CNL vs WPM: Correlation
How closely do Collective Mining Ltd. (CNL) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CNL and WPM?
Across a 3-year window, the weekly returns of CNL and WPM correlate at 0.58, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.75 versus 0.58 over 3 years. Stretching to 5 years gives 0.37, with an annualized covariance of 1429.8 %².
By 3-year correlation, WPM places #5 of the 10 assets tracked against CNL. Correlation aside, the last 12 months split them widely, with WPM ahead by 33.3 points (+31.0% versus +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.
CNL vs WPM: side by side
| CNL (Collective Mining Ltd.) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +31.0% | +64.3% |
| 5-year return | +565.6% | +275.2% |
| Volatility (ann.) | 59.9% | 41.1% |
| Beta vs S&P 500 | 0.70 | 0.82 |
| Max drawdown (3Y) | -51.6% | -37.4% |
| Market cap | $1.5B | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.00% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CNL | WPM |
|---|---|---|
| 2022 | -12.8% | -7.5% |
| 2023 | +67.4% | +27.9% |
| 2024 | +29.6% | +15.2% |
| 2025 | +250.7% | +109.8% |
| 2026 | +9.8% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CNL and WPM good diversifiers for each other?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CNL and WPM?
As of 2026-08-27, the correlation of weekly returns between CNL and WPM is 0.58 over 3 years, 0.75 over 1 year and 0.37 over 5 years.
Is WPM a good diversifier for CNL?
To a limited degree. At 0.58 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.58 mean?
On the −1 to +1 scale, 0.58 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/cnl-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cnl-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CNL correlations · WPM correlations
