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Relative Intelligence · Metals & Mining

How Wheaton Precious Metals (WPM) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on WPM alone. It places WPM (Wheaton Precious Metals Corp.) against 18 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 WPM stands in the market, and of the alternatives worth a closer look.

Period covered: WPM's full trading record, from July 2005 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.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against WPM →Chart WPM vs. 18 alternatives →
On this page12 sections

Key findings

How much would $10,000 in WPM have grown?

This chart tracks a hypothetical $10,000 investment in WPM over the past 21 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of WPM over the same span and WPM's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: WPM began trading on July 6, 2005, so the chart cannot reach back to the dot-com bust. It covers the most recent 21 years of WPM's record, starting at the end of September 2005.

Choose a period

From the end of September 2005 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 61 of the 1,562 stocks and funds worth at least $500 million that traded the whole period ended ahead of WPM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000200520092013201720212025$10,000$100,00020052010201520202025
  • APH$802,857+7,929% total · +23.2% a year
  • SCCO$619,666+6,097% total · +21.7% a year
  • ESLT$487,435+4,774% total · +20.3% a year
  • STLD$407,401+3,974% total · +19.3% a year
  • LLY$390,765+3,808% total · +19.1% a year
  • WPM$370,437+3,604% total · +18.8% a year
  • AEM$162,902+1,529% total · +14.2% a year
  • SPY (S&P 500)$90,973+810% total · +11.1% a year
  • KGC$36,598+266% total · +6.4% a year
  • AU$29,749+197% total · +5.3% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 227 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of WPM; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000$100,000202120222023202420252026$0$50,000$100,000202120222023202420252026
  • HWM$73,554+636% total · +49.0% a year
  • AU$67,300+573% total · +46.4% a year
  • MOG-A$52,115+421% total · +39.1% a year
  • ESLT$49,131+391% total · +37.5% a year
  • KGC$48,945+389% total · +37.4% a year
  • SCCO$47,048+370% total · +36.3% a year
  • STLD$40,782+308% total · +32.5% a year
  • AEM$39,659+297% total · +31.7% a year
  • WPM$37,572+276% total · +30.3% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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WPM 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. These figures serve as the baseline for every comparison that follows.

Note: WPM began trading on July 6, 2005, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust.

The company

Market value
$60B
Industry
Gold
Price history from
July 2005

Returns

Past 1 year
+25.2%total return
Past 3 years
+212%+46.2% a year
Past 5 years
+236%+27.5% a year
Past 10 years
+510%+19.8% a year
Best calendar year
+160%2010
Worst calendar year
−61.8%2008
Losing years
6 of 20full calendar years

Risk

Volatility
36.9%typical yearly swing, 5 years
Sharpe ratio
0.85return per unit of risk, 5 years
Worst decline ever
−86.8%Mar 2008 to Nov 2008
From its all-time high
−20.5%below the peak

WPM against the whole market

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

How does WPM rank among all stocks?

This section ranks WPM on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how WPM stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureWPMRankStanding
1-year return+25.2%1,100 of 3,287top 33%
3-year return+212%366 of 3,017top 12%
5-year return+236%246 of 2,893top 9%
10-year return+510%300 of 2,202top 14%
Volatility, 5 years36.9%1,267 of 2,893top 44%
Sharpe ratio, 5 years0.85235 of 2,893top 8%
Worst decline, past 10 years−46.7%342 of 2,187top 16%

