TEO vs. PAAS

Last updated Apr 1, 2026

Compare and contrast key facts about Telecom Argentina S.A. (TEO) and Pan American Silver Corp. (PAAS).

Performance

TEO vs. PAAS - Performance Comparison

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

TEO vs. PAAS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEO Telecom Argentina S.A.	0.69%	-7.40%	79.33%	37.87%	6.86%	-15.34%	-39.38%	-17.25%	-54.46%	108.17%
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%

Fundamentals

Market Cap TEO : $5.04B PAAS : $23.06B
EPS TEO : -$392.83 PAAS : $2.54
PS Ratio TEO : 0.00 PAAS : 5.82
PB Ratio TEO : 0.00 PAAS : 3.30
Total Revenue (TTM) TEO : $8.07T PAAS : $3.64B
Gross Profit (TTM) TEO : $4.76T PAAS : $1.40B
EBITDA (TTM) TEO : $2.06T PAAS : $1.71B

Returns By Period

In the year-to-date period, TEO achieves a 0.69% return, which is significantly lower than PAAS's 5.72% return. Over the past 10 years, TEO has underperformed PAAS with an annualized return of 0.72%, while PAAS has yielded a comparatively higher 19.06% annualized return.

TEO

• 1D: 5.13%
• 1M: 0.09%
• YTD: 0.69%
• 6M: 61.46%
• 1Y: 15.19%
• 3Y*: 36.04%
• 5Y*: 19.73%
• 10Y*: 0.72%

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%

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

Return for Risk

TEO vs. PAAS — Risk / Return Rank

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

TEO

TEO Risk / Return Rank: 50
TEO Sharpe Ratio Rank: 50
TEO Sortino Ratio Rank: 53
TEO Omega Ratio Rank: 51
TEO Calmar Ratio Rank: 49
TEO Martin Ratio Rank: 48

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

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.

TEO vs. PAAS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Telecom Argentina S.A. (TEO) and Pan American Silver Corp. (PAAS). 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.

	TEO	PAAS	Difference
Sharpe ratio Return per unit of total volatility	0.23	2.00	-1.77
Sortino ratio Return per unit of downside risk	0.91	2.32	-1.41
Omega ratio Gain probability vs. loss probability	1.11	1.34	-0.23
Calmar ratio Return relative to maximum drawdown	0.28	3.57	-3.29
Martin ratio Return relative to average drawdown	0.63	11.55	-10.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEO vs. PAAS - Sharpe Ratio Comparison

The current TEO Sharpe Ratio is 0.23, which is lower than the PAAS Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of TEO and PAAS, 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

	TEO	PAAS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.23	2.00	-1.77
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	0.30	+0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.01	0.38	-0.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.17	-0.16

Correlation

The correlation between TEO and PAAS is 0.11, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

TEO vs. PAAS - Dividend Comparison

TEO's dividend yield for the trailing twelve months is around 0.42%, less than PAAS's 0.99% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEO Telecom Argentina S.A.	0.42%	0.42%	1.91%	3.43%	0.00%	8.90%	5.27%	12.36%	15.08%	3.33%	3.57%	5.28%
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%

Drawdowns

TEO vs. PAAS - Drawdown Comparison

The maximum TEO drawdown since its inception was -98.60%, which is greater than PAAS's maximum drawdown of -85.10%. Use the drawdown chart below to compare losses from any high point for TEO and PAAS.

Drawdown Indicators

	TEO	PAAS	Difference
Max Drawdown Largest peak-to-trough decline	-98.60%	-85.10%	-13.50%
Max Drawdown (1Y) Largest decline over 1 year	-42.81%	-31.90%	-10.91%
Max Drawdown (5Y) Largest decline over 5 years	-54.02%	-63.00%	+8.98%
Max Drawdown (10Y) Largest decline over 10 years	-86.58%	-66.74%	-19.84%
Current Drawdown Current decline from peak	-55.88%	-20.27%	-35.61%
Average Drawdown Average peak-to-trough decline	-53.81%	-41.79%	-12.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.76%	9.85%	+8.91%

Volatility

TEO vs. PAAS - Volatility Comparison

The current volatility for Telecom Argentina S.A. (TEO) is 15.56%, while Pan American Silver Corp. (PAAS) has a volatility of 19.05%. This indicates that TEO experiences smaller price fluctuations and is considered to be less risky than PAAS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEO	PAAS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.56%	19.05%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	47.96%	45.40%	+2.56%
Volatility (1Y) Calculated over the trailing 1-year period	65.27%	57.58%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.15%	47.60%	+6.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.55%	49.68%	-0.13%

Financials

TEO vs. PAAS - Profitability Comparison

The chart below illustrates the profitability comparison between Telecom Argentina S.A. and Pan American Silver Corp. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TEO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Telecom Argentina S.A. reported a gross profit of 751.43B and revenue of 2.73T. Therefore, the gross margin over that period was 27.5%.

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%.

TEO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Telecom Argentina S.A. reported an operating income of 91.14B and revenue of 2.73T, resulting in an operating margin of 3.3%.

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%.

TEO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Telecom Argentina S.A. reported a net income of 120.30B and revenue of 2.73T, resulting in a net margin of 4.4%.

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%.