# How Franco-Nevada (FNV) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/fnv
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on FNV alone. It places FNV (Franco-Nevada Corporation) against 12 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where FNV stands in the market, and of the alternatives worth a closer look.

Period covered: FNV's full trading record, from December 2007 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** FNV has run far ahead of the market, rising 20.7% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100.
- **Stock or market?:** Not a move of its own: the gold mining ETF GDX (VanEck Gold Miners ETF) rose 21.7% over the past 3 months, with WPM (Wheaton Precious Metals, up 27.0%) and RGLD (Royal Gold, up 27.7%), against 3.9% for the S&P 500.
- **Past 1 to 3 years:** Over the past year, FNV rose 18.4% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. FNV's 37.1% fall from April 2022 to December 2023 took 16 months to heal. the S&P 500 fell 6.9% over those same dates.
- **Long term:** FNV turned $10,000 into $40,300 over the past decade, against $42,100 in the S&P 500. Even so, over the past decade, only WPM (Wheaton Precious Metals) of its gold mining peers outpaced FNV.
- **In a crash:** The 2022 bear market took 33.3% off FNV, against 24.5% for the S&P 500, and less than gold mining peers such as WPM (Wheaton Precious Metals, 43.3%). FNV fell further than the S&P 500 in two of the last three sell-offs, including the 2022 bear market (33.3% against 24.5%).
- **Diversification:** FNV is a real diversifier: a correlation of 0.18 with the S&P 500 over 5 years and 0.18 with the total US market, less closely than 89% of stocks worth at least $300 million. Over 10 years, FNV's beta versus the S&P 500 was 0.49: 69% of the S&P 500's gains in rising months and 47% of its losses in falling ones.
- **Better options**
  - **Popular alternatives:** GLD (SPDR Gold Shares) earned more than FNV with less volatility over the past 5 years: 17.7% a year at 18.9% volatility, against 12.5% a year at 31.2%.
  - **Nearby categories and themes:** RTX (aerospace & defense) and RS (Reliance Steel & Aluminum, metals & mining) earned more than FNV with less volatility over the past 5 years. RTX returned 18.6% a year at 24.3% volatility, against 12.5% a year at 31.2%.
  - **Whole market:** 265 of the 3,633 stocks and funds worth at least $500 million earned more than FNV with less volatility over the past 5 years, among them AAPL (Apple), WMT (Walmart) and JPM (JPMorgan Chase & Co.).

## How much would $10,000 in FNV have grown?

This chart tracks a hypothetical $10,000 investment in FNV over the past 18 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of FNV over the same span and FNV's popular alternatives, among those that traded for the entire period.

- $10,000 invested in FNV at the end of September 2008 would have grown to $156,549 by September 2026, more than the $91,104 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of FNV, and AAPL finished highest, at $979,453.

## FNV at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- FNV's deepest decline since it began trading in 2007 was 58.8%, from July to October 2008. It took five months from the low to climb back to its old high.
- Over 18 full calendar years, FNV's best was 2025, when it returned 77.8%, and its worst was 2013, when it lost 27.5%. It lost money in five of those years.
- FNV is 13.7% below its all-time high.

- Type: Stock, Materials (Gold)
- Trading since: December 7, 2007
- Market value: $47B
- Volatility (5 years): 31.3%; Sharpe ratio: 0.53
- Worst decline ever: −58.8%, from July 14, 2008 to October 27, 2008; back at its high by March 19, 2009

| Period | FNV total return |
| --- | --- |
| 1 month | −7.9% |
| 3 months | +20.7% |
| 6 months | −6.2% |
| year to date | +16.2% |
| 1 year | +18.4% |
| 3 years | +78.8% |
| 5 years | +79.9% |
| 10 years | +303% |

## FNV against the whole market

Where FNV ranks among every stock and fund, and what across the market has done better.

### How does FNV rank among all stocks?

This section ranks FNV on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- FNV's worst decline of the past 10 years ranks in the top 4% of the 2,187 stocks worth at least $300 million, where the top fell the least.

| Measure | FNV | Rank |
| --- | --- | --- |
| 1-year return | +18.4% | 1,298 of 3,287 (top 40%) |
| 3-year return | +78.8% | 1,142 of 3,017 (top 38%) |
| 5-year return | +79.9% | 812 of 2,893 (top 29%) |
| 10-year return | +303% | 581 of 2,202 (top 27%) |
| Volatility, 5 years | 31.3% | 844 of 2,893 (top 30%) |
| Sharpe ratio, 5 years | 0.53 | 846 of 2,893 (top 30%) |
| Worst decline, past 10 years | −37.1% | 88 of 2,187 (top 5%) |

### What has beaten FNV on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- 154 stocks and 111 ETFs worth at least $500 million sit in the green region: each earned more than FNV over the past 5 years with smaller price swings. That is 7% of the 3,633 screened.
- Among those with at least half FNV's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 21% less than FNV's 31.2%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.53 for FNV.
- Among FNV's popular alternatives, GLD is in the region. GLD earned 17.7% a year against 12.5% a year for FNV, at 18.9% volatility, 39% less than FNV's 31.2%.

