FM.TO vs. ^TNX

Last updated Jun 4, 2026

FM.TO (First Quantum Minerals Ltd.) is a stock, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 10 years, FM.TO returned 17.54%/yr vs 10.97%/yr for ^TNX. At a 0.11 correlation, their price movements are largely independent.

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.

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 23.10% return, which is significantly higher than ^TNX's 9.25% return. Over the past 10 years, FM.TO has outperformed ^TNX with an annualized return of 17.54%, while ^TNX has yielded a comparatively lower 10.97% annualized return.

FM.TO

• 1D: -1.80%
• 1M: 45.94%
• YTD: 23.10%
• 6M: 36.61%
• 1Y: 118.10%
• 3Y*: 14.72%
• 5Y*: 9.55%
• 10Y*: 17.54%

^TNX

• 1D: 1.22%
• 1M: 3.03%
• YTD: 9.25%
• 6M: 10.27%
• 1Y: 1.99%
• 3Y*: 8.00%
• 5Y*: 27.08%
• 10Y*: 10.97%

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

FM.TO vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FM.TO First Quantum Minerals Ltd.	23.10%	98.60%	70.78%	-61.41%	-5.96%	32.52%	73.68%	19.40%	-37.27%	32.00%
^TNX Treasury Yield 10 Years	9.25%	-13.14%	28.45%	-2.53%	174.83%	63.40%	-53.02%	-32.07%	21.16%	-7.94%

Correlation

The correlation between FM.TO and ^TNX is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.12
Correlation (5Y) Calculated over the trailing 5-year period	-0.07
Correlation (10Y) Calculated over the trailing 10-year period	0.07
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.11

The correlation between FM.TO and ^TNX shifts across timeframes, from -0.22 (1 year) to 0.11 (all time), reflecting how their relationship changes across market environments.

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: 88
FM.TO Sharpe Ratio Rank: 92
FM.TO Sortino Ratio Rank: 87
FM.TO Omega Ratio Rank: 86
FM.TO Calmar Ratio Rank: 87
FM.TO Martin Ratio Rank: 89

^TNX

^TNX Risk / Return Rank: 12
^TNX Sharpe Ratio Rank: 12
^TNX Sortino Ratio Rank: 11
^TNX Omega Ratio Rank: 11
^TNX Calmar Ratio Rank: 12
^TNX Martin Ratio Rank: 12

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	2.61	0.12	+2.49
Sortino ratio: Return per unit of downside risk	2.97	0.29	+2.68
Omega ratio: Gain probability vs. loss probability	1.38	1.03	+0.35
Calmar ratio: Return relative to maximum drawdown	3.91	0.16	+3.75
Martin ratio: Return relative to average drawdown	11.49	0.32	+11.17
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 2.61, which is higher than the ^TNX Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of FM.TO and ^TNX, 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

	FM.TO	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	0.12	+2.49
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.82	-0.65
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.23	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.05	+0.25

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 -83.97%. 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%	-83.97%	-7.01%
Max Drawdown (1Y) Largest decline over 1 year	-30.35%	-12.47%	-17.88%
Max Drawdown (3Y) Largest decline over 3 years	-75.27%	-28.10%	-47.17%
Max Drawdown (5Y) Largest decline over 5 years	-78.27%	-28.10%	-50.17%
Max Drawdown (10Y) Largest decline over 10 years	-78.27%	-83.93%	+5.66%
Current Drawdown Current decline from peak	-1.80%	-9.63%	+7.83%
Average Drawdown Average peak-to-trough decline	-36.71%	-32.52%	-4.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.32%	6.24%	+4.08%

Volatility

FM.TO vs. ^TNX - Volatility Comparison

First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 15.33% compared to Treasury Yield 10 Years (^TNX) at 5.28%. 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	15.33%	5.28%	+10.05%
Volatility (6M) Calculated over the trailing 6-month period	37.91%	11.60%	+26.31%
Volatility (1Y) Calculated over the trailing 1-year period	45.56%	17.01%	+28.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.45%	33.42%	+24.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.32%	48.26%	+12.06%

Frequently Asked Questions

Can I hold both FM.TO and ^TNX in my portfolio?

FM.TO and ^TNX have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.