What has beaten WPM 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). WPM sits where the dashed lines cross. Anything in the green box above and to the left earned more than WPM with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to WPM; faint dots are 27 more of the 37 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WPMCAT: +31.1% a year, volatility 31.9%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%TRGP: +41.8% a year, volatility 31.7%APH: +33.8% a year, volatility 32.2%BAP: +30.8% a year, volatility 30.3%CIB: +32.9% a year, volatility 32.9%AIT: +28.5% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%WT: +31.4% a year, volatility 32.8%NBN: +28.8% a year, volatility 33.3%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%LAUR: +37.5% a year, volatility 32.8%CW: +30.8% a year, volatility 28.7%ARLP: +29.4% a year, volatility 31.6%BLX: +31.4% a year, volatility 25.9%NRP: +37.4% a year, volatility 33.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%WPM: +27.5% a year, volatility 36.9%SPY (S&P 500): +12.7% a year, volatility 17.1%SCCO: +32.0% a year, volatility 40.7%MOG-A: +36.6% a year, volatility 32.0%ESLT: +39.8% a year, volatility 34.6%HWM: +47.3% a year, volatility 32.5%STLD: +32.2% a year, volatility 38.0%ATI: +61.8% a year, volatility 42.9%GE: +36.0% a year, volatility 31.0%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%MPC: +51.2% a year, volatility 33.4%NHC: +32.0% a year, volatility 28.5%PBR-A: +51.8% a year, volatility 37.5%EPU: +29.5% a year, volatility 24.9%DXJ: +26.6% a year, volatility 19.1%USLM: +35.6% a year, volatility 36.1%CAH: +42.1% a year, volatility 24.7%WPMSPY (S&P 500)SCCOMOG-AESLTHWMSTLDATIGELLYMCKMPCNHCPBR-AEPUDXJUSLMCAH10.0%20.0%30.0%40.0%50.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than WPMCAT: +31.1% a year, volatility 31.9%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%TRGP: +41.8% a year, volatility 31.7%APH: +33.8% a year, volatility 32.2%BAP: +30.8% a year, volatility 30.3%CIB: +32.9% a year, volatility 32.9%AIT: +28.5% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%WT: +31.4% a year, volatility 32.8%NBN: +28.8% a year, volatility 33.3%HSBC: +33.1% a year, volatility 25.9%MUFG: +33.2% a year, volatility 29.4%MFG: +33.6% a year, volatility 30.6%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%LAUR: +37.5% a year, volatility 32.8%CW: +30.8% a year, volatility 28.7%ARLP: +29.4% a year, volatility 31.6%BLX: +31.4% a year, volatility 25.9%NRP: +37.4% a year, volatility 33.9%ESQ: +31.7% a year, volatility 31.7%IGIC: +30.8% a year, volatility 30.9%WPM: +27.5% a year, volatility 36.9%SPY (S&P 500): +12.7% a year, volatility 17.1%SCCO: +32.0% a year, volatility 40.7%MOG-A: +36.6% a year, volatility 32.0%ESLT: +39.8% a year, volatility 34.6%HWM: +47.3% a year, volatility 32.5%STLD: +32.2% a year, volatility 38.0%ATI: +61.8% a year, volatility 42.9%GE: +36.0% a year, volatility 31.0%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%MPC: +51.2% a year, volatility 33.4%NHC: +32.0% a year, volatility 28.5%PBR-A: +51.8% a year, volatility 37.5%EPU: +29.5% a year, volatility 24.9%DXJ: +26.6% a year, volatility 19.1%USLM: +35.6% a year, volatility 36.1%CAH: +42.1% a year, volatility 24.7%WPMSPY (S&P 500)SCCOMOG-AESLTHWMSTLDATIGELLYMCKMPCNHCPBR-AEPUDXJCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than WPM?

Investments that beat WPM over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat WPM 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. It checks WPM's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than WPM follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than WPM's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× WPM's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than WPM's.