### Is there a better investment than FNV?

The table below lists investments that beat FNV over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among FNV's popular alternatives, GLD earned more than FNV with less volatility over the past 5 years: 17.7% a year at 18.9% volatility, against 12.5% a year at 31.2%.
- Looking beyond its popular alternatives, RTX (aerospace & defense) and RS (metals & mining) earned more than FNV with less volatility over the past 5 years. RTX returned 18.6% a year at 24.3% volatility, against 12.5% a year at 31.2%.
- Across the whole market, 265 of the 3,633 stocks and funds worth at least $500 million earned more than FNV with less volatility over the past 5 years, among them AAPL, WMT and JPM.

The 15 strongest of 265 investments that beat FNV over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with FNV | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| FNV: Franco-Nevada Corporation (this page) |  | +12.5% | 31.3% | 0.53 | −37.1% | +303% |  |  |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MNST](https://easycompare.io/research/mnst): Monster Beverage Corporation | Food & Beverages | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [FAST](https://easycompare.io/research/fast): Fastenal Company | Industrial Distribution | +15.8% | 24.6% | 0.72 | −30.7% | +576% | 0.35 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| DFIV: Dimensional - International Value ETF | International Equity | +14.8% | 16.4% | 0.93 | −25.4% | — | 0.45 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| AVLV: Avantis U.S. Large Cap Value ETF | US Large-Cap Value | +14.0% | 16.9% | 0.86 | −19.5% | — | 0.26 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | Banks | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.14 | Higher return, lower volatility; Higher return in most periods |
| IOO: iShares Global 100 ETF | Global Equity | +15.7% | 17.2% | 0.94 | −31.4% | +361% | 0.18 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | -0.04 | Higher return, lower volatility; Higher return in most periods |
| ACT: Enact Holdings Inc. | Insurance | +20.5% | 24.3% | 0.89 | −20.2% | — | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [AAPL](https://easycompare.io/research/aapl): Apple Inc. | Computer Hardware | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.09 | Higher return, lower volatility; Higher return in most periods |
| [MPLX](https://easycompare.io/research/mplx): MPLX Lp | Oil & Gas Midstream | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.17 | Higher return, lower volatility; Higher return in most periods |
| GARP: iShares MSCI USA Quality GARP ETF | Broad Market | +17.5% | 22.5% | 0.83 | −31.4% | — | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.33 | Higher return, lower volatility; Higher return in most periods |
| DBJP: Xtrackers MSCI Japan Hedged Equity ETF | International | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.20 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [HSBC](https://easycompare.io/research/hsbc): HSBC Holdings plc | Banks | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.26 | Higher return, lower volatility; Higher return in most periods |

## FNV against its popular alternatives

The investments people most often weigh against FNV, compared period by period and year by year.

### How do FNV's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- Only GLD was both more rewarding and calmer than FNV over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, FNV returned 12.5% a year, less than the S&P 500's 12.7%, with higher volatility (31.2% against 17.1%).

