FNV vs RGLD: Correlation
Measured on weekly returns over the past three years, Franco-Nevada Corporation (FNV) and Royal Gold, Inc. (RGLD) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNV and RGLD?
On 3 years of weekly data the FNV/RGLD correlation comes out at 0.80, very strong, meaning they move nearly in lockstep. Lately the two have moved closer together, with the 1-year correlation at 0.91 versus 0.80 over 3 years. The 5-year figure is 0.80, and annualized covariance runs at 920.8 %².
Among the 10 assets we track against FNV, RGLD ranks #5 by 3-year correlation. On 12-month performance RGLD holds a 6.7-point edge, +46.6% against +53.3%.
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.
FNV vs RGLD: side by side
| FNV (Franco-Nevada Corporation) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | +46.6% | +53.3% |
| 5-year return | +97.2% | +156.8% |
| Volatility (ann.) | 32.2% | 35.8% |
| Beta vs S&P 500 | 0.36 | 0.64 |
| Max drawdown (3Y) | -29.2% | -38.2% |
| Market cap | $52.3B | $22.8B |
| P/E (trailing) | 35.0 | 29.5 |
| Dividend yield | 0.61% | 0.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNV | RGLD |
|---|---|---|
| 2022 | -0.4% | +8.5% |
| 2023 | -18.0% | +8.7% |
| 2024 | +7.4% | +10.4% |
| 2025 | +77.1% | +70.4% |
| 2026 | +31.4% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNV and RGLD good diversifiers for each other?
No: a correlation of 0.80 means FNV and RGLD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FNV and RGLD?
As of 2026-08-27, the correlation of weekly returns between FNV and RGLD is 0.80 over 3 years, 0.91 over 1 year and 0.80 over 5 years.
Is RGLD a good diversifier for FNV?
No: a correlation of 0.80 means FNV and RGLD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 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
$ curl https://www.pairbook.io/api/v1/pairs/fnv-vs-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fnv-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNV correlations · RGLD correlations
