PAAS vs. SBSW

Last updated Jun 3, 2026

PAAS (Pan American Silver Corp.) and SBSW (Sibanye Stillwater Limited) are both stocks. Both are in the Basic Materials sector — PAAS in Silver, SBSW in Gold. Over the past 10 years, PAAS returned 15.15%/yr vs 2.57%/yr for SBSW. A 0.60 correlation means they provide meaningful diversification when combined.

Performance

PAAS vs. SBSW - Performance Comparison

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

Returns By Period

In the year-to-date period, PAAS achieves a 7.17% return, which is significantly higher than SBSW's -14.50% return. Over the past 10 years, PAAS has outperformed SBSW with an annualized return of 15.15%, while SBSW has yielded a comparatively lower 2.57% annualized return.

PAAS

• 1D: -0.54%
• 1M: 6.89%
• YTD: 7.17%
• 6M: 23.80%
• 1Y: 113.88%
• 3Y*: 55.62%
• 5Y*: 13.85%
• 10Y*: 15.15%

SBSW

• 1D: 0.34%
• 1M: -1.91%
• YTD: -14.50%
• 6M: -3.68%
• 1Y: 92.78%
• 3Y*: 19.27%
• 5Y*: -5.45%
• 10Y*: 2.57%

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

PAAS vs. SBSW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
PAAS Pan American Silver Corp.	7.17%	160.40%	26.61%	2.50%	-33.00%	-26.78%	46.88%	63.86%	-5.30%	3.86%
SBSW Sibanye Stillwater Limited	-14.50%	331.82%	-39.23%	-46.54%	-9.57%	-12.44%	61.55%	250.88%	-41.72%	-26.00%

Correlation

The correlation between PAAS and SBSW is 0.72, 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	0.72
Correlation (3Y) Calculated over the trailing 3-year period	0.66
Correlation (5Y) Calculated over the trailing 5-year period	0.65
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Feb 12, 2013	0.60

The correlation between PAAS and SBSW shifts across timeframes, from 0.59 (10 years) to 0.72 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap PAAS : $23.29B SBSW : $8.38B
EPS PAAS : $3.21 SBSW : -$17.51
PS Ratio PAAS : 5.44 SBSW : 0.04
PB Ratio PAAS : 3.17 SBSW : 0.21
Total Revenue (TTM) PAAS : $4.02B SBSW : $238.26B
Gross Profit (TTM) PAAS : $1.76B SBSW : $50.42B
EBITDA (TTM) PAAS : $2.14B SBSW : $23.43B

Return for Risk

PAAS vs. SBSW — Risk / Return Rank

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

PAAS

PAAS Risk / Return Rank: 86
PAAS Sharpe Ratio Rank: 88
PAAS Sortino Ratio Rank: 82
PAAS Omega Ratio Rank: 82
PAAS Calmar Ratio Rank: 88
PAAS Martin Ratio Rank: 89

SBSW

SBSW Risk / Return Rank: 75
SBSW Sharpe Ratio Rank: 79
SBSW Sortino Ratio Rank: 73
SBSW Omega Ratio Rank: 72
SBSW Calmar Ratio Rank: 76
SBSW Martin Ratio Rank: 73

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. SBSW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS) and Sibanye Stillwater Limited (SBSW). 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	SBSW	Difference
Sharpe ratio Return per unit of total volatility	2.12	1.40	+0.72
Sortino ratio Return per unit of downside risk	2.51	1.92	+0.59
Omega ratio Gain probability vs. loss probability	1.34	1.25	+0.09
Calmar ratio Return relative to maximum drawdown	4.06	2.19	+1.87
Martin ratio Return relative to average drawdown	11.29	4.58	+6.71
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. SBSW - Sharpe Ratio Comparison

The current PAAS Sharpe Ratio is 2.12, which is higher than the SBSW Sharpe Ratio of 1.40. The chart below compares the historical Sharpe Ratios of PAAS and SBSW, 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	SBSW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	1.40	+0.72
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.29	-0.09	+0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.04	+0.27
Sharpe Ratio (All Time) Calculated using the full available price history	0.17	0.13	+0.04

Drawdowns

PAAS vs. SBSW - Drawdown Comparison

The maximum PAAS drawdown since its inception was -85.10%, roughly equal to the maximum SBSW drawdown of -89.24%. Use the drawdown chart below to compare losses from any high point for PAAS and SBSW.

Drawdown Indicators

	PAAS	SBSW	Difference
Max Drawdown Largest peak-to-trough decline	-85.10%	-89.24%	+4.14%
Max Drawdown (1Y) Largest decline over 1 year	-31.90%	-45.72%	+13.82%
Max Drawdown (3Y) Largest decline over 3 years	-31.90%	-58.18%	+26.28%
Max Drawdown (5Y) Largest decline over 5 years	-60.02%	-82.53%	+22.51%
Max Drawdown (10Y) Largest decline over 10 years	-66.74%	-89.24%	+22.50%
Current Drawdown Current decline from peak	-19.18%	-42.31%	+23.13%
Average Drawdown Average peak-to-trough decline	-41.65%	-48.22%	+6.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.46%	21.87%	-10.41%

Volatility

PAAS vs. SBSW - Volatility Comparison

The current volatility for Pan American Silver Corp. (PAAS) is 18.87%, while Sibanye Stillwater Limited (SBSW) has a volatility of 20.46%. This indicates that PAAS experiences smaller price fluctuations and is considered to be less risky than SBSW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PAAS	SBSW	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.87%	20.46%	-1.59%
Volatility (6M) Calculated over the trailing 6-month period	43.66%	49.86%	-6.20%
Volatility (1Y) Calculated over the trailing 1-year period	54.38%	66.75%	-12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.68%	59.65%	-11.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.46%	64.06%	-14.60%

Dividends

PAAS vs. SBSW - Dividend Comparison

PAAS's dividend yield for the trailing twelve months is around 1.12%, less than SBSW's 2.77% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
PAAS Pan American Silver Corp.	1.12%	0.89%	1.98%	2.45%	2.75%	1.36%	0.64%	0.59%	0.96%	0.64%	0.33%	4.23%
SBSW Sibanye Stillwater Limited	2.77%	0.00%	0.00%	6.98%	7.68%	13.34%	0.75%	0.00%	0.00%	2.68%	5.12%	3.05%

Financials

PAAS vs. SBSW - Profitability Comparison

The chart below illustrates the profitability comparison between Pan American Silver Corp. and Sibanye Stillwater 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 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%.

SBSW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Sibanye Stillwater Limited reported a gross profit of 18.20B and revenue of 71.36B. Therefore, the gross margin over that period was 25.5%.

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%.

SBSW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Sibanye Stillwater Limited reported an operating income of 13.77B and revenue of 71.36B, resulting in an operating margin of 19.3%.

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%.

SBSW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Sibanye Stillwater Limited reported a net income of -1.51B and revenue of 71.36B, resulting in a net margin of -2.1%.

Frequently Asked Questions

Can I hold both PAAS and SBSW in my portfolio?

PAAS and SBSW have a correlation of 0.72, 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 SBSW?

SBSW has higher volatility (20.46%) compared to PAAS (18.87%). In terms of maximum drawdown, PAAS dropped -85.10% vs SBSW's -89.24%.

Which has better risk-adjusted returns?

PAAS currently has the higher Sharpe Ratio (2.12 vs 1.40), 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.