TFM
Performance
Risk-Adjusted Performance
Dividends
Drawdowns
Volatility
Diversification
TFM
Last updated Apr 7, 2025
Asset Allocation
| Position | Category/Sector | Target Weight |
|---|---|---|
AAL.L Anglo American plc | Basic Materials | 4% |
AENA.MC Aena SA | Industrials | 4% |
BG Bunge Limited | Consumer Defensive | 4% |
BX The Blackstone Group Inc. | Financial Services | 4% |
CLNX.MC Cellnex Telecom SA | Real Estate | 4% |
CNQ Canadian Natural Resources Limited | Energy | 4% |
COL.MC Inmobiliaria Colonial SA | Real Estate | 4% |
CSX CSX Corporation | Industrials | 4% |
CVX Chevron Corporation | Energy | 4% |
DG.PA VINCI SA | Industrials | 4% |
FCX Freeport-McMoRan Inc. | Basic Materials | 4% |
FNV.TO Franco-Nevada Corporation | Basic Materials | 4% |
FPI Farmland Partners Inc. | Real Estate | 4% |
IBE.MC Iberdrola S.A. | Utilities | 4% |
NEX.PA Nexans S.A. | Industrials | 4% |
PLD Prologis, Inc. | Real Estate | 4% |
PNR Pentair plc | Industrials | 4% |
PRY.MI Prysmian SpA | Industrials | 4% |
SRG.MI Snam SpA | Utilities | 4% |
SU.PA | 4% | |
TRN.MI | 4% | |
VIE.PA | 4% | |
VRLA.PA | 4% | |
WELL | 4% | |
WM | 4% |
Performance
Performance Chart
The chart shows the growth of an initial investment of $10,000 in TFM, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends. The portfolio is rebalanced every 3 months.
TFM
Benchmark (^GSPC)
Portfolio components
The earliest data available for this chart is May 7, 2015, corresponding to the inception date of CLNX.MC
Returns By Period
| YTD | 1M | 6M | 1Y | 5Y* | 10Y* | |
|---|---|---|---|---|---|---|
^GSPC S&P 500 | -13.73% | -12.06% | -11.77% | -2.50% | 13.85% | 9.30% |
| TFM | -6.58% | -7.61% | -14.20% | -5.94% | 16.76% | N/A |
| Portfolio components: | ||||||
CVX Chevron Corporation | 0.02% | -8.35% | -2.91% | -7.50% | 16.74% | 7.49% |
SU.PA | -16.76% | -14.41% | -19.43% | -6.36% | 20.45% | N/A |
SRG.MI Snam SpA | 21.48% | 7.96% | 9.99% | 22.16% | 9.92% | 5.83% |
TRN.MI | 15.13% | 8.52% | 8.06% | 17.32% | 13.12% | N/A |
AENA.MC Aena SA | 15.78% | 0.47% | 8.72% | 27.62% | 15.85% | 10.87% |
BX The Blackstone Group Inc. | -26.86% | -13.85% | -16.56% | 0.61% | 25.96% | 18.30% |
CSX CSX Corporation | -15.34% | -12.96% | -20.53% | -23.95% | 7.16% | 10.96% |
DG.PA VINCI SA | 19.14% | -2.94% | 7.90% | 3.32% | 12.97% | 10.67% |
COL.MC Inmobiliaria Colonial SA | 10.62% | 2.45% | -11.26% | 9.16% | -6.52% | 0.15% |
FPI Farmland Partners Inc. | -9.08% | -4.60% | 9.80% | 11.64% | 17.77% | 3.62% |
WELL | 14.20% | -2.82% | 15.20% | 59.52% | 29.62% | N/A |
PLD Prologis, Inc. | -6.24% | -17.35% | -18.34% | -18.57% | 6.55% | 12.01% |
BG Bunge Limited | -4.95% | -3.17% | -24.14% | -29.35% | 16.88% | 1.46% |
VRLA.PA | 19.85% | -1.45% | 7.30% | -12.41% | 7.70% | N/A |
FNV.TO Franco-Nevada Corporation | 23.74% | 1.55% | 20.65% | 19.85% | 7.04% | 14.12% |
