PAAS vs WPM — which stock performed better?

Pan American Silver Corp. (PAAS) versus Wheaton Precious Metals Corp. (WPM), Materials, on 2026-09-30.

Result

Pan American Silver Corp. (PAAS) performed better on 2026-09-30. PAAS moved -0.810%, WPM moved -1.130%.

Why these two companies

Precious-metals stocks were slammed on Monday, September 28, 2026, as a sharp gold and silver sell-off wiped billions from the sector, with Pan American Silver and Wheaton Precious Metals both falling roughly 4.7% on the same session. The pairing puts two very different business models to the test on the same catalyst: PAAS is a hands-on miner directly exposed to production costs and output, while WPM is a royalty/streaming company with no mines of its own, so the metals slump is a live test of which structure holds up better when bullion prices reverse.

The research

Pan American Silver is a mining company that digs silver, gold and other metals out of the ground at operations across the Americas, so its fortunes rise and fall with how much metal it can produce and at what cost. Wheaton Precious Metals doesn't mine anything itself — instead it pays other mining companies upfront for the right to buy their gold and silver later at a fixed low price, which is a lower-risk way to get exposure to precious metals.

One reason to like Pan American Silver is that when silver and gold prices rise, a miner's profits can rise even faster because it's fully exposed to that upside on every ounce it digs up. One reason to like Wheaton Precious Metals is that its business model tends to carry fewer of the headaches that come with actually running mines, such as rising costs, labor issues or permitting delays, which can make its earnings steadier over time.

Both stocks dropped by a similar amount on Monday, September 28, 2026, when gold and silver prices fell sharply, so players should know this is a session where the whole sector is more jittery than usual. Something to keep in mind: both companies report their next quarterly results within about six weeks of this game, so any change in gold or silver prices between now and then could swing these stocks by a lot more than a typical stock in a typical sector.