PAAS vs. ERO

Last updated Jun 13, 2026

PAAS (Pan American Silver Corp.) and ERO (Ero Copper Corp) are both stocks. Both are in the Basic Materials sector — PAAS in Silver, ERO in Copper. Over the past 5 years, PAAS returned 11.06%/yr vs 4.57%/yr for ERO. At a 0.37 correlation, their price movements are largely independent.

Performance

PAAS vs. ERO - Performance Comparison

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

Returns By Period

In the year-to-date period, PAAS achieves a -6.53% return, which is significantly lower than ERO's 3.89% return.

PAAS

• 1D: 3.46%
• 1M: -14.37%
• YTD: -6.53%
• 6M: -2.63%
• 1Y: 68.20%
• 3Y*: 50.01%
• 5Y*: 11.06%
• 10Y*: 14.08%

ERO

• 1D: 6.10%
• 1M: 7.81%
• YTD: 3.89%
• 6M: 16.30%
• 1Y: 95.54%
• 3Y*: 14.46%
• 5Y*: 4.57%
• 10Y*: —

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

PAAS vs. ERO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS Pan American Silver Corp.	-6.53%	160.40%	26.61%	2.50%	-33.00%	-26.78%	46.88%	63.86%	-5.30%	-8.10%
ERO Ero Copper Corp	3.89%	109.87%	-14.63%	14.84%	-10.07%	-5.73%	-10.97%	151.68%	21.41%	52.76%

Correlation

The correlation between PAAS and ERO is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (All Time) Calculated using the full available price history since Oct 23, 2017	0.37

The correlation between PAAS and ERO shifts across timeframes, from 0.37 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PAAS : $20.31B ERO : $3.09B
EPS PAAS : $3.21 ERO : $2.80
PE Ratio PAAS : 14.98 ERO : 10.51
PEG Ratio PAAS : 0.08 ERO : 0.11
PS Ratio PAAS : 4.75 ERO : 3.32
PB Ratio PAAS : 2.76 ERO : 2.80
Total Revenue (TTM) PAAS : $4.02B ERO : $925.20M
Gross Profit (TTM) PAAS : $1.76B ERO : $394.67M
EBITDA (TTM) PAAS : $2.14B ERO : $528.87M

Return for Risk

PAAS vs. ERO — Risk / Return Rank

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

PAAS

PAAS Risk / Return Rank: 76
PAAS Sharpe Ratio Rank: 79
PAAS Sortino Ratio Rank: 73
PAAS Omega Ratio Rank: 74
PAAS Calmar Ratio Rank: 76
PAAS Martin Ratio Rank: 78

ERO

ERO Risk / Return Rank: 78
ERO Sharpe Ratio Rank: 83
ERO Sortino Ratio Rank: 77
ERO Omega Ratio Rank: 76
ERO Calmar Ratio Rank: 79
ERO Martin Ratio Rank: 77

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. ERO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS) and Ero Copper Corp (ERO). 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	ERO	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.52	-0.27
Sortino ratio: Return per unit of downside risk	1.77	1.97	-0.20
Omega ratio: Gain probability vs. loss probability	1.23	1.26	-0.02
Calmar ratio: Return relative to maximum drawdown	1.95	2.32	-0.37
Martin ratio: Return relative to average drawdown	5.44	4.95	+0.49

PAAS vs. ERO - Sharpe Ratio Comparison

The current PAAS Sharpe Ratio is 1.25, which is comparable to the ERO Sharpe Ratio of 1.52. The chart below compares the historical Sharpe Ratios of PAAS and ERO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

PAAS vs. ERO - Drawdown Comparison

The maximum PAAS drawdown since its inception was -85.10%, which is greater than ERO's maximum drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for PAAS and ERO.

Drawdown Indicators

	PAAS	ERO	Difference
Max Drawdown Largest peak-to-trough decline	-85.10%	-67.17%	-17.93%
Max Drawdown (1Y) Largest decline over 1 year	-35.33%	-37.97%	+2.64%
Max Drawdown (3Y) Largest decline over 3 years	-35.33%	-59.84%	+24.51%
Max Drawdown (5Y) Largest decline over 5 years	-57.62%	-61.02%	+3.40%
Max Drawdown (10Y) Largest decline over 10 years	-66.74%	—	—
Current Drawdown Current decline from peak	-29.51%	-22.72%	-6.79%
Average Drawdown Average peak-to-trough decline	-41.64%	-27.04%	-14.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.63%	17.75%	-5.12%

Volatility

PAAS vs. ERO - Volatility Comparison

The current volatility for Pan American Silver Corp. (PAAS) is 18.82%, while Ero Copper Corp (ERO) has a volatility of 26.23%. This indicates that PAAS experiences smaller price fluctuations and is considered to be less risky than ERO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS	ERO	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.82%	26.23%	-7.41%
Volatility (6M) Calculated over the trailing 6-month period	44.62%	47.36%	-2.74%
Volatility (1Y) Calculated over the trailing 1-year period	55.23%	58.06%	-2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.97%	55.03%	-7.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.62%	59.38%	-9.76%

Dividends

PAAS vs. ERO - Dividend Comparison

PAAS's dividend yield for the trailing twelve months is around 1.29%, while ERO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ERO Ero Copper Corp	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PAAS Pan American Silver Corp.	1.29%	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. ERO - Profitability Comparison

The chart below illustrates the profitability comparison between Pan American Silver Corp. and Ero Copper Corp 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 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%.

ERO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ero Copper Corp reported a gross profit of 103.33M and revenue of 259.52M. Therefore, the gross margin over that period was 39.8%.

PAAS - 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%.

ERO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ero Copper Corp reported an operating income of 90.17M and revenue of 259.52M, resulting in an operating margin of 34.7%.

PAAS - 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%.

ERO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ero Copper Corp reported a net income of 107.26M and revenue of 259.52M, resulting in a net margin of 41.3%.

Frequently Asked Questions

Can I hold both PAAS and ERO in my portfolio?

PAAS and ERO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PAAS or ERO?

ERO has higher volatility (26.23%) compared to PAAS (18.82%). In terms of maximum drawdown, PAAS dropped -85.10% vs ERO's -67.17%.

Which has better risk-adjusted returns?

ERO currently has the higher Sharpe Ratio (1.52 vs 1.25), 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.