AAL.L Anglo American plc | -20.14% | -23.23% | -25.90% | -10.46% | 6.03% | 6.06% |
CNQ Canadian Natural Resources Limited | -9.45% | -1.47% | -20.39% | -28.63% | 38.70% | 10.65% |
FCX Freeport-McMoRan Inc. | -23.16% | -21.09% | -41.94% | -40.32% | 31.44% | 5.58% |
CLNX.MC Cellnex Telecom SA | 17.50% | 7.57% | -6.71% | 15.28% | -1.67% | N/A |
PRY.MI Prysmian SpA | -26.23% | -19.44% | -33.03% | -8.17% | 25.15% | 10.59% |
NEX.PA Nexans S.A. | -16.73% | -12.90% | -36.31% | -12.12% | 23.45% | 10.58% |
IBE.MC Iberdrola S.A. | 22.35% | 12.55% | 13.11% | 42.27% | 15.32% | 13.96% |
PNR Pentair plc | -21.55% | -10.85% | -17.47% | -4.76% | 21.44% | 8.43% |
VIE.PA | 20.10% | 1.13% | 4.50% | 11.32% | 15.01% | N/A |
WM | 12.02% | -1.53% | 8.99% | 10.41% | 21.16% | N/A |
*Annualized
Monthly Returns
The table below presents the monthly returns of TFM, with color gradation from worst to best to easily spot seasonal factors. Returns are adjusted for dividends.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | 2.73% | -0.87% | -0.28% | -8.01% | -6.58% | ||||||||
| 2024 | -2.94% | 3.41% | 5.98% | -1.07% | 6.48% | -4.05% | 3.42% | 1.19% | 4.44% | -1.83% | 0.12% | -7.35% | 7.00% |
| 2023 | 10.84% | -5.26% | 2.16% | 0.71% | -5.26% | 7.29% | 4.08% | -2.42% | -4.24% | -6.42% | 10.25% | 6.56% | 17.42% |
| 2022 | -4.50% | 3.77% | 4.70% | -6.13% | 1.18% | -15.57% | 7.85% | -4.82% | -10.30% | 11.24% | 8.96% | -3.27% | -10.17% |
| 2021 | -0.82% | 6.47% | 4.09% | 6.95% | 4.75% | -2.72% | 4.71% | 1.08% | -6.22% | 8.31% | -2.19% | 5.42% | 32.77% |
| 2020 | 0.24% | -6.89% | -19.62% | 10.59% | 7.44% | 4.46% | 6.25% | 3.70% | -3.19% | -1.52% | 16.94% | 4.81% | 19.89% |
| 2019 | 4.88% | 1.68% | 5.22% | 12.21% |
Expense Ratio
TFM has an expense ratio of 0.00%, meaning no management fees are charged. Below, you can find the expense ratios of the portfolio's funds side by side and easily compare their relative costs.
The portfolio doesn't include any funds that charge management fees.
Risk-Adjusted Performance
Risk-Adjusted Performance Rank
The current rank of TFM is 69, indicating average performance compared to other portfolios on our website. Here’s a breakdown of how it compares using common performance measures.
Overall Rank
Sharpe Ratio Rank
Sortino Ratio Rank
Omega Ratio Rank
Calmar Ratio Rank
Martin Ratio Rank
The risk-adjusted ranks indicate the investment's position relative to the market. A rank closer to 100 signifies top-performing investments, while a rank closer to 0 might suggest underperformance, based on the selected ratio. The values are calculated based on the past 12 months of returns.
Risk-Adjusted Performance Indicators
This table presents a comparison of risk-adjusted performance metrics for positions. 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.
