GROY vs TFPM: Correlation
Gold Royalty Corp. (GROY) and Triple Flag Precious Metals Corp. (TFPM) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GROY and TFPM?
Over the past 3 years, GROY and TFPM moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.65, and the annualized covariance of weekly returns is 1477.7 %².
Few assets follow GROY as closely as TFPM, which ranks #1 of 12 tracked partners. The last year tells two different stories: TFPM led by 29.1 percentage points, +4.3% for GROY against +33.4% for TFPM.
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.
GROY vs TFPM: side by side
| GROY (Gold Royalty Corp.) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +4.3% | +33.4% |
| 5-year return | -15.6% | n/a |
| Volatility (ann.) | 55.2% | 37.3% |
| Beta vs S&P 500 | 1.04 | 0.62 |
| Max drawdown (3Y) | -51.6% | -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 | GROY | TFPM |
|---|---|---|
| 2022 | -52.0% | – |
| 2023 | -36.3% | -1.8% |
| 2024 | -17.7% | +14.6% |
| 2025 | +233.9% | +122.2% |
| 2026 | -15.1% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GROY and TFPM good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GROY and TFPM?
The GROY/TFPM correlation stands at 0.72 on a 3-year window (1 year: 0.77, 5 years: 0.65), computed from weekly returns as of 2026-08-27.
Is TFPM a good diversifier for GROY?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
A reading of 0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: GROY correlations · TFPM correlations
