PGM substitution · live
Platinum to Palladium Ratio
The platinum to palladium ratio is 1.395 — platinum at $1,883.84 per troy ounce divided by palladium at $1,350.90 per troy ounce.
These two metals are closer to genuine substitutes than any other pair in the commodity complex, and that substitutability gives this ratio a mean-reverting pull the others lack.
Prices as of Aug 24, 2026, 11:10 AM UTC. Change either side of the calculator to price any other pair, or read the unit reference for how cross-unit ratios should be read.
Platinum to Palladium ratio
1.000 T.oz of platinum = 1.395 T.oz of palladium
Inverse (PA/PL): 0.7171 — one Troy Ounce of palladium buys that much platinum.
Near the top of its 1 year range — historically stretched. (92th percentile of the last 1 year)
Platinum
$1,883.84
per Troy Ounce
Palladium
$1,350.90
per Troy Ounce
Unit basis: USD per Troy Ounce ÷ USD per Troy Ounce. The ratio reads as Troy Ounces of palladium per Troy Ounce of platinum. Prices as of Mon, 24 Aug 2026 11:10:31 GMT.
1Y average
1.267
median 1.280
1Y low
0.9833
Oct 17, 2025
1Y high
1.686
Jan 30, 2026
Normal band
1.173–1.361
mean ± 1 std dev
Deviation from mean
+1.36σ
313 observations
Platinum to Palladium ratio charts
Pick a range once — it applies to the PL/PA ratio line, the OHLC candles and the Platinum / Palladium price chart below.
PL/PA ratio line
How many T.oz of Palladium one T.oz of Platinum buys, over 1Y.
PL/PA ratio candles
Open, high, low and close of the PL/PA ratio for each period in the last 1Y.
Platinum and Palladium prices
Both legs of the ratio on their own axes, so you can see which one moved over 1Y.
How to calculate the platinum to palladium ratio
Platinum to palladium ratio = platinum price per troy oz ÷ palladium price per troy oz
Both metals are quoted in US dollars per troy ounce, so the units cancel and the ratio is unitless. A reading of 1.0 means they are worth the same per ounce.
Worked example, live prices: $1,883.84 ÷ $1,350.90 = 1.395. The inverse is 0.7171.
A ratio with a built-in correction mechanism
Platinum and palladium do the same chemical job in an autocatalyst. The split is historical: platinum suits diesel exhaust, palladium suits gasoline, and automakers standardised accordingly. But the substitution is real and engineers act on it — when one metal becomes markedly more expensive, catalyst formulations get re-engineered toward the other over a design cycle of a year or two.
That gives the pair something most commodity ratios do not have: a physical arbitrage that closes extremes. Gold against platinum can stay dislocated indefinitely because nothing substitutes gold's monetary role. Platinum against palladium has an engineering response waiting at both ends.
The diesel-to-gasoline swing and back
Before 2015 platinum's diesel exposure kept it at a premium. The Volkswagen scandal and Europe's diesel retreat then collapsed platinum demand while tightening gasoline emissions standards drove palladium to records above $3,000, inverting the pair for several years. Substitution back toward platinum, plus EV adoption reducing total catalyst demand, has since unwound most of that.
Over the trailing 1 year the ratio has averaged 1.267, ranging from 0.9833 to 1.686, with today's 1.395 at the 92nd percentile. Both metals share a supply base — South African PGM mines and Russian nickel by-product — so supply disruptions tend to hit both legs and show up less in this ratio than in either metal against gold.
Other commodity ratios
Each of these has its own page with live pricing, a full year of history and the range statistics.
- Gold to silver ratio
- Gold to platinum ratioPrecious metals · live ratio
- Gold to oil ratioMacro ratio · live
- Gold to copper ratioGrowth vs fear · live ratio
- Gold to palladium ratioPrecious metals · live ratio
- Silver to platinum ratioIndustrial precious metals · live
- Copper to silver ratioElectrification metals · live
- Oil to natural gas ratioEnergy substitution · live
- Gold to natural gas ratioMonetary vs energy · live ratio
Live prices behind the ratios
| # | Symbol | Name | Rate (USD) |
|---|---|---|---|
| 1 | XAU | Gold | 4647.62 |
| 2 | XAG | Silver | 69.00 |
| 3 | WTIOIL-FUT | Crude Oil WTI Futures | 85.69 |
| 4 | BRENTOIL-FUT | Crude Oil Brent Futures | 92.75 |
| 5 | NG-FUT | Natural Gas Futures | 2.77 |
| 6 | PL | Platinum | 1885.63 |
| 7 | PA | Palladium | 1351.00 |
Frequently asked questions
What is the platinum to palladium ratio today?
The platinum to palladium ratio is 1.395 — $1,883.84 per troy ounce of platinum divided by $1,350.90 per troy ounce of palladium. A reading of 1.0 would mean the two metals are worth the same per ounce.
Can platinum and palladium be substituted for each other?
Yes, in autocatalysts, which is their largest shared application. Platinum suits diesel exhaust and palladium gasoline, but formulations can be re-engineered toward whichever is cheaper over a design cycle. That substitution is why extremes in this ratio tend to correct.
Why did palladium overtake platinum?
Europe's post-2015 diesel retreat removed a large slice of platinum demand at the same time as tightening gasoline emissions standards increased palladium loadings. Palladium ran above $3,000 per ounce and traded above platinum for several years before substitution and EV adoption reversed it.
Do the two metals share supply risk?
Largely, yes. Both come mainly from South African PGM operations and Russian nickel by-product production. Because disruptions usually hit both legs, supply shocks show up less in this ratio than in either metal measured against gold.