DC vs TFPM: Correlation
Measured on weekly returns over the past three years, Dakota Gold Corp. (DC) and Triple Flag Precious Metals Corp. (TFPM) carry a correlation of 0.64, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DC and TFPM?
On 3 years of weekly data the DC/TFPM correlation comes out at 0.64, strong. The past 12 months show a tighter link (0.75) than the 3-year average (0.64). The 5-year figure is 0.53, and annualized covariance runs at 1463.3 %².
In DC's tracked universe of 12 assets, TFPM sits right near the top at #3. Correlation aside, the last 12 months split them widely, with DC ahead by 15.9 points (+49.3% versus +33.4%). Note the risk asymmetry: DC runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DC vs TFPM: side by side
| DC (Dakota Gold Corp.) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +49.3% | +33.4% |
| 5-year return | -9.6% | n/a |
| Volatility (ann.) | 61.3% | 37.3% |
| Beta vs S&P 500 | 1.26 | 0.62 |
| Max drawdown (3Y) | -41.7% | -34.9% |
| Market cap | $0.8B | $7.2B |
| P/E (trailing) | – | 17.5 |
| Dividend yield | 0.00% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DC | TFPM |
|---|---|---|
| 2023 | -14.1% | -1.8% |
| 2024 | -16.0% | +14.6% |
| 2025 | +158.2% | +122.2% |
| 2026 | +9.9% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DC and TFPM good diversifiers for each other?
Only partially. A correlation of 0.64 means DC and TFPM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DC and TFPM?
The DC/TFPM correlation stands at 0.64 on a 3-year window (1 year: 0.75, 5 years: 0.53), computed from weekly returns as of 2026-08-27.
Is TFPM a good diversifier for DC?
Only partially. A correlation of 0.64 means DC and TFPM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.64 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: DC correlations · TFPM correlations
