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

> Source: EasyCompare research, https://easycompare.io/research/wpm
> 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 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.

## Key findings

- **Right now:** WPM has run far ahead of the market, rising 27.0% over the past 3 months against 3.9% for the S&P 500 and 3.2% for the Nasdaq 100. That said, it is 20.5% below its high, bear-market territory, while the S&P 500 sits 1.3% below a record.
- **Stock or market?:** Not a move of its own: the metals & mining ETF GDX (VanEck Gold Miners ETF) rose 21.7% over the past 3 months, with NEM (Newmont, up 31.2%) and AEM (Agnico Eagle Mines, up 36.9%), against 3.9% for the S&P 500. Its metals & mining peers did not move as one over the past 3 months: AEM rose 36.9%, while KGC (Kinross Gold) rose 5.1%.
- **Past 1 to 3 years:** Over the past year, WPM rose 25.2% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (212% against 89.3%). Even so, WPM led its metals & mining peers in 2023, then fell behind AU (AngloGold Ashanti) and GOLD (Gold.com) in 2025.
- **Long term:** WPM turned $10,000 into $61,000 over the past decade, against $42,100 in the S&P 500. WPM's 10-year return of 510% puts it ahead of 86% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across six sell-offs, WPM has typically fallen 1.5 times as far as the S&P 500. In the 2022 bear market, WPM fell 43.3%, against 24.5% for the S&P 500. That was more than AEM (Agnico Eagle Mines, 42.0%) but less than NEM (Newmont, 51.8%).
- **Diversification:** Against the S&P 500, WPM has a correlation of 0.23 over 5 years, less closely than 82% of stocks worth at least $300 million. Next to an index fund it is a real diversifier. Over 10 years WPM kept more of the market's gains than of its losses: 78% of the S&P 500's gains in rising months and 37% of its losses in falling ones, with a beta of 0.48.
- **Better options**
  - **Popular alternatives:** SCCO (Southern Copper) was ahead of WPM in most short and long periods.
  - **Nearby categories and themes:** MOG-A (Moog, aerospace & defense) and ESLT (Elbit Systems, 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%.
  - **Whole market:** Few investments have done better on both counts: only 37 of the 3,633 stocks and funds worth at least $500 million earned more than WPM with less volatility over the past 5 years, among them LLY (Eli Lilly and Company), CAT (Caterpillar) and HSBC.

## 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.

- $10,000 invested in WPM at the end of September 2005 would have grown to $370,437 by September 2026, more than the $90,973 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of WPM, and APH finished highest, at $802,857.

## 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.

- 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.
- WPM is still 20.5% below its all-time high.
- Over 20 full calendar years, WPM's best was 2010, when it returned 160%, and its worst was 2008, when it lost 61.8%. It lost money in six of those years.

- Type: Stock, Materials (Gold)
- Trading since: July 6, 2005
- Market value: $60B
- Volatility (5 years): 36.9%; Sharpe ratio: 0.85
- Worst decline ever: −86.8%, from March 14, 2008 to November 20, 2008; back at its high by April 30, 2010

| Period | WPM total return |
| --- | --- |
| 1 month | −11.1% |
| 3 months | +27.0% |
| 6 months | −11.8% |
| year to date | +11.8% |
| 1 year | +25.2% |
| 3 years | +212% |
| 5 years | +236% |
| 10 years | +510% |

## 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.

- On return for the risk taken (the Sharpe ratio), WPM ranks in the top 8% of the 2,893 stocks worth at least $300 million.

| Measure | WPM | Rank |
| --- | --- | --- |
| 1-year return | +25.2% | 1,100 of 3,287 (top 34%) |
| 3-year return | +212% | 366 of 3,017 (top 13%) |
| 5-year return | +236% | 246 of 2,893 (top 9%) |
| 10-year return | +510% | 300 of 2,202 (top 14%) |
| Volatility, 5 years | 36.9% | 1,267 of 2,893 (top 44%) |
| Sharpe ratio, 5 years | 0.85 | 235 of 2,893 (top 9%) |
| Worst decline, past 10 years | −46.7% | 342 of 2,187 (top 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).