Screen the whole market against WPM for any period in BetterThanSPYOpen these 16 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with WPM?lower diversifies moreExpenseper year
WPMWheaton Precious Metals Corp. · this page
+27.5%36.9%0.85−46.7%+510%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.230.09%
Popular alternativesbest 1 shownThe investments people most often weigh against WPM. 1 of 18 passed at least one test.
SCCOSouthern Copper Corporation · Metals & Mining
Higher return in most periods+32.0%40.7%0.89−55.3%+1,017%0.58—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Metals & Mining and the categories next to it (Gold Mining, Aerospace & Defense, Silver, Gold), plus WPM's specific themes. 7 of 75 passed at least one test.
MOG-AMoog Inc. · Aerospace & Defense
Higher return, lower volatilityHigher return in most periods+36.6%32.0%1.14−63.7%+595%0.20—
ESLTElbit Systems Ltd. · Aerospace & Defense
Higher return, lower volatilityHigher Sharpe, smaller worst decline+39.8%34.6%1.15−35.4%+765%0.09—
HWMHowmet Aerospace Inc. · Aerospace & Defense
On the frontierHigher return, lower volatility+47.3%32.5%1.36−68.9%+1,028%0.17—
STLDSteel Dynamics, Inc. · Metals & Mining
Higher return, similar volatilityHigher return in most periods+32.2%38.0%0.93−68.5%+1,018%0.17—
ATIATI Inc. · Metals & Mining
On the frontierHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.18—
GEGE Aerospace · Aerospace & Defense
Higher return, lower volatility+36.0%31.0%1.15−80.9%+139%0.23—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 107 of 3,540 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.04—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.16—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.11—
NHCNational HealthCare Corporation · Medical - Care Facilities
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.0%28.5%1.12−35.3%+394%0.14—
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.8%37.5%1.31−71.7%+768%-0.05—
EPUiShares MSCI Peru and Global Exposure ETF · International
Higher return, lower volatilityHigher return in most periods+29.5%24.9%1.17−51.0%+275%0.580.59%
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+26.6%19.1%1.34−39.1%+428%0.190.48%
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Higher return, similar volatilitySmaller losses in recent crashes+35.6%36.1%1.03−45.9%+803%0.09—
What these numbers mean for WPM
Annual return
WPM returned 27.5% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $33,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
WPM's volatility over the past 5 years was 36.9%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WPM's return lands within 36.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
WPM's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so WPM earned more 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. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
WPM's worst fall from a peak to a low over the past 10 years was 46.7%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 46.7% fall takes a 87.7% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, WPM's monthly returns had a correlation of 0.23 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 WPM instead: the lower it is, the more that option would diversify a WPM holding. Guide: Correlation and diversification →
Show all 37 stocks and funds worth at least $500 million that earned more than WPM with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with WPMExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.04—
2
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.16—
3
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.11—
4
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.14—
5
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.02—
6
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.34—
7
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.22—
8
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.27—
9
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.07—
10
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.04—
11
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.13—
12
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.02—
13
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%0.08—
14
MOG-AMoog Inc. · Aerospace & Defense
Same or nearby category+36.6%32.0%1.14−63.7%+595%0.20—
15
WTWisdomTree, Inc. · Asset Management
Whole market+31.4%32.8%1.00−84.0%+174%0.35—
16
ESLTElbit Systems Ltd. · Aerospace & Defense
Same or nearby category+39.8%34.6%1.15−35.4%+765%0.09—
17
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.01—
18
NBNNortheast Bank · Banks - Regional
Whole market+28.8%33.3%0.93−70.2%+1,064%0.05—
19
EPUiShares MSCI Peru and Global Exposure ETF · International
Whole market+29.5%24.9%1.17−51.0%+275%0.580.59%
20
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.24—
21
HWMHowmet Aerospace Inc. · Aerospace & Defense
Same or nearby category+47.3%32.5%1.36−68.9%+1,028%0.17—
22
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.13—
23
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.15—
24
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.09—
25
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.15—
26
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%0.12—
27
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.24—
28
GEGE Aerospace · Aerospace & Defense
Same or nearby category+36.0%31.0%1.15−80.9%+139%0.23—
29
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%-0.07—
30
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.09—
31
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.02—
32
CWCurtiss-Wright Corporation · Aerospace & Defense
Same or nearby category+30.8%28.7%1.08−48.7%+512%0.01—
33
ARLPAlliance Resource Partners, L.P. · Coal
Whole market+29.4%31.6%0.98−85.3%+173%0.10—
34
BLXBladex, Inc. · Banks - Regional
Whole market+31.4%25.9%1.19−68.5%+290%-0.01—
35
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+632%0.13—
36
ESQEsquire Financial Holdings, Inc. · Banks - Regional
Whole market+31.7%31.7%1.03−56.5%—-0.17—
37
IGICInternational General Insurance Holdings Ltd. · Insurance - Diversified
Whole market+30.8%30.9%1.03−50.6%—0.14—

WPM against its popular alternatives

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

How do WPM'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. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at WPM, which divides the map into what did better or worse on each measure.