### Has FNV consistently beaten its popular alternatives?

This section compares FNV with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- Two of the 12 popular alternatives, NEM and RGLD, outperformed FNV in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- GLD and TFPM earned more for the risk they took than FNV (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of FNV | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| FNV: Franco-Nevada Corporation (this page) | +18.4% | +78.8% | +79.9% | +303% |  |  | 0.53 |
| [NEM](https://easycompare.io/research/nem): Newmont Corporation | +24.3% | +219% | +135% | +304% | 4/5 short-term, 2/3 long-term | consistent | 0.63 |
| RGLD: Royal Gold, Inc. | +24.0% | +124% | +155% | +282% | 3/5 short-term, 2/3 long-term | consistent | 0.74 |
| [AU](https://easycompare.io/research/au): AngloGold Ashanti Plc | +26.2% | +416% | +445% | +681% | 2/5 short-term, 3/3 long-term |  | 0.93 |
| [WPM](https://easycompare.io/research/wpm): Wheaton Precious Metals Corp. | +25.2% | +212% | +236% | +510% | 2/5 short-term, 3/3 long-term |  | 0.85 |
| [AEM](https://easycompare.io/research/aem): Agnico Eagle Mines Limited | +5.3% | +293% | +264% | +352% | 2/5 short-term, 3/3 long-term |  | 0.87 |
| OR: OR Royalties Inc. | −6.7% | +189% | +198% | +283% | 2/5 short-term, 2/3 long-term |  | 0.78 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | −6.3% | +106% | +126% | +213% | 1/5 short-term, 2/3 long-term |  | 0.96 |
| TFPM: Triple Flag Precious Metals Corp. | −3.3% | +145% | +262% | — | 1/5 short-term, 2/3 long-term |  | 0.87 |
| PAAS: Pan American Silver Corp. | +13.9% | +205% | +89.0% | +202% | 0/5 short-term, 2/3 long-term |  | 0.51 |
| GROY: Gold Royalty Corp. | −20.2% | +122% | −44.5% | — | 0/5 short-term, 1/3 long-term |  | 0.06 |
| VOXR: Vox Royalty Corp. | +10.0% | +161% | +68.0% | — | 0/5 short-term, 1/3 long-term |  | 0.46 |
| ELE: Elemental Royalty Corporation | +12.3% | — | — | — | 0/5 short-term, 0/3 long-term |  | — |

### How did FNV do year by year?

This table shows each investment's total return in every full calendar year since 2008, along with where FNV ranked among its popular alternatives each year.

- Ranked against its popular alternatives each year, FNV finished in the top quarter in nine of 18 years and in the bottom quarter in three. In 2025, it ranked 10 of 12.
- Among its popular alternatives, VOXR came out ahead of FNV most often, in four of the five years both traded.
- FNV finished ahead of the S&P 500 in 12 of its 18 full calendar years.

| Year | FNV | SPY |
| --- | --- | --- |
| 2025 | +77.8% | +17.7% |
| 2024 | +7.4% | +24.9% |
| 2023 | −17.9% | +26.2% |
| 2022 | −0.4% | −18.2% |
| 2021 | +11.3% | +28.7% |
| 2020 | +22.3% | +18.3% |
| 2019 | +48.9% | +31.2% |
| 2018 | −11.0% | −4.6% |
| 2017 | +35.5% | +21.7% |
| 2016 | +32.4% | +12.0% |

## Risk and diversification

How FNV has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were FNV's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of FNV's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: FNV fell 46.6% from October 2012 to June 2013, while the S&P 500 rose 9.3%.
- The longest climb back to a previous high took 16 months, after FNV fell 37.1% from April 2022 to December 2023.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −58.8% | July 14, 2008 | October 27, 2008 | March 19, 2009 | −31.2% | 2008 financial crisis |
| −46.6% | October 5, 2012 | June 24, 2013 | August 7, 2014 | +9.3% |  |
| −37.1% | April 20, 2022 | December 12, 2023 | April 11, 2025 | +6.9% | 2022 bear market |
| −34.8% | July 28, 2020 | March 1, 2021 | March 7, 2022 | +22.3% |  |
| −34.3% | August 13, 2014 | July 23, 2015 | February 25, 2016 | +10.0% |  |

### How did FNV do in stock market crashes?

This section measures how far FNV, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- Among its popular alternatives, GLD held up best, falling less than FNV in all eight crashes they both traded through.
- FNV began trading after the 2008 financial crisis, but seven of its popular alternatives lived through it. The mildest fall among them was GLD's 29.4%, against 55.2% for the S&P 500.
- FNV fell less than the S&P 500 in four of the eight crashes it has traded through. The clearest case was the late-2018 sell-off, when FNV fell 7.8% and the S&P 500 fell 19.3%.

| Crash | Dates | FNV fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | not trading | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | not trading | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | −0.9% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −24.4% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −20.8% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −7.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −7.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −26.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −33.3% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −1.8% | −3.4% |