Portfolio: -0.26
^GSPC: -0.17
Portfolio: -0.24
^GSPC: -0.11
Portfolio: 0.97
^GSPC: 0.98
Portfolio: -0.26
^GSPC: -0.15
Portfolio: -0.79
^GSPC: -0.79
Portfolio components
| Sharpe ratio | Sortino ratio | Omega ratio | Calmar ratio | Martin ratio | |
|---|---|---|---|---|---|
CVX Chevron Corporation | -0.23 | -0.16 | 0.98 | -0.24 | -0.75 |
SU.PA | -0.20 | -0.06 | 0.99 | -0.24 | -0.85 |
SRG.MI Snam SpA | 1.33 | 1.92 | 1.25 | 1.37 | 3.85 |
TRN.MI | 1.20 | 1.79 | 1.23 | 1.73 | 3.81 |
AENA.MC Aena SA | 1.72 | 2.33 | 1.31 | 2.43 | 6.91 |
BX The Blackstone Group Inc. | 0.18 | 0.46 | 1.06 | 0.16 | 0.52 |
CSX CSX Corporation | -0.91 | -1.19 | 0.85 | -0.76 | -2.49 |
DG.PA VINCI SA | 0.29 | 0.54 | 1.07 | 0.34 | 0.62 |
COL.MC Inmobiliaria Colonial SA | 0.31 | 0.61 | 1.07 | 0.14 | 0.52 |
FPI Farmland Partners Inc. | 0.59 | 1.03 | 1.13 | 0.42 | 1.98 |
WELL | 3.22 | 4.11 | 1.55 | 5.77 | 17.08 |
PLD Prologis, Inc. | -0.45 | -0.45 | 0.94 | -0.32 | -1.25 |
BG Bunge Limited | -1.06 | -1.36 | 0.82 | -0.66 | -1.26 |
VRLA.PA | -0.35 | -0.25 | 0.97 | -0.27 | -0.47 |
FNV.TO Franco-Nevada Corporation | 0.95 | 1.32 | 1.18 | 0.84 | 3.84 |
AAL.L Anglo American plc | -0.31 | -0.19 | 0.98 | -0.22 | -0.94 |
CNQ Canadian Natural Resources Limited | -0.93 | -1.18 | 0.85 | -0.77 | -1.88 |
FCX Freeport-McMoRan Inc. | -1.02 | -1.42 | 0.82 | -0.89 | -1.97 |
CLNX.MC Cellnex Telecom SA | 0.54 | 0.99 | 1.12 | 0.26 | 1.24 |
PRY.MI Prysmian SpA | -0.30 | -0.16 | 0.98 | -0.29 | -1.09 |
NEX.PA Nexans S.A. | -0.33 | -0.21 | 0.97 | -0.32 | -0.67 |
IBE.MC Iberdrola S.A. | 2.45 | 3.12 | 1.43 | 3.45 | 8.43 |
PNR Pentair plc | -0.03 | 0.14 | 1.02 | -0.03 | -0.11 |
VIE.PA | 0.79 | 1.19 | 1.15 | 0.81 | 1.63 |
WM | 0.58 | 0.87 | 1.13 | 0.94 | 2.14 |
TFM
Benchmark (^GSPC)
Portfolio components
Dividends
Dividend yield
TFM provided a 3.56% dividend yield over the last twelve months.
