NEM vs WPM: Correlation
Measured on weekly returns over the past three years, Newmont (NEM) and Wheaton Precious Metals Corp (WPM) carry a correlation of 0.84, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NEM and WPM?
Over the past 3 years, NEM and WPM moved with a correlation of 0.84, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.84 over 3. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 1478.9 %².
Few assets follow NEM as closely as WPM, which ranks #3 of 34 tracked partners. Correlation aside, the last 12 months split them widely, with NEM ahead by 20.4 points (+84.7% versus +64.3%).
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 WPM: side by side
| NEM (Newmont) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +84.7% | +64.3% |
| 5-year return | +165.9% | +275.2% |
| Volatility (ann.) | 43.0% | 41.1% |
| Beta vs S&P 500 | 0.87 | 0.82 |
| Max drawdown (3Y) | -36.6% | -37.4% |
| Market cap | $139.4B | $71.8B |
| P/E (trailing) | 16.6 | 34.6 |
| Dividend yield | 0.78% | 0.46% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | NEM | WPM |
|---|---|---|
| 2022 | -20.8% | -7.5% |
| 2023 | -8.8% | +27.9% |
| 2024 | -7.8% | +15.2% |
| 2025 | +172.8% | +109.8% |
| 2026 | +33.1% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NEM and WPM good diversifiers for each other?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between NEM and WPM?
The NEM/WPM correlation stands at 0.84 on a 3-year window (1 year: 0.90, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is WPM a good diversifier for NEM?
Not really. At 0.84, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.84 mean?
A reading of 0.84 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/nem-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/nem-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NEM correlations · WPM correlations