### How closely does FNV move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- Over the past 10 years, FNV captured 69% of the S&P 500's gains in rising months and 47% of its losses in falling months, with a beta of 0.49. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Four of the eight popular alternatives had a higher capture ratio (upside capture divided by downside capture) than FNV's 1.48, led by GLD, AU and WPM.
- WPM took just 37% of the S&P 500's losses, against 47% for FNV, while still keeping 78% of its gains.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| FNV: Franco-Nevada Corporation (this page) | 69.0% | 47.0% | 0.49 |
| [NEM](https://easycompare.io/research/nem): Newmont Corporation | 68.0% | 45.0% | 0.39 |
| RGLD: Royal Gold, Inc. | 69.0% | 54.0% | 0.56 |
| [AU](https://easycompare.io/research/au): AngloGold Ashanti Plc | 88.0% | 40.0% | 0.61 |
| [WPM](https://easycompare.io/research/wpm): Wheaton Precious Metals Corp. | 78.0% | 37.0% | 0.48 |
| [AEM](https://easycompare.io/research/aem): Agnico Eagle Mines Limited | 77.0% | 57.0% | 0.70 |
| OR: OR Royalties Inc. | 82.0% | 75.0% | 0.73 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 40.0% | 3.0% | 0.14 |
| PAAS: Pan American Silver Corp. | 95.0% | 111% | 1.00 |

### What diversifies FNV?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in FNV into CAH would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+14.0% for FNV alone, +20.0% for the mix).
- FIX made money in five of the five calendar years in which FNV lost money.
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of FNV over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with FNV | 5Y return | Volatility | Sharpe | Rose in FNV's 5 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.41 | +119% | 11.1% | 1.48 | 2 of 5 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.25 | +225% | 19.1% | 1.34 | 4 of 5 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.33 | +101% | 14.5% | 1.04 | 3 of 5 |
| HDV: iShares Core High Dividend ETF | 0.46 | +83.3% | 13.0% | 1.00 | 3 of 5 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.04 | +323% | 36.9% | 0.97 | 2 of 5 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.33 | +85.0% | 13.8% | 0.96 | 3 of 5 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.02 | +136% | 20.8% | 0.93 | 1 of 5 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.27 | +177% | 25.5% | 0.93 | 2 of 5 |

## Common questions

### What was FNV's worst drawdown?

FNV's deepest decline since it began trading in 2007 was 58.8%, from July to October 2008. It took five months from the low to climb back to its old high. Because FNV launched in December 2007, that record does not include the dot-com bust.

### What were FNV's best and worst years?

Over 18 full calendar years, FNV's best year was 2025, when it returned 77.8%. Its worst was 2013, with a return of -27.5%.

### Is there a better investment than FNV?

Among FNV's popular alternatives, GLD earned more than FNV with less volatility over the past 5 years: 17.7% a year at 18.9% volatility, against 12.5% a year at 31.2%. Looking beyond its popular alternatives, RTX (aerospace & defense) and RS (metals & mining) earned more than FNV with less volatility over the past 5 years. RTX returned 18.6% a year at 24.3% volatility, against 12.5% a year at 31.2%.

### Is FNV more volatile than the S&P 500?

Yes. FNV's volatility over the past 5 years was 31.2%, 1.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FNV's return lands within 31.2% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is FNV's Sharpe ratio?

FNV's Sharpe ratio over the past 5 years was 0.53, against 0.79 for the S&P 500, so FNV earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is FNV with the S&P 500?

Over the past 5 years, FNV's monthly returns had a correlation of 0.18 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FNV instead: the lower it is, the more that option would diversify a FNV holding.

### What are the best alternatives to FNV?

Of the 12 popular alternatives we compared, two outperformed FNV in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: NEM and RGLD.

### Did FNV outperform the S&P 500?

FNV finished ahead of the S&P 500 (SPY) in 12 of 18 full calendar years. In 2025, it returned +77.8%, against +17.7% for the index.

### How did FNV do in stock market crashes?

FNV fell less than the S&P 500 (SPY) in four of the eight major crashes it has traded through, and further in three. The clearest case was the late-2018 sell-off, when FNV fell 7.8% and the S&P 500 fell 19.3%.

### What diversifies FNV?

These had a low correlation with FNV over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.25) and EMLP (correlation 0.33); among large stocks, CAH (correlation -0.04), CLS (correlation -0.16) and FIX (correlation -0.04). A correlation near zero means the two have moved largely independently.

## More research

- [Newmont (NEM) Performance, Alternatives and Market Rank](https://easycompare.io/research/nem)
- [AngloGold Ashanti (AU) Performance, Alternatives and Market Rank](https://easycompare.io/research/au)
- [Wheaton Precious Metals (WPM) Performance, Alternatives and Market Rank](https://easycompare.io/research/wpm)
- [Agnico Eagle Mines (AEM) Performance, Alternatives and Market Rank](https://easycompare.io/research/aem)
- [SPDR Gold Shares (GLD) Performance, Alternatives and Market Rank](https://easycompare.io/research/gld)
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## Explore further

- Full page with charts: https://easycompare.io/research/fnv
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against FNV live: https://betterthanspy.com/?b=FNV&utm_source=easycompare&utm_medium=research