| TTM | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Portfolio | 3.56% | 3.46% | 2.79% | 2.77% | 2.22% | 2.55% | 2.59% | 3.52% | 2.70% | 2.76% | 3.41% | 2.96% |
| Portfolio components: | ||||||||||||
CVX Chevron Corporation | 4.61% | 4.50% | 4.05% | 3.16% | 4.52% | 6.11% | 3.95% | 4.12% | 3.45% | 3.64% | 4.76% | 3.75% |
SU.PA | 1.85% | 1.45% | 1.73% | 2.22% | 1.51% | 2.16% | 2.57% | 3.68% | 2.88% | 3.03% | 3.65% | 3.09% |
SRG.MI Snam SpA | 5.94% | 6.59% | 5.91% | 5.79% | 4.71% | 5.16% | 4.83% | 5.64% | 5.15% | 6.39% | 5.13% | 9.67% |
TRN.MI | 4.13% | 4.52% | 4.27% | 4.33% | 3.89% | 4.10% | 4.01% | 4.53% | 4.30% | 4.64% | 4.21% | 5.32% |
AENA.MC Aena SA | 2.87% | 3.14% | 2.34% | 0.00% | 0.00% | 4.32% | 3.29% | 3.88% | 1.84% | 1.69% | 0.00% | 0.00% |
BX The Blackstone Group Inc. | 3.16% | 2.00% | 2.54% | 6.66% | 2.76% | 2.95% | 3.43% | 8.12% | 7.25% | 8.44% | 9.81% | 5.63% |
CSX CSX Corporation | 1.80% | 1.49% | 1.27% | 1.29% | 0.99% | 1.15% | 1.33% | 1.42% | 1.42% | 2.00% | 2.70% | 1.74% |
DG.PA VINCI SA | 4.01% | 4.51% | 3.56% | 3.48% | 2.90% | 3.07% | 2.74% | 3.49% | 2.54% | 2.94% | 3.03% | 3.89% |
COL.MC Inmobiliaria Colonial SA | 4.20% | 4.39% | 2.44% | 0.88% | 2.67% | 1.57% | 0.52% | 1.79% | 1.61% | 1.85% | 0.00% | 0.00% |
FPI Farmland Partners Inc. | 13.14% | 11.31% | 3.61% | 1.85% | 1.67% | 2.30% | 2.95% | 7.84% | 5.90% | 4.59% | 4.56% | 3.13% |
WELL | 1.83% | 2.03% | 2.71% | 3.72% | 2.84% | 4.18% | 4.26% | 5.01% | 5.46% | 5.14% | 4.85% | 4.20% |
PLD Prologis, Inc. | 3.96% | 3.63% | 2.61% | 2.80% | 1.50% | 2.33% | 2.38% | 3.27% | 2.73% | 3.18% | 3.54% | 3.07% |
BG Bunge Limited | 3.72% | 3.48% | 2.55% | 2.31% | 2.20% | 3.05% | 3.48% | 3.59% | 2.62% | 2.21% | 2.11% | 1.41% |
VRLA.PA | 7.82% | 8.86% | 4.02% | 3.31% | 3.07% | 2.93% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
FNV.TO Franco-Nevada Corporation | 0.99% | 1.17% | 1.25% | 0.91% | 0.83% | 0.86% | 0.74% | 1.65% | 0.91% | 1.08% | 1.31% | 1.40% |
AAL.L Anglo American plc | 2.08% | 2.14% | 4.24% | 3.67% | 4.24% | 1.89% | 3.32% | 3.30% | 1.84% | 0.00% | 12.65% | 2.55% |
CNQ Canadian Natural Resources Limited | 5.69% | 5.02% | 4.17% | 6.31% | 3.70% | 5.15% | 3.42% | 5.92% | 2.34% | 2.19% | 3.19% | 2.59% |
FCX Freeport-McMoRan Inc. | 2.06% | 1.58% | 1.41% | 1.58% | 0.54% | 0.19% | 1.52% | 1.45% | 0.00% | 0.00% | 8.48% | 5.36% |
CLNX.MC Cellnex Telecom SA | 0.19% | 0.21% | 0.16% | 0.17% | 0.13% | 0.13% | 0.20% | 0.47% | 0.33% | 0.54% | 0.19% | 0.00% |
PRY.MI Prysmian SpA | 1.62% | 1.14% | 1.46% | 1.59% | 1.51% | 0.86% | 4.00% | 2.46% | 1.58% | 1.72% | 2.07% | 2.77% |
NEX.PA Nexans S.A. | 2.80% | 2.21% | 2.65% | 1.42% | 0.82% | 0.00% | 0.69% | 2.88% | 0.98% | 0.00% | 0.00% | 0.00% |
IBE.MC Iberdrola S.A. | 3.85% | 4.16% | 4.22% | 4.11% | 4.05% | 3.42% | 3.82% | 4.65% | 4.83% | 4.51% | 0.46% | 5.06% |
PNR Pentair plc | 1.19% | 0.91% | 1.21% | 1.87% | 1.10% | 1.43% | 1.57% | 2.17% | 1.95% | 2.39% | 2.58% | 1.66% |
VIE.PA | 4.06% | 4.61% | 3.92% | 4.17% | 2.09% | 2.50% | 3.88% | 4.68% | 3.76% | 4.51% | 3.20% | 4.92% |
WM | 1.37% | 1.49% | 1.56% | 1.66% | 1.38% | 1.85% | 1.80% | 2.09% | 1.97% | 2.31% | 2.89% | 2.92% |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
TFM
Benchmark (^GSPC)
Portfolio components
Worst Drawdowns
The table below displays the maximum drawdowns of the TFM. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the TFM was 38.53%, occurring on Mar 23, 2020. Recovery took 164 trading sessions.
