MUX vs TFPM: Correlation
McEwen Inc. (MUX) and Triple Flag Precious Metals Corp. (TFPM) show a strong relationship: their 3-year correlation of weekly returns is 0.71.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MUX and TFPM?
Across a 3-year window, the weekly returns of MUX and TFPM correlate at 0.71, strong. Recent behaviour matches the longer record: 0.80 over 1 year against 0.71 over 3. Stretching to 5 years gives 0.57, with an annualized covariance of 1506.2 %².
Among the 15 assets we track against MUX, TFPM ranks #4 by 3-year correlation. The last year tells two different stories: MUX led by 63.9 percentage points, +97.3% for MUX against +33.4% for TFPM. One caveat on sizing: MUX is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MUX vs TFPM: side by side
| MUX (McEwen Inc.) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +97.3% | +33.4% |
| 5-year return | +90.0% | n/a |
| Volatility (ann.) | 56.7% | 37.3% |
| Beta vs S&P 500 | 1.41 | 0.62 |
| Max drawdown (3Y) | -46.5% | -34.9% |
| Market cap | $1.3B | $7.2B |
| P/E (trailing) | 16.7 | 17.5 |
| Dividend yield | 0.00% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MUX | TFPM |
|---|---|---|
| 2022 | -33.9% | – |
| 2023 | +23.0% | -1.8% |
| 2024 | +7.9% | +14.6% |
| 2025 | +137.9% | +122.2% |
| 2026 | +17.0% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MUX and TFPM good diversifiers for each other?
To a limited degree. At 0.71 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 MUX and TFPM?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.80 over the last year and 0.57 over 5 years.
Is TFPM a good diversifier for MUX?
To a limited degree. At 0.71 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 0.71 mean?
A reading of 0.71 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: MUX correlations · TFPM correlations
