AEM vs WPM: Correlation
How closely do Agnico Eagle Mines Limited (AEM) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AEM and WPM?
On 3 years of weekly data the AEM/WPM correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.93 lands near the 3-year figure. The 5-year figure is 0.88, and annualized covariance runs at 1510.0 %².
WPM is one of the assets that tracks AEM most closely: it ranks #2 out of the 36 assets we track against AEM. On 12-month performance WPM holds a 8.4-point edge, +55.9% against +64.3%.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AEM vs WPM: side by side
| AEM (Agnico Eagle Mines Limited) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +55.9% | +64.3% |
| 5-year return | +323.8% | +275.2% |
| Volatility (ann.) | 40.9% | 41.1% |
| Beta vs S&P 500 | 0.70 | 0.82 |
| Max drawdown (3Y) | -45.8% | -37.4% |
| Market cap | $109.1B | $71.8B |
| P/E (trailing) | 18.4 | 34.6 |
| Dividend yield | 0.79% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AEM | WPM |
|---|---|---|
| 2022 | +1.1% | -7.5% |
| 2023 | +9.0% | +27.9% |
| 2024 | +46.0% | +15.2% |
| 2025 | +119.5% | +109.8% |
| 2026 | +27.6% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AEM and WPM good diversifiers for each other?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between AEM and WPM?
Using weekly returns as of 2026-08-27: 0.90 over 3 years, with 0.93 over the last year and 0.88 over 5 years.
Is WPM a good diversifier for AEM?
Not really. At 0.90, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.90 mean?
A reading of 0.90 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aem-vs-wpm.json
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[](https://www.pairbook.io/pair/aem-vs-wpm/)
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Related comparisons
Hubs: AEM correlations · WPM correlations