The current TFM drawdown is 9.19%.
Depth | Start | To Bottom | Bottom | To Recover | End | Total |
|---|---|---|---|---|---|---|
| -38.53% | Feb 20, 2020 | 23 | Mar 23, 2020 | 164 | Nov 9, 2020 | 187 |
| -28.62% | Apr 21, 2022 | 114 | Sep 27, 2022 | 322 | Dec 26, 2023 | 436 |
| -15.97% | Oct 21, 2024 | 118 | Apr 4, 2025 | — | — | — |
| -8.53% | Sep 3, 2021 | 24 | Oct 6, 2021 | 13 | Oct 25, 2021 | 37 |
| -7.74% | May 21, 2024 | 55 | Aug 5, 2024 | 30 | Sep 16, 2024 | 85 |
Volatility
Volatility Chart
The current TFM volatility is 8.80%, representing the average percentage change in the investments's value, either up or down over the past month. The chart below shows the rolling one-month volatility.
TFM
Benchmark (^GSPC)
Portfolio components
Diversification
Asset Correlations Table
The table below displays the correlation coefficients between the individual components of the portfolio, the entire portfolio, and the chosen benchmark.
| FNV.TO | WM | BG | CLNX.MC | FPI | VRLA.PA | CVX | WELL | PLD | CNQ | TRN.MI | AENA.MC | AAL.L | CSX | SRG.MI | COL.MC | PNR | NEX.PA | PRY.MI | IBE.MC | FCX | BX | VIE.PA | SU.PA | DG.PA | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FNV.TO | 1.00 | 0.16 | 0.14 | 0.23 | 0.17 | 0.17 | 0.18 | 0.16 | 0.22 | 0.23 | 0.20 | 0.11 | 0.27 | 0.18 | 0.24 | 0.16 | 0.19 | 0.20 | 0.18 | 0.24 | 0.35 | 0.22 | 0.21 | 0.21 | 0.15 |
| WM | 0.16 | 1.00 | 0.23 | 0.13 | 0.24 | 0.08 | 0.27 | 0.40 | 0.45 | 0.20 | 0.20 | 0.17 | 0.13 | 0.46 | 0.17 | 0.17 | 0.40 | 0.14 | 0.18 | 0.23 | 0.21 | 0.30 | 0.19 | 0.22 | 0.21 |
| BG | 0.14 | 0.23 | 1.00 | 0.04 | 0.30 | 0.11 | 0.50 | 0.25 | 0.24 | 0.44 | 0.11 | 0.16 | 0.30 | 0.39 | 0.12 | 0.16 | 0.34 | 0.19 | 0.20 | 0.14 | 0.43 | 0.29 | 0.20 | 0.18 | 0.24 |
| CLNX.MC | 0.23 | 0.13 | 0.04 | 1.00 | 0.12 | 0.23 | 0.02 | 0.16 | 0.25 | 0.05 | 0.43 | 0.32 | 0.17 | 0.14 | 0.41 | 0.38 | 0.16 | 0.28 | 0.30 | 0.47 | 0.11 | 0.26 | 0.37 | 0.35 | 0.35 |
