SSRM vs WPM: Correlation
How closely do SSR Mining Inc. (SSRM) and Wheaton Precious Metals Corp (WPM) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SSRM and WPM?
On 3 years of weekly data the SSRM/WPM correlation comes out at 0.69, strong. The link has tightened recently: the 1-year correlation (0.87) runs above the 3-year figure (0.69). The 5-year figure is 0.72, and annualized covariance runs at 1831.1 %².
WPM is one of the assets that tracks SSRM most closely: it ranks #3 out of the 13 assets we track against SSRM. Correlation aside, the last 12 months split them widely, with SSRM ahead by 47.5 points (+111.8% versus +64.3%). Note the risk asymmetry: SSRM runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
SSRM vs WPM: side by side
| SSRM (SSR Mining Inc.) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +111.8% | +64.3% |
| 5-year return | +149.2% | +275.2% |
| Volatility (ann.) | 64.6% | 41.1% |
| Beta vs S&P 500 | 0.98 | 0.82 |
| Max drawdown (3Y) | -73.4% | -37.4% |
| Market cap | $8.0B | $71.8B |
| P/E (trailing) | 14.7 | 34.6 |
| Dividend yield | 0.08% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | SSRM | WPM |
|---|---|---|
| 2022 | -10.0% | -7.5% |
| 2023 | -29.9% | +27.9% |
| 2024 | -35.3% | +15.2% |
| 2025 | +214.9% | +109.8% |
| 2026 | +78.1% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SSRM and WPM good diversifiers for each other?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between SSRM and WPM?
As of 2026-08-27, the correlation of weekly returns between SSRM and WPM is 0.69 over 3 years, 0.87 over 1 year and 0.72 over 5 years.
Is WPM a good diversifier for SSRM?
To a limited degree. At 0.69 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/ssrm-vs-wpm.json
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Related comparisons
Hubs: SSRM correlations · WPM correlations
