TFPM vs USAU: Correlation
Triple Flag Precious Metals Corp. (TFPM) and U.S. Gold Corp. (USAU) show a strong relationship: their 3-year correlation of weekly returns is 0.66.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TFPM and USAU?
On 3 years of weekly data the TFPM/USAU correlation comes out at 0.66, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.66 over 3. The 5-year figure is 0.55, and annualized covariance runs at 1712.6 %².
By 3-year correlation, USAU places #9 of the 16 assets tracked against TFPM. Over the last 12 months TFPM came out ahead by 9.8 percentage points (+33.4% against +23.6%). One caveat on sizing: USAU is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
TFPM vs USAU: side by side
| TFPM (Triple Flag Precious Metals Corp.) | USAU (U.S. Gold Corp.) | |
|---|---|---|
| 1-year return | +33.4% | +23.6% |
| 5-year return | n/a | +73.0% |
| Volatility (ann.) | 37.3% | 69.5% |
| Beta vs S&P 500 | 0.62 | 1.73 |
| Max drawdown (3Y) | -34.9% | -44.0% |
| Market cap | $7.2B | $0.3B |
| P/E (trailing) | 17.5 | – |
| Dividend yield | 0.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TFPM | USAU |
|---|---|---|
| 2022 | – | -46.5% |
| 2023 | -1.8% | -11.5% |
| 2024 | +14.6% | +44.2% |
| 2025 | +122.2% | +216.6% |
| 2026 | +5.8% | -15.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TFPM and USAU good diversifiers for each other?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between TFPM and USAU?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.72 over the last year and 0.55 over 5 years.
Is USAU a good diversifier for TFPM?
Somewhat, no more. With 0.66 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.66 mean?
A reading of 0.66 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: TFPM correlations · USAU correlations