Green points earned more than WPM with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWPM: 27.5% a year, volatility 36.9%SPY (S&P 500): 12.7% a year, volatility 17.1%FCX: 13.7% a year, volatility 44.9%NEM: 18.6% a year, volatility 39.1%GOLD: 6.3% a year, volatility 48.0%GDXJ: 21.4% a year, volatility 43.0%HL: 21.5% a year, volatility 60.2%CDE: 18.3% a year, volatility 69.4%PAAS: 13.6% a year, volatility 48.9%GROY: −11.1% a year, volatility 55.4%SLV: 18.3% a year, volatility 37.5%SCCO: 32.0% a year, volatility 40.7%AU: 40.4% a year, volatility 49.9%KGC: 32.7% a year, volatility 45.6%AEM: 29.5% a year, volatility 38.4%AGI: 32.6% a year, volatility 42.4%FNV: 12.5% a year, volatility 31.3%RGLD: 20.6% a year, volatility 32.4%OR: 24.4% a year, volatility 36.7%GLD: 17.7% a year, volatility 18.9%WPMSPY (S&P 500)FCXNEMGOLDGDXJHLCDEPAASGROYSLVSCCOAUKGCFNVRGLDORGLD0.0%20.0%40.0%60.0%80.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityWPM: 27.5% a year, volatility 36.9%SPY (S&P 500): 12.7% a year, volatility 17.1%FCX: 13.7% a year, volatility 44.9%NEM: 18.6% a year, volatility 39.1%GOLD: 6.3% a year, volatility 48.0%GDXJ: 21.4% a year, volatility 43.0%HL: 21.5% a year, volatility 60.2%CDE: 18.3% a year, volatility 69.4%PAAS: 13.6% a year, volatility 48.9%GROY: −11.1% a year, volatility 55.4%SLV: 18.3% a year, volatility 37.5%SCCO: 32.0% a year, volatility 40.7%AU: 40.4% a year, volatility 49.9%KGC: 32.7% a year, volatility 45.6%AEM: 29.5% a year, volatility 38.4%AGI: 32.6% a year, volatility 42.4%FNV: 12.5% a year, volatility 31.3%RGLD: 20.6% a year, volatility 32.4%OR: 24.4% a year, volatility 36.7%GLD: 17.7% a year, volatility 18.9%WPMSPY (S&P 500)FCXNEMGOLDGDXJHLCDEGROYSLVSCCOAUAEMAGIGLD
All figures
InvestmentAnnual returnVolatility
AU AngloGold Ashanti Plc+40.4%49.9%
KGC Kinross Gold Corporation+32.7%45.6%
AGI Alamos Gold Inc.+32.6%42.4%
SCCO Southern Copper Corporation+32.0%40.7%
AEM Agnico Eagle Mines Limited+29.5%38.4%
WPM This pageWheaton Precious Metals Corp.+27.5%36.9%
OR OR Royalties Inc.+24.4%36.7%
HL Hecla Mining Company+21.5%60.2%
GDXJ VanEck Junior Gold Miners ETF+21.4%43.0%
RGLD Royal Gold, Inc.+20.6%32.4%
NEM Newmont Corporation+18.6%39.1%
CDE Coeur Mining, Inc.+18.3%69.4%
SLV iShares Silver Trust+18.3%37.5%
GLD SPDR Gold Shares+17.7%18.9%
FCX Freeport-McMoRan Inc.+13.7%44.9%
PAAS Pan American Silver Corp.+13.6%48.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
FNV Franco-Nevada Corporation+12.5%31.3%
GOLD Gold.com, Inc.+6.3%48.0%
GROY Gold Royalty Corp.−11.1%55.4%
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Has WPM consistently beaten its popular alternatives?

