FNV vs WPM: Correlation
Franco-Nevada Corporation (FNV) and Wheaton Precious Metals Corp (WPM) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FNV and WPM?
Across a 3-year window, the weekly returns of FNV and WPM correlate at 0.82, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.91 lands near the 3-year figure. Stretching to 5 years gives 0.83, with an annualized covariance of 1082.6 %².
Few assets follow FNV as closely as WPM, which ranks #3 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months WPM outperformed by 17.7 percentage points (+46.6% for FNV 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.
FNV vs WPM: side by side
| FNV (Franco-Nevada Corporation) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +46.6% | +64.3% |
| 5-year return | +97.2% | +275.2% |
| Volatility (ann.) | 32.2% | 41.1% |
| Beta vs S&P 500 | 0.36 | 0.82 |
| Max drawdown (3Y) | -29.2% | -37.4% |
| Market cap | $52.3B | $71.8B |
| P/E (trailing) | 35.0 | 34.6 |
| Dividend yield | 0.61% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FNV | WPM |
|---|---|---|
| 2022 | -0.4% | -7.5% |
| 2023 | -18.0% | +27.9% |
| 2024 | +7.4% | +15.2% |
| 2025 | +77.1% | +109.8% |
| 2026 | +31.4% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FNV and WPM good diversifiers for each other?
No: a correlation of 0.82 means FNV and WPM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between FNV and WPM?
Using weekly returns as of 2026-08-27: 0.82 over 3 years, with 0.91 over the last year and 0.83 over 5 years.
Is WPM a good diversifier for FNV?
No: a correlation of 0.82 means FNV and WPM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fnv-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fnv-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FNV correlations · WPM correlations
