OR vs WPM: Correlation
How closely do OR Royalties Inc. (OR) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of 0.82, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OR and WPM?
Over the past 3 years, OR and WPM moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.88 over 1 year against 0.82 over 3. Over 5 years the correlation is 0.83, and the annualized covariance of weekly returns is 1279.1 %².
In OR's tracked universe of 13 assets, WPM sits right near the top at #2. Their recent paths diverged sharply: over the last 12 months WPM outperformed by 39.6 percentage points (+24.7% for OR against +64.3% for WPM).
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 WPM: side by side
| OR (OR Royalties Inc.) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +24.7% | +64.3% |
| 5-year return | +236.7% | +275.2% |
| Volatility (ann.) | 37.9% | 41.1% |
| Beta vs S&P 500 | 0.77 | 0.82 |
| Max drawdown (3Y) | -41.0% | -37.4% |
| Market cap | $7.2B | $71.8B |
| P/E (trailing) | 28.6 | 34.6 |
| Dividend yield | 0.60% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OR | WPM |
|---|---|---|
| 2022 | +0.0% | -7.5% |
| 2023 | +19.8% | +27.9% |
| 2024 | +28.1% | +15.2% |
| 2025 | +96.4% | +109.8% |
| 2026 | +9.6% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OR and WPM good diversifiers for each other?
No. With a correlation of 0.82, OR and WPM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between OR and WPM?
The OR/WPM correlation stands at 0.82 on a 3-year window (1 year: 0.88, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is WPM a good diversifier for OR?
No. With a correlation of 0.82, OR and WPM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 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/or-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/or-vs-wpm/)
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Related comparisons
Hubs: OR correlations · WPM correlations
