OR vs RGLD: Correlation
How closely do OR Royalties Inc. (OR) and Royal Gold, Inc. (RGLD) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OR and RGLD?
Over the past 3 years, OR and RGLD moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The past 12 months show a tighter link (0.93) than the 3-year average (0.81). Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 1105.0 %².
Few assets follow OR as closely as RGLD, which ranks #3 of 13 tracked partners. The last year tells two different stories: RGLD led by 28.6 percentage points, +24.7% for OR against +53.3% for RGLD.
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.
OR vs RGLD: side by side
| OR (OR Royalties Inc.) | RGLD (Royal Gold, Inc.) | |
|---|---|---|
| 1-year return | +24.7% | +53.3% |
| 5-year return | +236.7% | +156.8% |
| Volatility (ann.) | 37.9% | 35.8% |
| Beta vs S&P 500 | 0.77 | 0.64 |
| Max drawdown (3Y) | -41.0% | -38.2% |
| Market cap | $7.2B | $22.8B |
| P/E (trailing) | 28.6 | 29.5 |
| Dividend yield | 0.60% | 0.36% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OR | RGLD |
|---|---|---|
| 2022 | +0.0% | +8.5% |
| 2023 | +19.8% | +8.7% |
| 2024 | +28.1% | +10.4% |
| 2025 | +96.4% | +70.4% |
| 2026 | +9.6% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OR and RGLD good diversifiers for each other?
No: a correlation of 0.81 means OR and RGLD tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between OR and RGLD?
The OR/RGLD correlation stands at 0.81 on a 3-year window (1 year: 0.93, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is RGLD a good diversifier for OR?
No: a correlation of 0.81 means OR and RGLD tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.81 mean?
On the −1 to +1 scale, 0.81 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/or-vs-rgld.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/or-vs-rgld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: OR correlations · RGLD correlations
