GLD vs WPM: Correlation
SPDR Gold Shares (GLD) and Wheaton Precious Metals Corp (WPM) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLD and WPM?
On 3 years of weekly data the GLD/WPM correlation comes out at 0.79, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.78, and annualized covariance runs at 607.3 %².
Within GLD's tracked universe of 30 assets, WPM comes in at #7 by 3-year correlation. The last year tells two different stories: WPM led by 29.2 percentage points, +35.1% for GLD against +64.3% for WPM. Note the risk asymmetry: WPM runs 2.2 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.
GLD vs WPM: side by side
| GLD (SPDR Gold Shares) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +35.1% | +64.3% |
| 5-year return | +149.5% | +275.2% |
| Volatility (ann.) | 18.7% | 41.1% |
| Beta vs S&P 500 | 0.18 | 0.82 |
| Max drawdown (3Y) | -26.4% | -37.4% |
| Market cap | – | $71.8B |
| P/E (trailing) | – | 34.6 |
| Dividend yield | – | 0.46% |
| Sector / category | ETF · Commodities | US Listed |
Year-by-year returns
| Year | GLD | WPM |
|---|---|---|
| 2022 | -0.8% | -7.5% |
| 2023 | +12.7% | +27.9% |
| 2024 | +26.7% | +15.2% |
| 2025 | +63.7% | +109.8% |
| 2026 | +6.6% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLD and WPM good diversifiers for each other?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GLD and WPM?
As of 2026-08-27, the correlation of weekly returns between GLD and WPM is 0.79 over 3 years, 0.81 over 1 year and 0.78 over 5 years.
Is WPM a good diversifier for GLD?
Somewhat, no more. With 0.79 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 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/gld-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gld-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GLD correlations · WPM correlations
