NEM vs TFPM: Correlation
Measured on weekly returns over the past three years, Newmont (NEM) and Triple Flag Precious Metals Corp. (TFPM) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and TFPM?
Across a 3-year window, the weekly returns of NEM and TFPM correlate at 0.76, strong. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Stretching to 5 years gives 0.65, with an annualized covariance of 1220.7 %².
Among the 34 assets we track against NEM, TFPM ranks #14 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NEM outperformed by 51.3 percentage points (+84.7% for NEM 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.
NEM vs TFPM: side by side
| NEM (Newmont) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +84.7% | +33.4% |
| 5-year return | +165.9% | n/a |
| Volatility (ann.) | 43.0% | 37.3% |
| Beta vs S&P 500 | 0.87 | 0.62 |
| Max drawdown (3Y) | -36.6% | -34.9% |
| Market cap | $139.4B | $7.2B |
| P/E (trailing) | 16.6 | 17.5 |
| Dividend yield | 0.78% | 0.66% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NEM | TFPM |
|---|---|---|
| 2022 | -20.8% | – |
| 2023 | -8.8% | -1.8% |
| 2024 | -7.8% | +14.6% |
| 2025 | +172.8% | +122.2% |
| 2026 | +33.1% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEM and TFPM good diversifiers for each other?
Only partially. A correlation of 0.76 means NEM and TFPM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between NEM and TFPM?
As of 2026-08-27, the correlation of weekly returns between NEM and TFPM is 0.76 over 3 years, 0.82 over 1 year and 0.65 over 5 years.
Is TFPM a good diversifier for NEM?
Only partially. A correlation of 0.76 means NEM and TFPM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.76 mean?
A reading of 0.76 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: NEM correlations · TFPM correlations
