TFPM vs WPM: Correlation
Measured on weekly returns over the past three years, Triple Flag Precious Metals Corp. (TFPM) and Wheaton Precious Metals Corp (WPM) carry a correlation of 0.85, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TFPM and WPM?
On 3 years of weekly data the TFPM/WPM correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.89 over 1 year against 0.85 over 3. The 5-year figure is 0.74, and annualized covariance runs at 1296.4 %².
Few assets follow TFPM as closely as WPM, which ranks #2 of 16 tracked partners. The last year tells two different stories: WPM led by 30.9 percentage points, +33.4% for TFPM 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.
TFPM vs WPM: side by side
| TFPM (Triple Flag Precious Metals Corp.) | WPM (Wheaton Precious Metals Corp) | |
|---|---|---|
| 1-year return | +33.4% | +64.3% |
| 5-year return | n/a | +275.2% |
| Volatility (ann.) | 37.3% | 41.1% |
| Beta vs S&P 500 | 0.62 | 0.82 |
| Max drawdown (3Y) | -34.9% | -37.4% |
| Market cap | $7.2B | $71.8B |
| P/E (trailing) | 17.5 | 34.6 |
| Dividend yield | 0.66% | 0.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TFPM | WPM |
|---|---|---|
| 2022 | – | -7.5% |
| 2023 | -1.8% | +27.9% |
| 2024 | +14.6% | +15.2% |
| 2025 | +122.2% | +109.8% |
| 2026 | +5.8% | +35.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TFPM and WPM good diversifiers for each other?
No: a correlation of 0.85 means TFPM and WPM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between TFPM and WPM?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.89 over the last year and 0.74 over 5 years.
Is WPM a good diversifier for TFPM?
No: a correlation of 0.85 means TFPM and WPM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.85 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tfpm-vs-wpm.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/tfpm-vs-wpm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: TFPM correlations · WPM correlations