This section compares WPM with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than WPM helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than WPM over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
WPM Wheaton Precious Metals Corp. (this page)—−11.1%+27.0%−11.8%+11.8%+25.2%+212%+236%+510%36.9%0.85−46.7%—$60B—
SCCO QualifiedSouthern Copper Corporation4/5 short3/3 longAll-weather+2.2%+17.6%+9.6%+39.9%+56.5%+233%+301%+1,017%40.7%0.89−55.3%—$171B—
AU GoldAngloGold Ashanti Plc1/5 short3/3 long−10.9%+22.1%−13.1%+9.9%+26.2%+416%+445%+681%49.9%0.93−66.3%—$46B—
KGC GoldKinross Gold Corporation0/5 short3/3 long−14.9%+5.1%−31.7%−16.1%−8.3%+356%+311%+572%45.6%0.85−67.9%—$28B—
AEM GoldAgnico Eagle Mines Limited2/5 short2/3 long−5.7%+36.9%−13.5%+10.0%+5.3%+293%+264%+352%38.4%0.87−54.2%—$94B—
FCX CopperFreeport-McMoRan Inc.4/5 short1/3 long−4.3%+17.4%−1.4%+33.9%+64.8%+111%+89.6%+650%44.9%0.51−72.6%—$99B—
NEM GoldNewmont Corporation4/5 short1/3 long−5.1%+31.2%+2.2%+16.1%+24.3%+219%+135%+304%39.1%0.63−62.4%—$123B—
GOLD Financial - Capital MarketsGold.com, Inc.2/5 short1/3 long−12.8%+4.3%−19.0%+13.6%+39.4%+45.4%+35.5%+603%48.0%0.37−62.6%—$1.1B—
AGI GoldAlamos Gold Inc.1/5 short1/3 long−9.6%+13.1%−34.8%−16.9%−9.3%+154%+310%+294%42.4%0.88−66.1%—$13B—
GDXJ MaterialsVanEck Junior Gold Miners ETF0/5 short1/3 long−12.1%+17.7%−18.0%−4.7%+4.0%+228%+164%+202%43.0%0.67−57.8%0.52%$8.1B—
HL Other Precious MetalsHecla Mining Company0/5 short1/3 long−18.1%+5.1%−22.3%−20.4%+3.8%+256%+165%+161%60.2%0.63−82.4%—$10B—
CDE GoldCoeur Mining, Inc.0/5 short1/3 long−22.5%+6.9%−23.4%−13.7%−31.3%+480%+131%+33.9%69.4%0.59−83.3%—$16B—
FNV GoldFranco-Nevada Corporation3/5 short0/3 long−7.9%+20.7%−6.2%+16.2%+18.4%+78.8%+79.9%+303%31.3%0.53−37.1%—$47B—
RGLD GoldRoyal Gold, Inc.2/5 short0/3 long−4.3%+27.7%−9.4%+8.7%+24.0%+124%+155%+282%32.4%0.74−49.5%—$20B—
OR GoldOR Royalties Inc.1/5 short0/3 long−3.5%+24.2%−18.3%−0.7%−6.7%+189%+198%+283%36.7%0.78−61.9%—$6.5B—
GLD CommoditiesSPDR Gold Shares1/5 short0/3 long−5.2%+2.7%−14.6%−5.2%−6.3%+106%+126%+213%18.9%0.96−26.4%0.40%$143B—
PAAS GoldPan American Silver Corp.1/5 short0/3 long−9.1%+5.3%−24.0%−12.4%+13.9%+205%+89.0%+202%48.9%0.51−66.7%—$18B—
GROY GoldGold Royalty Corp.1/5 short0/3 long−10.1%+16.3%−23.1%−28.2%−20.2%+122%−44.5%—55.4%0.06−82.0%—$679M—
SLV CommoditiesiShares Silver Trust0/5 short0/3 long−12.6%+2.2%−27.8%−20.7%+9.2%+144%+131%+213%37.5%0.64−52.4%0.50%$29B—
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How did WPM do year by year?

This table shows each investment's total return in every full calendar year since 2006, along with where WPM ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with WPM and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: WPM began trading on July 6, 2005, so the table starts with 2006, its first full calendar year, and cannot show how it fared during the dot-com bust.

