CMCL vs WPM: Correlation
How closely do Caledonia Mining Corporation Plc (CMCL) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMCL and WPM?
Across a 3-year window, the weekly returns of CMCL and WPM correlate at 0.69, strong. The past 12 months show a tighter link (0.79) than the 3-year average (0.69). Stretching to 5 years gives 0.66, with an annualized covariance of 1499.0 %².
Among the 13 assets we track against CMCL, WPM ranks #5 by 3-year correlation. The last year tells two different stories: WPM led by 58.9 percentage points, +5.4% for CMCL against +64.3% for WPM.
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.
CMCL vs WPM: side by side
| CMCL (Caledonia Mining Corporation Plc) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +5.4% | +64.3% |
| 5-year return | +156.5% | +275.2% |
| Volatility (ann.) | 52.7% | 41.1% |
| Beta vs S&P 500 | 1.10 | 0.82 |
| Max drawdown (3Y) | -55.2% | -37.4% |
| Market cap | $0.5B | $71.8B |
| P/E (trailing) | 7.3 | 34.6 |
| Dividend yield | 2.25% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMCL | WPM |
|---|---|---|
| 2022 | +11.4% | -7.5% |
| 2023 | +2.6% | +27.9% |
| 2024 | -18.9% | +15.2% |
| 2025 | +183.7% | +109.8% |
| 2026 | -1.4% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMCL and WPM good diversifiers for each other?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CMCL and WPM?
The CMCL/WPM correlation stands at 0.69 on a 3-year window (1 year: 0.79, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is WPM a good diversifier for CMCL?
Somewhat, no more. With 0.69 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmcl-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmcl-vs-wpm/)
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Related comparisons
Hubs: CMCL correlations · WPM correlations