- 36 stocks and one ETF worth at least $500 million sit in the green region: each earned more than WPM over the past 5 years with smaller price swings. That is 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half WPM's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 33% less than WPM's 36.9%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.85 for WPM. MPC earned the most, 51.2% a year, while still swinging less than WPM (33.4% against 36.9%).
- None of WPM's popular alternatives made it, but HWM (aerospace & defense) did: 47.3% a year at 32.5% volatility, 12% less than WPM's 36.9%.

### Is there a better investment than WPM?

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.

- 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%.
- Few investments have done better on both counts: only 37 of the 3,633 stocks and funds worth at least $500 million earned more than WPM with less volatility over the past 5 years, among them LLY, CAT and HSBC.

The 15 strongest of 37 investments that beat WPM 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 WPM | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| WPM: Wheaton Precious Metals Corp. (this page) |  | +27.5% | 36.9% | 0.85 | −46.7% | +510% |  |  |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.04 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods; Smaller losses in recent crashes |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.11 | Higher return, lower volatility; Higher return in most periods |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.14 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | Industrial Machinery | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.02 | Higher return, lower volatility; Higher return in most periods |
| [SAN](https://easycompare.io/research/san): Banco Santander, S.A. | Banks | +31.7% | 33.9% | 0.99 | −73.8% | +332% | 0.34 | Higher return, lower volatility; Higher return in most periods |
| [BBVA](https://easycompare.io/research/bbva): Banco Bilbao Vizcaya Argentaria, S.A. | Banks | +38.7% | 33.3% | 1.16 | −69.6% | +542% | 0.22 | Higher return, lower volatility; Higher return in most periods |
| [TRGP](https://easycompare.io/research/trgp): Targa Resources Corp. | Oil & Gas Midstream | +41.8% | 31.7% | 1.27 | −90.8% | +829% | 0.27 | Higher return, lower volatility; Higher return in most periods |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.07 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| BAP: Credicorp Ltd. | Banks | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.04 | Higher return, lower volatility; Higher return in most periods |
| CIB: Grupo Cibest S.A. | Banks | +32.9% | 32.9% | 1.03 | −70.4% | +345% | 0.13 | Higher return, lower volatility; Higher return in most periods |
| AIT: Applied Industrial Technologies, Inc. | Industrial Distribution | +28.5% | 30.3% | 0.98 | −59.3% | +742% | 0.02 | Higher return, lower volatility; Higher return in most periods |
| CASY: Casey's General Stores, Inc. | Convenience Stores | +29.9% | 29.3% | 1.04 | −36.1% | +537% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| MOG-A: Moog Inc. | Aerospace & Defense | +36.6% | 32.0% | 1.14 | −63.7% | +595% | 0.20 | Higher return, lower volatility; Higher return in most periods |
| WT: WisdomTree, Inc. | Asset Management | +31.4% | 32.8% | 1.00 | −84.0% | +174% | 0.35 | Higher return, lower volatility; Higher return in most periods |

## 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.

- None of the 18 popular alternatives earned more than WPM over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Nine of the 18 popular alternatives earned less than WPM over the past 5 years while swinging more, the weaker corner of the map.
- Over the past 5 years, WPM returned 27.5% a year, more than the S&P 500's 12.7%, with higher volatility (36.9% against 17.1%).