Newest year first. Green marks a year in which the fund came out ahead of WPM; gray means the two finished within a fraction of a point. The rank row places WPM among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of WPM20252024202320222021202020192018201720162015201420132012201120102009200820072006
WPM This pageWheaton Precious Metals Corp.—+111%+15.2%+27.9%−7.6%+4.2%+41.8%+54.7%−10.0%+16.1%+57.1%−38.2%+1.9%−43.0%+25.9%−25.4%+160%+131%−61.8%+61.9%+80.8%
Rank among alternativesTop quarter in 9 of 2011 of 1911 of 194 of 1913 of 195 of 189 of 185 of 187 of 187 of 1811 of 1814 of 183 of 169 of 164 of 169 of 161 of 162 of 1512 of 153 of 143 of 13
SPY S&P 500State Street SPDR S&P 500 ETF9 of 20+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%
SCCO Southern Copper Corporation9 of 20+66.7%+10.7%+50.3%+4.5%−0.4%+59.0%+44.6%−33.0%+50.3%+23.1%−6.2%−0.3%−22.5%+41.2%−33.4%+56.3%+109%−50.2%+111%+79.5%
AU AngloGold Ashanti Plc8 of 20+288%+25.5%−2.7%−5.1%−4.9%+1.9%+78.8%+24.1%−2.2%+48.1%−18.4%−25.8%−62.4%−24.9%−13.1%+23.1%+45.6%−32.0%−8.0%−3.7%
KGC Kinross Gold Corporation8 of 20+206%+55.5%+51.8%−27.6%−19.3%+55.9%+46.4%−25.0%+39.1%+71.2%−35.6%−35.6%−54.6%−13.3%−39.5%+3.6%+0.4%+0.5%+54.9%+28.9%
AEM Agnico Eagle Mines Limited8 of 20+120%+46.0%+9.0%+1.1%−22.8%+16.2%+54.2%−11.5%+10.5%+61.2%+6.8%−4.7%−48.3%+47.1%−52.1%+42.5%+5.6%−5.8%+32.9%+109%
FCX Freeport-McMoRan Inc.7 of 20+35.4%−9.4%+13.7%−7.3%+61.4%+99.1%+29.6%−45.1%+43.8%+94.9%−70.2%−35.8%+19.9%−4.0%−36.9%+52.7%+228%−75.5%+86.9%+11.6%
NEM Newmont Corporation7 of 20+173%−7.8%−8.8%−20.8%+7.4%+40.3%+30.5%−6.2%+10.9%+90.1%−4.4%−17.2%−48.5%−20.4%−0.6%+31.0%+17.3%−15.9%+9.1%−14.8%
GOLD Gold.com, Inc.4 of 11+29.5%−7.4%−8.9%+18.4%+146%+241%−29.9%−18.9%−23.4%+5.0%+92.2%—————————
AGI Alamos Gold Inc.9 of 20+110%+37.8%+34.3%+32.9%−11.0%+46.6%+68.4%−44.5%−4.7%+109%−53.6%−39.9%−30.0%+4.5%−10.2%+60.1%+75.7%+23.4%−33.7%+50.7%
GDXJ VanEck Junior Gold Miners ETF3 of 16+172%+15.7%+7.1%−14.5%−21.3%+30.4%+40.4%−11.0%+8.2%+73.0%−19.1%−22.4%−60.8%−16.8%−34.0%+67.0%————
HL Hecla Mining Company6 of 20+291%+2.9%−13.3%+7.0%−18.8%+91.8%+44.1%−40.4%−24.0%+177%−31.8%−9.2%−46.9%+12.8%−53.4%+82.3%+121%−70.1%+22.0%+88.7%
CDE Coeur Mining, Inc.5 of 20+212%+75.1%−3.0%−33.2%−51.3%+28.1%+80.9%−40.5%−17.5%+266%−51.4%−52.9%−55.9%+1.9%−11.7%+51.3%+105%−82.2%−0.2%+23.7%
FNV Franco-Nevada Corporation9 of 18+77.8%+7.4%−17.9%−0.4%+11.3%+22.3%+48.9%−11.0%+35.5%+32.4%−5.3%+22.6%−27.6%+51.8%+15.3%+24.9%+56.8%+15.5%——
RGLD Royal Gold, Inc.7 of 20+70.4%+10.4%+8.7%+8.5%0.0%−12.1%+44.3%+5.5%+31.3%+76.7%−41.1%+37.8%−42.3%+21.6%+24.4%+16.7%−3.6%+62.9%−14.4%+4.3%
OR OR Royalties Inc.4 of 11+96.9%+28.3%+19.8%−0.1%−2.0%+32.6%+12.3%−22.7%+20.4%0.0%−29.5%—————————
GLD SPDR Gold Shares7 of 20+63.7%+26.7%+12.7%−0.8%−4.2%+24.8%+17.9%−1.9%+12.8%+8.0%−10.7%−2.2%−28.3%+6.6%+9.6%+29.3%+24.0%+4.9%+30.4%+22.6%
PAAS Pan American Silver Corp.9 of 20+160%+26.6%+2.6%−33.0%−26.8%+46.8%+63.9%−5.2%+3.7%+133%−27.2%−18.2%−35.1%−13.3%−46.9%+73.7%+39.5%−51.1%+38.8%+33.6%
GROY Gold Royalty Corp.1 of 4+234%−17.7%−36.4%−51.9%————————————————
SLV iShares Silver Trust9 of 19+145%+20.9%−1.1%+2.4%−12.4%+47.3%+14.9%−9.2%+5.8%+14.6%−12.4%−19.5%−36.3%+9.0%−10.7%+82.5%+47.7%−23.8%+14.3%—
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Risk and diversification

How WPM 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 WPM's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents WPM's five deepest drawdowns since it began trading in 2005, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: WPM began trading on July 6, 2005, so this list cannot include the dot-com bust. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means WPM fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringWPM fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−86.8%−40.9%Mar 2008Nov 20088 monthsApr 201017 months
2015 China and oil sell-off−76.3%+56.1%Apr 2011Jan 20164.8 yearsMay 20204.3 years
2022 bear market−46.7%+13.4%Aug 2020Sep 20222.1 yearsApr 202419 months
No named crash−41.7%−6.4%Apr 2006Jun 20062 monthsSep 20063 months
No named crash−37.4%+8.7%Mar 2026Jul 20264 monthsNot yet—

How did WPM do in stock market crashes?

