FCX vs. HG=F

Last updated Jun 6, 2026

FCX (Freeport-McMoRan Inc.) is a stock, while HG=F (Copper) is an asset. Over the past 10 years, FCX returned 20.03%/yr vs 11.90%/yr for HG=F. At a 0.45 correlation, their price movements are largely independent.

Performance

FCX vs. HG=F - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freeport-McMoRan Inc. (FCX) and Copper (HG=F). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FCX achieves a 25.35% return, which is significantly higher than HG=F's 15.98% return. Over the past 10 years, FCX has outperformed HG=F with an annualized return of 20.03%, while HG=F has yielded a comparatively lower 11.90% annualized return.

FCX

• 1D: -9.07%
• 1M: 4.07%
• YTD: 25.35%
• 6M: 40.86%
• 1Y: 53.77%
• 3Y*: 20.46%
• 5Y*: 10.08%
• 10Y*: 20.03%

HG=F

• 1D: 0.75%
• 1M: 6.40%
• YTD: 15.98%
• 6M: 19.54%
• 1Y: 32.36%
• 3Y*: 20.05%
• 5Y*: 7.58%
• 10Y*: 11.90%

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

FCX vs. HG=F - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCX Freeport-McMoRan Inc.	25.35%	35.41%	-9.41%	13.69%	-7.91%	61.41%	99.06%	29.59%	-45.11%	43.75%
HG=F Copper	15.98%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%

Correlation

The correlation between FCX and HG=F is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 11, 1995	0.45

The correlation between FCX and HG=F shifts across timeframes, from 0.45 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

FCX vs. HG=F — Risk / Return Rank

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

FCX

FCX Risk / Return Rank: 72
FCX Sharpe Ratio Rank: 74
FCX Sortino Ratio Rank: 66
FCX Omega Ratio Rank: 69
FCX Calmar Ratio Rank: 76
FCX Martin Ratio Rank: 77

HG=F

HG=F Risk / Return Rank: 23
HG=F Sharpe Ratio Rank: 21
HG=F Sortino Ratio Rank: 19
HG=F Omega Ratio Rank: 35
HG=F Calmar Ratio Rank: 17
HG=F Martin Ratio Rank: 22

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.

FCX vs. HG=F - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freeport-McMoRan Inc. (FCX) and Copper (HG=F). 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.

	FCX	HG=F	Difference
Sharpe ratio: Return per unit of total volatility	1.12	0.83	+0.29
Sortino ratio: Return per unit of downside risk	1.53	1.21	+0.33
Omega ratio: Gain probability vs. loss probability	1.22	1.21	+0.01
Calmar ratio: Return relative to maximum drawdown	2.17	1.17	+1.00
Martin ratio: Return relative to average drawdown	5.46	2.57	+2.89
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCX vs. HG=F - Sharpe Ratio Comparison

The current FCX Sharpe Ratio is 1.12, which is higher than the HG=F Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of FCX and HG=F, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FCX	HG=F	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	0.83	+0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.22	0.27	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.48	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.21	-0.06

Drawdowns

FCX vs. HG=F - Drawdown Comparison

The maximum FCX drawdown since its inception was -92.52%, which is greater than HG=F's maximum drawdown of -68.86%. Use the drawdown chart below to compare losses from any high point for FCX and HG=F.

Drawdown Indicators

	FCX	HG=F	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-68.86%	-23.66%
Max Drawdown (1Y) Largest decline over 1 year	-24.90%	-25.17%	+0.27%
Max Drawdown (3Y) Largest decline over 3 years	-46.34%	-25.17%	-21.17%
Max Drawdown (5Y) Largest decline over 5 years	-51.47%	-34.96%	-16.51%
Max Drawdown (10Y) Largest decline over 10 years	-72.59%	-36.54%	-36.05%
Current Drawdown Current decline from peak	-11.64%	-1.80%	-9.84%
Average Drawdown Average peak-to-trough decline	-39.64%	-29.58%	-10.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.88%	12.17%	-2.29%

Volatility

FCX vs. HG=F - Volatility Comparison

Freeport-McMoRan Inc. (FCX) has a higher volatility of 16.91% compared to Copper (HG=F) at 8.62%. This indicates that FCX's price experiences larger fluctuations and is considered to be riskier than HG=F based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FCX	HG=F	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.91%	8.62%	+8.29%
Volatility (6M) Calculated over the trailing 6-month period	36.87%	21.89%	+14.98%
Volatility (1Y) Calculated over the trailing 1-year period	48.38%	35.56%	+12.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.01%	26.87%	+18.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	48.67%	23.67%	+25.00%

Frequently Asked Questions

Can I hold both FCX and HG=F in my portfolio?

FCX and HG=F have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCX or HG=F?

FCX has higher volatility (16.91%) compared to HG=F (8.62%). In terms of maximum drawdown, FCX dropped -92.52% vs HG=F's -68.86%.

Which has better risk-adjusted returns?

FCX currently has the higher Sharpe Ratio (1.12 vs 0.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.