FM.TO vs. ^TNX

Last updated Apr 2, 2026

Compare and contrast key facts about First Quantum Minerals Ltd. (FM.TO) and Treasury Yield 10 Years (^TNX).

Performance

FM.TO vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in First Quantum Minerals Ltd. (FM.TO) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

FM.TO vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FM.TO First Quantum Minerals Ltd.	-5.19%	98.60%	70.78%	-61.41%	-5.96%	32.52%	73.68%	19.40%	-37.27%	32.00%
^TNX Treasury Yield 10 Years	5.06%	-13.14%	28.45%	-2.53%	174.83%	63.40%	-53.02%	-32.07%	21.16%	-7.94%

Different Trading Currencies

FM.TO is traded in CAD, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, FM.TO achieves a -5.19% return, which is significantly lower than ^TNX's 5.06% return. Over the past 10 years, FM.TO has outperformed ^TNX with an annualized return of 17.96%, while ^TNX has yielded a comparatively lower 9.92% annualized return.

FM.TO

• 1D: 4.90%
• 1M: -13.17%
• YTD: -5.19%
• 6M: 9.82%
• 1Y: 71.87%
• 3Y*: 4.15%
• 5Y*: 7.19%
• 10Y*: 17.96%

^TNX

• 1D: 0.05%
• 1M: 8.43%
• YTD: 5.06%
• 6M: 4.89%
• 1Y: 0.97%
• 3Y*: 8.32%
• 5Y*: 23.30%
• 10Y*: 9.92%

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

Return for Risk

FM.TO vs. ^TNX — Risk / Return Rank

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

FM.TO

FM.TO Risk / Return Rank: 81
FM.TO Sharpe Ratio Rank: 84
FM.TO Sortino Ratio Rank: 78
FM.TO Omega Ratio Rank: 77
FM.TO Calmar Ratio Rank: 82
FM.TO Martin Ratio Rank: 85

^TNX

^TNX Risk / Return Rank: 22
^TNX Sharpe Ratio Rank: 26
^TNX Sortino Ratio Rank: 23
^TNX Omega Ratio Rank: 22
^TNX Calmar Ratio Rank: 19
^TNX Martin Ratio Rank: 18

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.

FM.TO vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) and Treasury Yield 10 Years (^TNX). 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.

	FM.TO	^TNX	Difference
Sharpe ratio Return per unit of total volatility	1.51	0.05	+1.46
Sortino ratio Return per unit of downside risk	2.03	0.21	+1.82
Omega ratio Gain probability vs. loss probability	1.27	1.02	+0.24
Calmar ratio Return relative to maximum drawdown	2.65	-0.12	+2.76
Martin ratio Return relative to average drawdown	8.16	-0.20	+8.36
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FM.TO vs. ^TNX - Sharpe Ratio Comparison

The current FM.TO Sharpe Ratio is 1.51, which is higher than the ^TNX Sharpe Ratio of 0.05. The chart below compares the historical Sharpe Ratios of FM.TO and ^TNX, 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

	FM.TO	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.51	0.05	+1.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.69	-0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.21	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.07	+0.22

Correlation

The correlation between FM.TO and ^TNX is 0.12, 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.

Drawdowns

FM.TO vs. ^TNX - Drawdown Comparison

The maximum FM.TO drawdown since its inception was -90.98%, which is greater than ^TNX's maximum drawdown of -84.33%. Use the drawdown chart below to compare losses from any high point for FM.TO and ^TNX.

Drawdown Indicators

	FM.TO	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-90.98%	-93.78%	+2.80%
Max Drawdown (1Y) Largest decline over 1 year	-30.35%	-13.99%	-16.36%
Max Drawdown (5Y) Largest decline over 5 years	-78.27%	-31.74%	-46.53%
Max Drawdown (10Y) Largest decline over 10 years	-78.27%	-84.57%	+6.30%
Current Drawdown Current decline from peak	-21.44%	-46.17%	+24.73%
Average Drawdown Average peak-to-trough decline	-36.83%	-51.38%	+14.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.84%	8.39%	+1.45%

Volatility

FM.TO vs. ^TNX - Volatility Comparison

First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 18.92% compared to Treasury Yield 10 Years (^TNX) at 6.30%. This indicates that FM.TO's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FM.TO	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.92%	6.30%	+12.62%
Volatility (6M) Calculated over the trailing 6-month period	34.32%	11.34%	+22.98%
Volatility (1Y) Calculated over the trailing 1-year period	48.07%	19.20%	+28.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.56%	33.89%	+23.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	61.39%	48.45%	+12.94%