This section measures how far WPM, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: WPM began trading on July 6, 2005, so its row reads "Not yet trading" for the dot-com bust. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than WPM.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
WPM This pageWheaton Precious Metals Corp.—0.0%−43.3%−28.7%−14.8%−10.0%−29.0%−28.8%0.0%−86.8%Not yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 9−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
SCCO Southern Copper Corporation3 of 9−3.4%−43.0%−38.7%−32.0%−5.3%−26.0%−32.9%−0.4%−78.5%−42.5%
AU AngloGold Ashanti Plc4 of 9−0.3%−51.7%−37.1%−10.7%−9.4%−36.9%−15.3%0.0%−71.5%−50.6%
KGC Kinross Gold Corporation3 of 9−1.2%−49.9%−41.7%−18.4%−5.2%−40.7%−21.8%−2.1%−71.4%−75.8%
AEM Agnico Eagle Mines Limited6 of 90.0%−42.0%−31.6%−11.6%−6.4%−20.2%−18.9%−0.4%−72.9%−42.4%
FCX Freeport-McMoRan Inc.1 of 9−7.2%−51.3%−56.1%−32.8%−8.4%−72.2%−46.7%−2.1%−86.4%−51.4%
NEM Newmont Corporation6 of 9−1.0%−51.8%−24.5%−9.5%−6.0%−20.2%−12.0%−2.3%−61.5%−53.0%
GOLD Gold.com, Inc.2 of 6−2.0%−43.6%−14.7%−20.9%−15.8%−19.6%————
AGI Alamos Gold Inc.3 of 9−0.7%−27.7%−44.2%−40.9%−9.4%−52.9%−29.8%−0.5%−62.2%—
GDXJ VanEck Junior Gold Miners ETF3 of 8−0.3%−48.8%−50.7%−12.2%−5.4%−26.3%−29.7%−1.9%——
HL Hecla Mining Company1 of 90.0%−52.0%−51.5%−27.1%−5.1%−42.1%−38.6%−1.5%−91.9%−66.6%
CDE Coeur Mining, Inc.0 of 9−1.4%−51.7%−59.3%−34.4%−12.3%−56.0%−30.5%−1.9%−93.0%−83.2%
FNV Franco-Nevada Corporation6 of 8−1.8%−33.3%−26.9%−7.8%−7.0%−20.8%−24.4%−0.9%——
RGLD Royal Gold, Inc.5 of 90.0%−40.7%−36.8%−9.8%−7.5%−54.7%−22.8%−2.4%−41.7%−39.3%
OR OR Royalties Inc.4 of 60.0%−35.4%−50.5%−14.2%−6.7%−27.2%————
GLD SPDR Gold Shares7 of 90.0%−21.0%−12.5%−2.7%−1.5%−11.7%−15.4%−0.2%−29.4%—
PAAS Pan American Silver Corp.3 of 90.0%−51.0%−53.5%−18.9%−5.8%−34.2%−24.4%−1.1%−78.1%−46.0%
GROY Gold Royalty Corp.0 of 2−2.0%−56.4%————————
SLV iShares Silver Trust5 of 90.0%−33.0%−35.6%−5.1%−2.2%−15.3%−32.3%0.0%−57.1%—
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How closely does WPM 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. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares WPM with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than WPM's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
WPM This pageWheaton Precious Metals Corp.78%37%2.090.48
GOLD Gold.com, Inc.70%2%37.130.10
GLD SPDR Gold Shares40%3%12.410.14
AU AngloGold Ashanti Plc88%40%2.190.61
NEM Newmont Corporation68%45%1.520.39
FNV Franco-Nevada Corporation69%47%1.480.49
AGI Alamos Gold Inc.76%52%1.450.80
KGC Kinross Gold Corporation100%70%1.420.83
SCCO Southern Copper Corporation139%103%1.351.13
AEM Agnico Eagle Mines Limited77%57%1.340.70
RGLD Royal Gold, Inc.69%54%1.280.56
OR OR Royalties Inc.82%75%1.090.73
SLV iShares Silver Trust78%79%0.980.58
GDXJ VanEck Junior Gold Miners ETF86%95%0.910.91
FCX Freeport-McMoRan Inc.164%181%0.901.74
PAAS Pan American Silver Corp.95%111%0.851.00
HL Hecla Mining Company160%227%0.701.76
CDE Coeur Mining, Inc.126%213%0.591.56
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What diversifies WPM?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with WPM's. Because such investments tend not to fall at the same time, pairing WPM with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which WPM lost money. The last two columns show a portfolio that is 80% WPM and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222018201520132011200880/20 mix volatility80/20 mix annual return
WPM Wheaton Precious Metals Corp. (this page)1.00+236%0.85−7.6%−10.0%−38.2%−43.0%−25.4%−61.8%37.2%+30.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.41+119%1.48+3.8%−5.2%————30.6%+28.6%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.19+225%1.34+6.0%−19.8%+7.7%+41.3%−16.1%−20.8%30.4%+30.9%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.30+101%1.04+10.4%−8.7%−25.3%+16.6%——30.8%+28.4%
HDV Dividend & IncomeiShares Core High Dividend ETF0.41+83.3%1.00+7.1%−3.0%−0.3%+23.8%——31.1%+27.5%
SMH TechnologyVanEck Semiconductor ETF0.10+323%0.97−33.5%−9.1%−0.3%+33.4%+6.8%−44.7%31.3%+34.0%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.34+85.0%0.96−5.1%−9.5%+4.1%+26.4%——30.6%+28.0%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.05+136%0.93−10.4%−0.9%————30.3%+30.1%
XLE EnergyState Street Energy Select Sector SPDR ETF0.16+177%0.93+64.4%−18.2%−21.5%+26.3%+2.8%−39.0%31.1%+30.5%

