Is WBTC pegged to BTC?

Could you please clarify for me if WBTC is pegged to BTC? I've heard some discussions about this topic but am still not entirely sure how it works. I'm interested in understanding the relationship between these two cryptocurrencies and whether their prices are somehow linked or maintained at a fixed ratio. Could you explain the mechanism behind this, if it exists, and any potential implications for investors? Thank you for your assistance in clarifying this matter.