| FPI | 0.17 | 0.24 | 0.30 | 0.12 | 1.00 | 0.14 | 0.32 | 0.35 | 0.33 | 0.30 | 0.18 | 0.16 | 0.22 | 0.36 | 0.16 | 0.23 | 0.31 | 0.20 | 0.18 | 0.19 | 0.31 | 0.36 | 0.19 | 0.22 | 0.22 |
| VRLA.PA | 0.17 | 0.08 | 0.11 | 0.23 | 0.14 | 1.00 | 0.13 | 0.10 | 0.18 | 0.20 | 0.24 | 0.30 | 0.32 | 0.17 | 0.29 | 0.35 | 0.20 | 0.36 | 0.38 | 0.28 | 0.27 | 0.24 | 0.40 | 0.40 | 0.41 |
| CVX | 0.18 | 0.27 | 0.50 | 0.02 | 0.32 | 0.13 | 1.00 | 0.26 | 0.22 | 0.72 | 0.11 | 0.21 | 0.37 | 0.42 | 0.15 | 0.19 | 0.34 | 0.21 | 0.18 | 0.16 | 0.50 | 0.31 | 0.22 | 0.19 | 0.29 |
| WELL | 0.16 | 0.40 | 0.25 | 0.16 | 0.35 | 0.10 | 0.26 | 1.00 | 0.52 | 0.25 | 0.24 | 0.27 | 0.18 | 0.37 | 0.23 | 0.35 | 0.37 | 0.18 | 0.17 | 0.27 | 0.25 | 0.37 | 0.28 | 0.21 | 0.30 |
| PLD | 0.22 | 0.45 | 0.24 | 0.25 | 0.33 | 0.18 | 0.22 | 0.52 | 1.00 | 0.21 | 0.28 | 0.19 | 0.19 | 0.44 | 0.24 | 0.28 | 0.48 | 0.23 | 0.23 | 0.27 | 0.27 | 0.45 | 0.27 | 0.26 | 0.26 |
| CNQ | 0.23 | 0.20 | 0.44 | 0.05 | 0.30 | 0.20 | 0.72 | 0.25 | 0.21 | 1.00 | 0.14 | 0.24 | 0.41 | 0.39 | 0.21 | 0.23 | 0.33 | 0.28 | 0.27 | 0.18 | 0.55 | 0.32 | 0.28 | 0.28 | 0.32 |
| TRN.MI | 0.20 | 0.20 | 0.11 | 0.43 | 0.18 | 0.24 | 0.11 | 0.24 | 0.28 | 0.14 | 1.00 | 0.35 | 0.21 | 0.21 | 0.81 | 0.42 | 0.19 | 0.29 | 0.36 | 0.64 | 0.15 | 0.28 | 0.49 | 0.33 | 0.42 |
| AENA.MC | 0.11 | 0.17 | 0.16 | 0.32 | 0.16 | 0.30 | 0.21 | 0.27 | 0.19 | 0.24 | 0.35 | 1.00 | 0.33 | 0.26 | 0.38 | 0.48 | 0.26 | 0.36 | 0.36 | 0.39 | 0.26 | 0.24 | 0.46 | 0.43 | 0.62 |
| AAL.L | 0.27 | 0.13 | 0.30 | 0.17 | 0.22 | 0.32 | 0.37 | 0.18 | 0.19 | 0.41 | 0.21 | 0.33 | 1.00 | 0.27 | 0.26 | 0.34 | 0.30 | 0.39 | 0.36 | 0.27 | 0.60 | 0.28 | 0.37 | 0.45 | 0.42 |
| CSX | 0.18 | 0.46 | 0.39 | 0.14 | 0.36 | 0.17 | 0.42 | 0.37 | 0.44 | 0.39 | 0.21 | 0.26 | 0.27 | 1.00 | 0.20 | 0.22 | 0.56 | 0.28 | 0.27 | 0.22 | 0.44 | 0.47 | 0.27 | 0.34 | 0.31 |
| SRG.MI | 0.24 | 0.17 | 0.12 | 0.41 | 0.16 | 0.29 | 0.15 | 0.23 | 0.24 | 0.21 | 0.81 | 0.38 | 0.26 | 0.20 | 1.00 | 0.42 | 0.18 | 0.32 | 0.39 | 0.61 | 0.20 | 0.25 | 0.52 | 0.38 | 0.48 |