### 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.

- SCCO outperformed WPM in every long-term period and in all but one short-term period, the most consistent record in the group.
- Only one of the 18 popular alternatives, SCCO, outperformed WPM in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- GLD earned more for the risk it took than WPM (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of WPM | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| WPM: Wheaton Precious Metals Corp. (this page) | +25.2% | +212% | +236% | +510% |  |  | 0.85 |
| [SCCO](https://easycompare.io/research/scco): Southern Copper Corporation | +56.5% | +233% | +301% | +1,017% | 4/5 short-term, 3/3 long-term | all-weather | 0.89 |
| [AU](https://easycompare.io/research/au): AngloGold Ashanti Plc | +26.2% | +416% | +445% | +681% | 1/5 short-term, 3/3 long-term |  | 0.93 |
| KGC: Kinross Gold Corporation | −8.3% | +356% | +311% | +572% | 0/5 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, 2/3 long-term |  | 0.87 |
| [FCX](https://easycompare.io/research/fcx): Freeport-McMoRan Inc. | +64.8% | +111% | +89.6% | +650% | 4/5 short-term, 1/3 long-term |  | 0.51 |
| [NEM](https://easycompare.io/research/nem): Newmont Corporation | +24.3% | +219% | +135% | +304% | 4/5 short-term, 1/3 long-term |  | 0.63 |
| GOLD: Gold.com, Inc. | +39.4% | +45.4% | +35.5% | +603% | 2/5 short-term, 1/3 long-term |  | 0.37 |
| AGI: Alamos Gold Inc. | −9.3% | +154% | +310% | +294% | 1/5 short-term, 1/3 long-term |  | 0.88 |
| GDXJ: VanEck Junior Gold Miners ETF | +4.0% | +228% | +164% | +202% | 0/5 short-term, 1/3 long-term |  | 0.67 |
| HL: Hecla Mining Company | +3.8% | +256% | +165% | +161% | 0/5 short-term, 1/3 long-term |  | 0.63 |
| CDE: Coeur Mining, Inc. | −31.3% | +480% | +131% | +33.9% | 0/5 short-term, 1/3 long-term |  | 0.59 |
| [FNV](https://easycompare.io/research/fnv): Franco-Nevada Corporation | +18.4% | +78.8% | +79.9% | +303% | 3/5 short-term, 0/3 long-term |  | 0.53 |
| RGLD: Royal Gold, Inc. | +24.0% | +124% | +155% | +282% | 2/5 short-term, 0/3 long-term |  | 0.74 |
| OR: OR Royalties Inc. | −6.7% | +189% | +198% | +283% | 1/5 short-term, 0/3 long-term |  | 0.78 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | −6.3% | +106% | +126% | +213% | 1/5 short-term, 0/3 long-term |  | 0.96 |
| PAAS: Pan American Silver Corp. | +13.9% | +205% | +89.0% | +202% | 1/5 short-term, 0/3 long-term |  | 0.51 |
| GROY: Gold Royalty Corp. | −20.2% | +122% | −44.5% | — | 1/5 short-term, 0/3 long-term |  | 0.06 |
| SLV: iShares Silver Trust | +9.2% | +144% | +131% | +213% | 0/5 short-term, 0/3 long-term |  | 0.64 |

### 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.

- None of the 17 popular alternatives came out ahead of WPM in most of the years they have in common.
- Ranked against its popular alternatives each year, WPM finished in the top quarter in nine of 20 years and in the bottom quarter in no. In 2025, it ranked 11 of 19.
- WPM finished ahead of the S&P 500 in 11 of its 20 full calendar years.

| Year | WPM | SPY |
| --- | --- | --- |
| 2025 | +111% | +17.7% |
| 2024 | +15.2% | +24.9% |
| 2023 | +27.9% | +26.2% |
| 2022 | −7.6% | −18.2% |
| 2021 | +4.2% | +28.7% |
| 2020 | +41.8% | +18.3% |
| 2019 | +54.7% | +31.2% |
| 2018 | −10.0% | −4.6% |
| 2017 | +16.1% | +21.7% |
| 2016 | +57.1% | +12.0% |

## 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.

- In all five of WPM's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: WPM fell 76.3% from April 2011 to January 2016, while the S&P 500 rose 56.1%.
- The slowest recovery came after WPM fell 76.3% from April 2011 to January 2016; it did not regain that peak until May 2020, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −86.8% | March 14, 2008 | November 20, 2008 | April 30, 2010 | −40.9% | 2008 financial crisis |
| −76.3% | April 8, 2011 | January 19, 2016 | May 5, 2020 | +56.1% | 2015 China and oil sell-off |
| −46.7% | August 5, 2020 | September 26, 2022 | April 25, 2024 | +13.4% | 2022 bear market |
| −41.7% | April 19, 2006 | June 13, 2006 | September 5, 2006 | −6.4% |  |
| −37.4% | March 2, 2026 | July 20, 2026 | not yet | +8.7% |  |