Stocks

InvestmentCorrelation5Y returnSharpe20222018201520132011200880/20 mix volatility80/20 mix annual return
WPM Wheaton Precious Metals Corp. (this page)1.00+236%0.85−7.6%−10.0%−38.2%−43.0%−25.4%−61.8%37.2%+30.3%
CAH Medical - DistributionCardinal Health, Inc.0.01+479%1.55+54.1%−24.5%+12.6%+66.0%+8.1%−39.6%30.3%+33.8%
CLS Hardware, Equipment & PartsCelestica Inc.-0.17+3,143%1.47+1.3%−16.3%−6.0%+27.6%−24.4%−20.5%30.1%+49.1%
FIX Engineering & ConstructionComfort Systems USA, Inc.-0.07+1,636%1.46+17.0%+0.8%+67.7%+61.7%−17.0%−15.2%30.5%+44.0%
MCK Medical - DistributionMcKesson Corporation0.16+413%1.44+51.8%−28.4%−4.5%+67.7%+11.8%−40.4%31.0%+32.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.11+690%1.41+86.6%−8.2%+17.4%+48.6%——31.2%+36.0%
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Common questions

What was WPM's worst drawdown?

WPM's deepest decline since it began trading in 2005 was 86.8%, from March to November 2008. It took 17 months from the low to climb back to its old high. Because WPM launched in July 2005, that record does not include the dot-com bust.

What were WPM's best and worst years?

Over 20 full calendar years, WPM's best year was 2010, when it returned 160%. Its worst was 2008, with a return of -61.8%.

Is there a better investment than WPM?

Among WPM's popular alternatives, SCCO was ahead of WPM in most short and long periods. Looking beyond its popular alternatives, MOG-A (aerospace & defense) and ESLT (aerospace & defense) earned more than WPM with less volatility over the past 5 years. MOG-A returned 36.6% a year at 32.0% volatility, against 27.5% a year at 36.9%.

Is WPM more volatile than the S&P 500?

Yes. WPM's volatility over the past 5 years was 36.9%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, WPM's return lands within 36.9% 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 WPM's Sharpe ratio?

WPM's Sharpe ratio over the past 5 years was 0.85, against 0.79 for the S&P 500, so WPM earned more 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 WPM with the S&P 500?

Over the past 5 years, WPM's monthly returns had a correlation of 0.23 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 WPM instead: the lower it is, the more that option would diversify a WPM holding.

What are the best alternatives to WPM?

Of the 18 popular alternatives we compared, one outperformed WPM in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: SCCO.

Did WPM outperform the S&P 500?

WPM finished ahead of the S&P 500 (SPY) in 11 of 20 full calendar years. In 2025, it returned +111%, against +17.7% for the index.

How did WPM do in stock market crashes?

WPM fell less than the S&P 500 (SPY) in four of the nine major crashes it has traded through, and further in five. The clearest case was the 2008 financial crisis, when WPM fell 86.8% and the S&P 500 fell 55.2%.

What diversifies WPM?

These had a low correlation with WPM over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.41), DXJ (correlation 0.19) and EMLP (correlation 0.30); among large stocks, CAH (correlation 0.01), CLS (correlation -0.17) and FIX (correlation -0.07). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to WPM

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