PAAS vs. AG
PAAS (Pan American Silver Corp.) and AG (First Majestic Silver Corp.) are both stocks. Both operate in the Silver industry within the Basic Materials sector. Over the past 10 years, PAAS returned 9.52%/yr vs -1.67%/yr for AG. Their correlation of 0.83 means they have usually moved in the same direction.
Performance
PAAS vs. AG - Performance Comparison
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Returns By Period
In the year-to-date period, PAAS achieves a -16.30% return, which is significantly lower than AG's -9.68% return. Over the past 10 years, PAAS has outperformed AG with an annualized return of 9.52%, while AG has yielded a comparatively lower -1.67% annualized return.
PAAS
- 1D
- -2.09%
- 1M
- -6.87%
- 6M
- -20.58%
- YTD
- -16.30%
- 1Y
- 61.72%
- 3Y*
- 40.98%
- 5Y*
- 11.18%
- 10Y*
- 9.52%
- ALL TIME*
- 8.09%
AG
- 1D
- -4.21%
- 1M
- -15.66%
- 6M
- -27.79%
- YTD
- -9.68%
- 1Y
- 92.36%
- 3Y*
- 33.31%
- 5Y*
- 2.14%
- 10Y*
- -1.67%
- ALL TIME*
- 0.79%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $178.27M | $175.82M | $226.19M | |
| $152.76M | $168.96M | $235.64M |
PAAS vs. AG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAAS Pan American Silver Corp. | -16.30% | 160.40% | 26.61% | 2.50% | -33.00% | -26.78% | 46.88% | 63.86% | -5.30% | 3.86% |
AG First Majestic Silver Corp. | -9.68% | 204.32% | -10.47% | -25.99% | -24.73% | -17.24% | 9.62% | 108.15% | -12.61% | -11.66% |
Correlation
The correlation between PAAS and AG is 0.88, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.88 |
Correlation (3Y) Balances recent behavior with more history. | 0.84 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.85 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.83 |
Correlation (All Time) Calculated using the full available price history since Dec 15, 2010 | 0.83 |
The correlation between PAAS and AG has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
Fundamentals
PAAS:
$18.16B
AG:
$7.41B
PAAS:
$3.12
AG:
$0.70
PAAS:
13.80
AG:
21.51
PAAS:
0.08
AG:
0.38
PAAS:
4.37
AG:
4.54
PAAS:
2.47
AG:
2.54
PAAS:
$4.02B
AG:
$1.64B
PAAS:
$1.76B
AG:
$863.95M
PAAS:
$2.14B
AG:
$1.02B
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Return for Risk
PAAS vs. AG — Risk / Return Rank
PAAS
AG
PAAS vs. AG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS) and First Majestic Silver Corp. (AG). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| PAAS | AG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.10 | ||
| Sortino ratioReturn per unit of downside risk | -0.21 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 1.70 | -0.10 |
| Martin ratioReturn relative to average drawdown | 3.51 | 3.35 | +0.16 |
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Drawdowns
PAAS vs. AG - Drawdown Comparison
The maximum PAAS drawdown since its inception was -85.10%, smaller than the maximum AG drawdown of -90.20%. Use the drawdown chart below to compare losses from any high point for PAAS and AG.
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Drawdown Indicators
| PAAS | AG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.10% | -90.20% | +5.10% |
Max Drawdown (1Y)Largest decline over 1 year | -38.84% | -53.00% | +14.16% |
Max Drawdown (3Y)Largest decline over 3 years | -38.84% | -53.00% | +14.16% |
Max Drawdown (5Y)Largest decline over 5 years | -57.39% | -70.28% | +12.89% |
Max Drawdown (10Y)Largest decline over 10 years | -66.74% | -80.82% | +14.08% |
Current DrawdownCurrent decline from peak | -36.88% | -53.00% | +16.12% |
Average DrawdownAverage peak-to-trough decline | -41.61% | -59.08% | +17.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.65% | 26.79% | -9.14% |
Volatility
PAAS vs. AG - Volatility Comparison
The current volatility for Pan American Silver Corp. (PAAS) is 12.10%, while First Majestic Silver Corp. (AG) has a volatility of 18.02%. This indicates that PAAS experiences smaller price fluctuations and is considered to be less risky than AG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAAS | AG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 12.10% | 18.02% | -5.92% |
Volatility (6M)Calculated over the trailing 6-month period | 43.93% | 57.35% | -13.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.24% | 74.97% | -18.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.23% | 62.17% | -13.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 49.55% | 61.87% | -12.32% |
Dividends
PAAS vs. AG - Dividend Comparison
PAAS's dividend yield for the trailing twelve months is around 1.44%, more than AG's 0.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
AG First Majestic Silver Corp. | 0.24% | 0.12% | 0.33% | 0.34% | 0.31% | 0.14% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
PAAS Pan American Silver Corp. | 1.44% | 0.89% | 1.98% | 2.45% | 2.75% | 1.36% | 0.64% | 0.59% | 0.96% | 0.64% | 0.33% | 4.23% |
Financials
PAAS vs. AG - Financials Comparison
This section allows you to compare key financial metrics between Pan American Silver Corp. and First Majestic Silver Corp.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
PAAS vs. AG - Profitability Comparison
PAAS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
AG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, First Majestic Silver Corp. reported a gross profit of 266.81M and revenue of 415.50M. Therefore, the gross margin over that period was 64.2%.
PAAS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 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%.
AG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, First Majestic Silver Corp. reported an operating income of 197.54M and revenue of 415.50M, resulting in an operating margin of 47.5%.
PAAS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 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%.
AG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, First Majestic Silver Corp. reported a net income of 109.43M and revenue of 415.50M, resulting in a net margin of 26.3%.
Frequently Asked Questions
PAAS and AG have a correlation of 0.88, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
AG has higher volatility (18.02%) compared to PAAS (12.10%). In terms of maximum drawdown, PAAS dropped -85.10% vs AG's -90.20%.
AG currently has the higher Sharpe Ratio (1.20 vs 1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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