### 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.

- Among its popular alternatives, GLD held up best, falling less than WPM in seven of the nine crashes they both traded through.
- WPM began trading after the dot-com bust, but ten of its popular alternatives lived through it. The mildest fall among them was RGLD's 39.3%, against 47.5% for the S&P 500.
- WPM fell further than the S&P 500 in five of the nine crashes it has traded through. The clearest case was the 2008 financial crisis, when WPM fell 86.8% and the S&P 500 fell 55.2%.

| Crash | Dates | WPM 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 | −86.8% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −28.8% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −29.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −10.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −14.8% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −28.7% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −43.3% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | 0.0% | −3.4% |

### 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.

- Over the past 10 years, WPM captured 78% of the S&P 500's gains in rising months and 37% of its losses in falling months, with a beta of 0.48. That is a defensive profile: it gave up some of the market's upside in exchange for smaller losses.
- Only GOLD, GLD and AU had a higher capture ratio (upside capture divided by downside capture) than WPM's 2.09, out of 17 popular alternatives with the same record.
- GOLD took just 2% of the S&P 500's losses, against 37% for WPM, while still keeping 70% of its gains.

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

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| WPM: Wheaton Precious Metals Corp. (this page) | 78.0% | 37.0% | 0.48 |
| [SCCO](https://easycompare.io/research/scco): Southern Copper Corporation | 139% | 103% | 1.13 |
| [AU](https://easycompare.io/research/au): AngloGold Ashanti Plc | 88.0% | 40.0% | 0.61 |
| KGC: Kinross Gold Corporation | 100% | 70.0% | 0.83 |
| [AEM](https://easycompare.io/research/aem): Agnico Eagle Mines Limited | 77.0% | 57.0% | 0.70 |
| [FCX](https://easycompare.io/research/fcx): Freeport-McMoRan Inc. | 164% | 181% | 1.74 |
| [NEM](https://easycompare.io/research/nem): Newmont Corporation | 68.0% | 45.0% | 0.39 |
| GOLD: Gold.com, Inc. | 70.0% | 2.0% | 0.10 |
| AGI: Alamos Gold Inc. | 76.0% | 52.0% | 0.80 |
| GDXJ: VanEck Junior Gold Miners ETF | 86.0% | 95.0% | 0.91 |
| HL: Hecla Mining Company | 160% | 227% | 1.76 |
| CDE: Coeur Mining, Inc. | 126% | 213% | 1.56 |
| [FNV](https://easycompare.io/research/fnv): Franco-Nevada Corporation | 69.0% | 47.0% | 0.49 |
| RGLD: Royal Gold, Inc. | 69.0% | 54.0% | 0.56 |
| 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 |
| SLV: iShares Silver Trust | 78.0% | 79.0% | 0.58 |

### 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).

- Moving a fifth of the money in WPM into CLS would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+30.3% for WPM alone, +49.1% for the mix).
- Among large ETFs, LVHI, DXJ and EMLP have moved largely independently of WPM over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.
- FIX made money in four of the six calendar years in which WPM lost money.

| Investment | Correlation with WPM | 5Y return | Volatility | Sharpe | Rose in WPM's 6 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.41 | +119% | 11.1% | 1.48 | 1 of 6 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.19 | +225% | 19.1% | 1.34 | 3 of 6 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.30 | +101% | 14.5% | 1.04 | 2 of 6 |
| HDV: iShares Core High Dividend ETF | 0.41 | +83.3% | 13.0% | 1.00 | 2 of 6 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.10 | +323% | 36.9% | 0.97 | 2 of 6 |
| DBEF: Xtrackers MSCI EAFE Hedged Equity ETF | 0.34 | +85.0% | 13.8% | 0.96 | 2 of 6 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.05 | +136% | 20.8% | 0.93 | 0 of 6 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.16 | +177% | 25.5% | 0.93 | 3 of 6 |

## 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.

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## Explore further

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