WPM vs. FM.TO
WPM (Wheaton Precious Metals Corp.) and FM.TO (First Quantum Minerals Ltd.) are both stocks. Both are in the Basic Materials sector — WPM in Gold, FM.TO in Copper. Over the past 10 years, WPM returned 20.59%/yr vs 17.35%/yr for FM.TO. At a 0.31 correlation, their price movements are largely independent.
Performance
WPM vs. FM.TO - Performance Comparison
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Different Trading Currencies
WPM is traded in USD, while FM.TO is traded in CAD. To make them comparable, the FM.TO values have been converted to USD using the latest available exchange rates.
Returns By Period
In the year-to-date period, WPM achieves a -0.90% return, which is significantly lower than FM.TO's 15.44% return. Over the past 10 years, WPM has outperformed FM.TO with an annualized return of 20.59%, while FM.TO has yielded a comparatively lower 17.35% annualized return.
WPM
- 1D
- 3.05%
- 1M
- -18.24%
- YTD
- -0.90%
- 6M
- -0.91%
- 1Y
- 29.24%
- 3Y*
- 38.53%
- 5Y*
- 20.71%
- 10Y*
- 20.59%
FM.TO
- 1D
- 2.48%
- 1M
- 14.16%
- YTD
- 15.44%
- 6M
- 28.49%
- 1Y
- 102.26%
- 3Y*
- 10.93%
- 5Y*
- 5.45%
- 10Y*
- 17.35%
WPM vs. FM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WPM Wheaton Precious Metals Corp. | -0.90% | 110.52% | 15.24% | 27.91% | -7.53% | 4.22% | 41.82% | 54.62% | -10.04% | 16.41% |
FM.TO First Quantum Minerals Ltd. | 15.44% | 108.10% | 57.45% | -60.47% | -11.57% | 32.59% | 77.91% | 24.54% | -42.14% | 41.59% |
Correlation
The correlation between WPM and FM.TO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.45 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.31 |
The correlation between WPM and FM.TO shifts across timeframes, from 0.31 (10 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
WPM:
$52.82B
FM.TO:
CA$36.11B
WPM:
$3.96
FM.TO:
-$0.24
WPM:
19.23
FM.TO:
4.76
WPM:
5.70
FM.TO:
2.33
WPM:
$2.75B
FM.TO:
$5.43B
WPM:
$2.12B
FM.TO:
$1.39B
WPM:
$2.38B
FM.TO:
$1.71B
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Return for Risk
WPM vs. FM.TO — Risk / Return Rank
WPM
FM.TO
WPM vs. FM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wheaton Precious Metals Corp. (WPM) and First Quantum Minerals Ltd. (FM.TO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| WPM | FM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.50 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.33 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 3.31 | -2.47 |
| Martin ratioReturn relative to average drawdown | 2.40 | 9.41 | -7.01 |
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Drawdowns
WPM vs. FM.TO - Drawdown Comparison
The maximum WPM drawdown since its inception was -48.64%, smaller than the maximum FM.TO drawdown of -93.92%. Use the drawdown chart below to compare losses from any high point for WPM and FM.TO.
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Drawdown Indicators
| WPM | FM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.64% | -93.92% | +45.28% |
Max Drawdown (1Y)Largest decline over 1 year | -34.92% | -31.04% | -3.88% |
Max Drawdown (3Y)Largest decline over 3 years | -34.92% | -75.86% | +40.94% |
Max Drawdown (5Y)Largest decline over 5 years | -43.29% | -79.95% | +36.66% |
Max Drawdown (10Y)Largest decline over 10 years | -48.64% | -80.21% | +31.57% |
Current DrawdownCurrent decline from peak | -29.73% | -12.50% | -17.23% |
Average DrawdownAverage peak-to-trough decline | -18.87% | -44.57% | +25.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.22% | 10.91% | +1.31% |
Volatility
WPM vs. FM.TO - Volatility Comparison
The current volatility for Wheaton Precious Metals Corp. (WPM) is 16.76%, while First Quantum Minerals Ltd. (FM.TO) has a volatility of 21.10%. This indicates that WPM experiences smaller price fluctuations and is considered to be less risky than FM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WPM | FM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.76% | 21.10% | -4.34% |
Volatility (6M)Calculated over the trailing 6-month period | 39.19% | 40.32% | -1.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.96% | 48.05% | -2.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.44% | 58.25% | -22.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.78% | 60.89% | -24.11% |
Dividends
WPM vs. FM.TO - Dividend Comparison
WPM's dividend yield for the trailing twelve months is around 0.62%, while FM.TO has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FM.TO First Quantum Minerals Ltd. | 0.00% | 0.00% | 0.00% | 1.94% | 0.58% | 0.03% | 0.04% | 0.08% | 0.09% | 0.06% | 0.11% | 1.58% |
WPM Wheaton Precious Metals Corp. | 0.62% | 0.56% | 1.10% | 1.22% | 1.54% | 1.33% | 1.01% | 1.21% | 1.84% | 1.49% | 1.09% | 0.00% |
Financials
WPM vs. FM.TO - Financials Comparison
This section allows you to compare key financial metrics between Wheaton Precious Metals Corp. and First Quantum Minerals Ltd.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
WPM vs. FM.TO - Profitability Comparison
WPM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Wheaton Precious Metals Corp. reported a gross profit of 689.26M and revenue of 888.98M. Therefore, the gross margin over that period was 77.5%.
FM.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported a gross profit of 278.00M and revenue of 1.40B. Therefore, the gross margin over that period was 19.8%.
WPM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Wheaton Precious Metals Corp. reported an operating income of 666.92M and revenue of 888.98M, resulting in an operating margin of 75.0%.
FM.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported an operating income of 190.00M and revenue of 1.40B, resulting in an operating margin of 13.5%.
WPM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Wheaton Precious Metals Corp. reported a net income of 573.98M and revenue of 888.98M, resulting in a net margin of 64.6%.
FM.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported a net income of -196.00M and revenue of 1.40B, resulting in a net margin of -14.0%.
Frequently Asked Questions
WPM and FM.TO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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