RGLD vs WPM: Correlation
Measured on weekly returns over the past three years, Royal Gold, Inc. (RGLD) and Wheaton Precious Metals Corp (WPM) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RGLD and WPM?
On 3 years of weekly data the RGLD/WPM correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.93 over 1 year against 0.87 over 3. The 5-year figure is 0.86, and annualized covariance runs at 1284.9 %².
Few assets follow RGLD as closely as WPM, which ranks #2 of 16 tracked partners. Over the last 12 months WPM came out ahead by 11.0 percentage points (+53.3% against +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.
RGLD vs WPM: side by side
| RGLD (Royal Gold, Inc.) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +53.3% | +64.3% |
| 5-year return | +156.8% | +275.2% |
| Volatility (ann.) | 35.8% | 41.1% |
| Beta vs S&P 500 | 0.64 | 0.82 |
| Max drawdown (3Y) | -38.2% | -37.4% |
| Market cap | $22.8B | $71.8B |
| P/E (trailing) | 29.5 | 34.6 |
| Dividend yield | 0.36% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RGLD | WPM |
|---|---|---|
| 2022 | +8.5% | -7.5% |
| 2023 | +8.7% | +27.9% |
| 2024 | +10.4% | +15.2% |
| 2025 | +70.4% | +109.8% |
| 2026 | +21.8% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RGLD and WPM good diversifiers for each other?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between RGLD and WPM?
As of 2026-08-27, the correlation of weekly returns between RGLD and WPM is 0.87 over 3 years, 0.93 over 1 year and 0.86 over 5 years.
Is WPM a good diversifier for RGLD?
Not really. At 0.87, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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/rgld-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/rgld-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: RGLD correlations · WPM correlations