| COL.MC | 0.16 | 0.17 | 0.16 | 0.38 | 0.23 | 0.35 | 0.19 | 0.35 | 0.28 | 0.23 | 0.42 | 0.48 | 0.34 | 0.22 | 0.42 | 1.00 | 0.25 | 0.34 | 0.33 | 0.42 | 0.24 | 0.29 | 0.51 | 0.39 | 0.51 |
| PNR | 0.19 | 0.40 | 0.34 | 0.16 | 0.31 | 0.20 | 0.34 | 0.37 | 0.48 | 0.33 | 0.19 | 0.26 | 0.30 | 0.56 | 0.18 | 0.25 | 1.00 | 0.33 | 0.30 | 0.23 | 0.46 | 0.55 | 0.26 | 0.39 | 0.32 |
| NEX.PA | 0.20 | 0.14 | 0.19 | 0.28 | 0.20 | 0.36 | 0.21 | 0.18 | 0.23 | 0.28 | 0.29 | 0.36 | 0.39 | 0.28 | 0.32 | 0.34 | 0.33 | 1.00 | 0.63 | 0.37 | 0.34 | 0.35 | 0.46 | 0.60 | 0.46 |
| PRY.MI | 0.18 | 0.18 | 0.20 | 0.30 | 0.18 | 0.38 | 0.18 | 0.17 | 0.23 | 0.27 | 0.36 | 0.36 | 0.36 | 0.27 | 0.39 | 0.33 | 0.30 | 0.63 | 1.00 | 0.38 | 0.33 | 0.32 | 0.42 | 0.62 | 0.47 |
| IBE.MC | 0.24 | 0.23 | 0.14 | 0.47 | 0.19 | 0.28 | 0.16 | 0.27 | 0.27 | 0.18 | 0.64 | 0.39 | 0.27 | 0.22 | 0.61 | 0.42 | 0.23 | 0.37 | 0.38 | 1.00 | 0.20 | 0.29 | 0.53 | 0.43 | 0.50 |
| FCX | 0.35 | 0.21 | 0.43 | 0.11 | 0.31 | 0.27 | 0.50 | 0.25 | 0.27 | 0.55 | 0.15 | 0.26 | 0.60 | 0.44 | 0.20 | 0.24 | 0.46 | 0.34 | 0.33 | 0.20 | 1.00 | 0.40 | 0.28 | 0.37 | 0.36 |
| BX | 0.22 | 0.30 | 0.29 | 0.26 | 0.36 | 0.24 | 0.31 | 0.37 | 0.45 | 0.32 | 0.28 | 0.24 | 0.28 | 0.47 | 0.25 | 0.29 | 0.55 | 0.35 | 0.32 | 0.29 | 0.40 | 1.00 | 0.35 | 0.39 | 0.34 |
| VIE.PA | 0.21 | 0.19 | 0.20 | 0.37 | 0.19 | 0.40 | 0.22 | 0.28 | 0.27 | 0.28 | 0.49 | 0.46 | 0.37 | 0.27 | 0.52 | 0.51 | 0.26 | 0.46 | 0.42 | 0.53 | 0.28 | 0.35 | 1.00 | 0.51 | 0.63 |
| SU.PA | 0.21 | 0.22 | 0.18 | 0.35 | 0.22 | 0.40 | 0.19 | 0.21 | 0.26 | 0.28 | 0.33 | 0.43 | 0.45 | 0.34 | 0.38 | 0.39 | 0.39 | 0.60 | 0.62 | 0.43 | 0.37 | 0.39 | 0.51 | 1.00 | 0.56 |
| DG.PA | 0.15 | 0.21 | 0.24 | 0.35 | 0.22 | 0.41 | 0.29 | 0.30 | 0.26 | 0.32 | 0.42 | 0.62 | 0.42 | 0.31 | 0.48 | 0.51 | 0.32 | 0.46 | 0.47 | 0.50 | 0.36 | 0.34 | 0.63 | 0.56 | 1.00 |
The correlation results are calculated based on daily price changes starting from Oct 7, 2019