ELE vs WPM: Correlation
Measured on weekly returns over the past three years, Elemental Royalty Corporation (ELE) and Wheaton Precious Metals Corp (WPM) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELE and WPM?
On 3 years of weekly data the ELE/WPM correlation comes out at 0.65, strong. The past 12 months show a tighter link (0.76) than the 3-year average (0.65). The 5-year figure is 0.57, and annualized covariance runs at 1179.3 %².
In ELE's tracked universe of 11 assets, WPM sits right near the top at #1. On 12-month performance WPM holds a 11.6-point edge, +52.7% 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.
ELE vs WPM: side by side
| ELE (Elemental Royalty Corporation) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +52.7% | +64.3% |
| 5-year return | +117.9% | +275.2% |
| Volatility (ann.) | 44.3% | 41.1% |
| Beta vs S&P 500 | 0.87 | 0.82 |
| Max drawdown (3Y) | -40.9% | -37.4% |
| Market cap | $1.4B | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | 0.27% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELE | WPM |
|---|---|---|
| 2022 | -25.3% | -7.5% |
| 2023 | -15.4% | +27.9% |
| 2024 | -3.9% | +15.2% |
| 2025 | +114.0% | +109.8% |
| 2026 | +32.2% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELE and WPM good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ELE and WPM?
The ELE/WPM correlation stands at 0.65 on a 3-year window (1 year: 0.76, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is WPM a good diversifier for ELE?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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/ele-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ele-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ELE correlations · WPM correlations
