
• 5Y*: 13.99%
• 10Y*: 19.06%

AEM

• 1D: 5.80%
• 1M: -19.18%
• YTD: 19.95%
• 6M: 20.91%
• 1Y: 89.16%
• 3Y*: 61.82%
• 5Y*: 30.88%
• 10Y*: 20.98%

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

Return for Risk

PAAS vs. AEM — Risk / Return Rank

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

PAAS

PAAS Risk / Return Rank: 88
PAAS Sharpe Ratio Rank: 91
PAAS Sortino Ratio Rank: 84
PAAS Omega Ratio Rank: 86
PAAS Calmar Ratio Rank: 89
PAAS Martin Ratio Rank: 91

AEM

AEM Risk / Return Rank: 88
AEM Sharpe Ratio Rank: 91
AEM Sortino Ratio Rank: 85
AEM Omega Ratio Rank: 86
AEM Calmar Ratio Rank: 87
AEM Martin Ratio Rank: 91

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 vs. AEM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS) and Agnico Eagle Mines Limited (AEM). 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	AEM	Difference
Sharpe ratio Return per unit of total volatility	2.00	2.04	-0.04
Sortino ratio Return per unit of downside risk	2.32	2.33	-0.01
Omega ratio Gain probability vs. loss probability	1.34	1.33	0.00
Calmar ratio Return relative to maximum drawdown	3.57	3.14	+0.42
Martin ratio Return relative to average drawdown	11.55	10.90	+0.65
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 vs. AEM - Sharpe Ratio Comparison

The current PAAS Sharpe Ratio is 2.00, which is comparable to the AEM Sharpe Ratio of 2.04. The chart below compares the historical Sharpe Ratios of PAAS and AEM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	PAAS	AEM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	2.04	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.85	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	0.56	-0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.18	0.00

Correlation

The correlation between PAAS and AEM is 0.66, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

PAAS vs. AEM - Dividend Comparison

PAAS's dividend yield for the trailing twelve months is around 0.99%, more than AEM's 0.81% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAAS Pan American Silver Corp.	0.99%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%
AEM Agnico Eagle Mines Limited	0.81%	0.94%	2.05%	2.92%	3.08%	2.63%	2.36%	0.89%	1.09%	0.89%	0.86%	1.22%

Drawdowns

PAAS vs. AEM - Drawdown Comparison

The maximum PAAS drawdown since its inception was -85.10%, smaller than the maximum AEM drawdown of -90.49%. Use the drawdown chart below to compare losses from any high point for PAAS and AEM.

Drawdown Indicators

	PAAS	AEM	Difference
Max Drawdown Largest peak-to-trough decline	-85.10%	-90.49%	+5.39%
Max Drawdown (1Y) Largest decline over 1 year	-31.90%	-28.97%	-2.93%
Max Drawdown (5Y) Largest decline over 5 years	-63.00%	-46.76%	-16.24%
Max Drawdown (10Y) Largest decline over 10 years	-66.74%	-53.86%	-12.88%
Current Drawdown Current decline from peak	-20.27%	-19.51%	-0.76%
Average Drawdown Average peak-to-trough decline	-41.79%	-46.76%	+4.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.85%	8.35%	+1.50%

Volatility

PAAS vs. AEM - Volatility Comparison

Pan American Silver Corp. (PAAS) has a higher volatility of 19.05% compared to Agnico Eagle Mines Limited (AEM) at 16.46%. This indicates that PAAS's price experiences larger fluctuations and is considered to be riskier than AEM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS	AEM	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.05%	16.46%	+2.59%
Volatility (6M) Calculated over the trailing 6-month period	45.40%	35.61%	+9.79%
Volatility (1Y) Calculated over the trailing 1-year period	57.58%	43.99%	+13.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.60%	36.39%	+11.21%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.68%	37.45%	+12.23%

Financials

PAAS vs. AEM - Profitability Comparison

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

PAAS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Pan American Silver Corp. reported a gross profit of 565.26M and revenue of 1.20B. Therefore, the gross margin over that period was 47.2%.

AEM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported a gross profit of 2.20B and revenue of 3.56B. Therefore, the gross margin over that period was 61.7%.

PAAS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Pan American Silver Corp. reported an operating income of 469.00M and revenue of 1.20B, resulting in an operating margin of 39.2%.

AEM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported an operating income of 1.99B and revenue of 3.56B, resulting in an operating margin of 55.9%.

PAAS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Pan American Silver Corp. reported a net income of 458.44M and revenue of 1.20B, resulting in a net margin of 38.3%.

AEM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Agnico Eagle Mines Limited reported a net income of 1.52B and revenue of 3.56B, resulting in a net margin of 42.7%.