WPM vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Wheaton Precious Metals Corp. (WPM) and State Street SPDR S&P 500 ETF (SPY).

SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

Performance

WPM vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wheaton Precious Metals Corp. (WPM) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

WPM vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
WPM Wheaton Precious Metals Corp.	11.65%	110.52%	15.24%	27.91%	-7.53%	4.22%	41.82%	54.62%	-10.04%	16.41%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-18.18%	28.73%	18.33%	31.22%	-4.57%	21.71%

Returns By Period

In the year-to-date period, WPM achieves a 11.65% return, which is significantly higher than SPY's -4.37% return. Over the past 10 years, WPM has outperformed SPY with an annualized return of 24.70%, while SPY has yielded a comparatively lower 13.98% annualized return.

WPM

• 1D: 6.08%
• 1M: -19.82%
• YTD: 11.65%
• 6M: 17.51%
• 1Y: 70.29%
• 3Y*: 40.98%
• 5Y*: 28.33%
• 10Y*: 24.70%

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

WPM vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

WPM

WPM Risk / Return Rank: 83
WPM Sharpe Ratio Rank: 86
WPM Sortino Ratio Rank: 77
WPM Omega Ratio Rank: 80
WPM Calmar Ratio Rank: 81
WPM Martin Ratio Rank: 88

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

WPM vs. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wheaton Precious Metals Corp. (WPM) and State Street SPDR S&P 500 ETF (SPY). 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.

	WPM	SPY	Difference
Sharpe ratio Return per unit of total volatility	1.59	0.93	+0.66
Sortino ratio Return per unit of downside risk	1.91	1.45	+0.45
Omega ratio Gain probability vs. loss probability	1.28	1.22	+0.06
Calmar ratio Return relative to maximum drawdown	2.34	1.53	+0.81
Martin ratio Return relative to average drawdown	8.83	7.30	+1.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WPM vs. SPY - Sharpe Ratio Comparison

The current WPM Sharpe Ratio is 1.59, which is higher than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of WPM and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WPM	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.59	0.93	+0.66
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.83	0.69	+0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.67	0.78	-0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.56	+0.18

Correlation

The correlation between WPM and SPY is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

WPM vs. SPY - Dividend Comparison

WPM's dividend yield for the trailing twelve months is around 0.65%, less than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
WPM Wheaton Precious Metals Corp.	0.65%	0.56%	1.10%	1.22%	1.54%	1.33%	1.01%	1.21%	1.84%	1.49%	1.09%	0.00%
SPY State Street SPDR S&P 500 ETF	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Drawdowns

WPM vs. SPY - Drawdown Comparison

The maximum WPM drawdown since its inception was -48.64%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WPM and SPY.

Drawdown Indicators

	WPM	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-48.64%	-55.19%	+6.55%
Max Drawdown (1Y) Largest decline over 1 year	-30.84%	-12.05%	-18.79%
Max Drawdown (5Y) Largest decline over 5 years	-43.29%	-24.50%	-18.79%
Max Drawdown (10Y) Largest decline over 10 years	-48.64%	-33.72%	-14.92%
Current Drawdown Current decline from peak	-20.82%	-6.24%	-14.58%
Average Drawdown Average peak-to-trough decline	-18.86%	-9.09%	-9.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.16%	2.52%	+5.64%

Volatility

WPM vs. SPY - Volatility Comparison

Wheaton Precious Metals Corp. (WPM) has a higher volatility of 17.87% compared to State Street SPDR S&P 500 ETF (SPY) at 5.31%. This indicates that WPM's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WPM	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.87%	5.31%	+12.56%
Volatility (6M) Calculated over the trailing 6-month period	37.02%	9.47%	+27.55%
Volatility (1Y) Calculated over the trailing 1-year period	44.42%	19.05%	+25.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.45%	17.06%	+17.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.81%	17.92%	+18.89%