RGLD vs TFPM: Correlation
Royal Gold, Inc. (RGLD) and Triple Flag Precious Metals Corp. (TFPM) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RGLD and TFPM?
Over the past 3 years, RGLD and TFPM moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.82 over 3. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 1094.8 %².
Among the 16 assets we track against RGLD, TFPM ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with RGLD ahead by 19.9 points (+53.3% versus +33.4%).
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.
RGLD vs TFPM: side by side
| RGLD (Royal Gold, Inc.) | TFPM (Triple Flag Precious Metals Corp.) | |
|---|---|---|
| 1-year return | +53.3% | +33.4% |
| 5-year return | +156.8% | n/a |
| Volatility (ann.) | 35.8% | 37.3% |
| Beta vs S&P 500 | 0.64 | 0.62 |
| Max drawdown (3Y) | -38.2% | -34.9% |
| Market cap | $22.8B | $7.2B |
| P/E (trailing) | 29.5 | 17.5 |
| Dividend yield | 0.36% | 0.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RGLD | TFPM |
|---|---|---|
| 2022 | +8.5% | – |
| 2023 | +8.7% | -1.8% |
| 2024 | +10.4% | +14.6% |
| 2025 | +70.4% | +122.2% |
| 2026 | +21.8% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RGLD and TFPM good diversifiers for each other?
No. With a correlation of 0.82, RGLD and TFPM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between RGLD and TFPM?
The RGLD/TFPM correlation stands at 0.82 on a 3-year window (1 year: 0.90, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is TFPM a good diversifier for RGLD?
No. With a correlation of 0.82, RGLD and TFPM 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.
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Related comparisons
Hubs: RGLD correlations · TFPM correlations
