WPM vs. NA.TO
WPM (Wheaton Precious Metals Corp.) and NA.TO (National Bank of Canada) are both stocks. WPM operates in Gold (Basic Materials), while NA.TO operates in Banks - Diversified (Financial Services). Over the past 10 years, WPM returned 20.59%/yr vs 20.44%/yr for NA.TO. At a 0.12 correlation, their price movements are largely independent.
Performance
WPM vs. NA.TO - Performance Comparison
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Different Trading Currencies
WPM is traded in USD, while NA.TO is traded in CAD. To make them comparable, the NA.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 NA.TO's 19.91% return. Both investments have delivered pretty close results over the past 10 years, with WPM having a 20.59% annualized return and NA.TO not far behind at 20.44%.
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%
NA.TO
- 1D
- 0.39%
- 1M
- 0.46%
- YTD
- 19.91%
- 6M
- 21.47%
- 1Y
- 56.62%
- 3Y*
- 31.79%
- 5Y*
- 19.01%
- 10Y*
- 20.44%
WPM vs. NA.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% |
NA.TO National Bank of Canada | 19.84% | 42.66% | 24.14% | 18.35% | -7.33% | 39.09% | 6.54% | 39.80% | -14.14% | 28.47% |
Correlation
The correlation between WPM and NA.TO is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.24 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.22 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.12 |
Correlation (All Time) Calculated using the full available price history since Jan 4, 2016 | 0.12 |
The correlation between WPM and NA.TO shifts across timeframes, from 0.12 (10 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
WPM:
$52.82B
NA.TO:
CA$82.13B
WPM:
$3.96
NA.TO:
CA$11.69
WPM:
29.33
NA.TO:
17.95
WPM:
0.78
NA.TO:
5.02
WPM:
19.23
NA.TO:
3.03
WPM:
5.70
NA.TO:
2.65
WPM:
$2.75B
NA.TO:
CA$27.33B
WPM:
$2.12B
NA.TO:
CA$14.01B
WPM:
$2.38B
NA.TO:
CA$6.37B
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Return for Risk
WPM vs. NA.TO — Risk / Return Rank
WPM
NA.TO
WPM vs. NA.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Wheaton Precious Metals Corp. (WPM) and National Bank of Canada (NA.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 | NA.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.75 | ||
| Sortino ratioReturn per unit of downside risk | -3.50 | ||
| Omega ratioGain probability vs. loss probability | 1.14 | 1.61 | -0.47 |
| Calmar ratioReturn relative to maximum drawdown | 0.84 | 5.84 | -5.00 |
| Martin ratioReturn relative to average drawdown | 2.40 | 19.63 | -17.23 |
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Drawdowns
WPM vs. NA.TO - Drawdown Comparison
The maximum WPM drawdown since its inception was -48.64%, smaller than the maximum NA.TO drawdown of -60.25%. Use the drawdown chart below to compare losses from any high point for WPM and NA.TO.
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Drawdown Indicators
| WPM | NA.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.64% | -60.25% | +11.61% |
Max Drawdown (1Y)Largest decline over 1 year | -34.92% | -9.74% | -25.18% |
Max Drawdown (3Y)Largest decline over 3 years | -34.92% | -23.63% | -11.29% |
Max Drawdown (5Y)Largest decline over 5 years | -43.29% | -25.64% | -17.65% |
Max Drawdown (10Y)Largest decline over 10 years | -48.64% | -52.59% | +3.95% |
Current DrawdownCurrent decline from peak | -29.73% | -2.92% | -26.81% |
Average DrawdownAverage peak-to-trough decline | -18.87% | -9.09% | -9.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.22% | 2.89% | +9.33% |
Volatility
WPM vs. NA.TO - Volatility Comparison
Wheaton Precious Metals Corp. (WPM) has a higher volatility of 16.76% compared to National Bank of Canada (NA.TO) at 5.98%. This indicates that WPM's price experiences larger fluctuations and is considered to be riskier than NA.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 | NA.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.76% | 5.98% | +10.78% |
Volatility (6M)Calculated over the trailing 6-month period | 39.19% | 14.12% | +25.07% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.96% | 16.79% | +29.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 35.44% | 18.83% | +16.61% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.78% | 22.22% | +14.56% |
Dividends
WPM vs. NA.TO - Dividend Comparison
WPM's dividend yield for the trailing twelve months is around 0.62%, less than NA.TO's 2.31% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NA.TO National Bank of Canada | 2.31% | 2.75% | 3.36% | 4.03% | 4.03% | 3.11% | 3.96% | 3.77% | 4.44% | 3.70% | 4.03% | 5.16% |
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. NA.TO - Financials Comparison
This section allows you to compare key financial metrics between Wheaton Precious Metals Corp. and National Bank of Canada. 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. NA.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%.
NA.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a gross profit of 3.66B and revenue of 8.07B. Therefore, the gross margin over that period was 45.4%.
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%.
NA.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported an operating income of 1.62B and revenue of 8.07B, resulting in an operating margin of 20.0%.
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%.
NA.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, National Bank of Canada reported a net income of 1.23B and revenue of 8.07B, resulting in a net margin of 15.3%.
Frequently Asked Questions
WPM and NA.TO have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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