FM.TO vs. FSAGX

Last updated Jul 21, 2026

FM.TO (First Quantum Minerals Ltd.) is a stock, while FSAGX (Fidelity Select Gold Portfolio) is Gold fund managed by Fidelity. Over the past 10 years, FM.TO returned 14.36%/yr vs 9.01%/yr for FSAGX. At a 0.36 correlation, their price movements are largely independent.

Performance

FM.TO vs. FSAGX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in First Quantum Minerals Ltd. (FM.TO) and Fidelity Select Gold Portfolio (FSAGX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

FM.TO is traded in CAD, while FSAGX is traded in USD. To make them comparable, the FSAGX 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 2.15% return, which is significantly higher than FSAGX's -12.63% return. Over the past 10 years, FM.TO has outperformed FSAGX with an annualized return of 14.36%, while FSAGX has yielded a comparatively lower 9.01% annualized return.

FM.TO

• 1D: 2.17%
• 1M: -12.60%
• 6M: -8.32%
• YTD: 2.15%
• 1Y: 60.71%
• 3Y*: 2.65%
• 5Y*: 9.93%
• 10Y*: 14.36%
• ALL TIME*: 6.04%

FSAGX

• 1D: -0.33%
• 1M: -14.09%
• 6M: -23.16%
• YTD: -12.63%
• 1Y: 37.63%
• 3Y*: 32.83%
• 5Y*: 16.84%
• 10Y*: 9.01%
• ALL TIME*: 6.39%

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

FM.TO vs. FSAGX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FM.TO First Quantum Minerals Ltd.	2.15%	98.60%	70.78%	-61.41%	-5.96%	32.52%	73.68%	19.40%	-37.27%	32.00%
FSAGX Fidelity Select Gold Portfolio	-12.63%	131.95%	24.70%	-2.74%	-7.98%	-10.48%	23.82%	29.91%	-5.68%	1.27%

Correlation

The correlation between FM.TO and FSAGX is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Aug 17, 2006	0.36

The correlation between FM.TO and FSAGX shifts across timeframes, from 0.32 (10 years) to 0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FM.TO vs. FSAGX — 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: 78
FM.TO Sharpe Ratio Rank: 80
FM.TO Sortino Ratio Rank: 75
FM.TO Omega Ratio Rank: 74
FM.TO Calmar Ratio Rank: 79
FM.TO Martin Ratio Rank: 81

FSAGX

FSAGX Risk / Return Rank: 13
FSAGX Sharpe Ratio Rank: 13
FSAGX Sortino Ratio Rank: 14
FSAGX Omega Ratio Rank: 16
FSAGX Calmar Ratio Rank: 13
FSAGX Martin Ratio Rank: 11

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. FSAGX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) and Fidelity Select Gold Portfolio (FSAGX). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	FM.TO	FSAGX	Difference
Sharpe ratio: Return per unit of total volatility	1.21	0.83	+0.37
Sortino ratio: Return per unit of downside risk	1.71	1.26	+0.45
Omega ratio: Gain probability vs. loss probability	1.22	1.17	+0.05
Calmar ratio: Return relative to maximum drawdown	2.01	1.06	+0.95
Martin ratio: Return relative to average drawdown	5.36	2.49	+2.87

FM.TO vs. FSAGX - Sharpe Ratio Comparison

The current FM.TO Sharpe Ratio is 1.21, which is higher than the FSAGX Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of FM.TO and FSAGX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

FM.TO vs. FSAGX - Drawdown Comparison

The maximum FM.TO drawdown since its inception was -90.98%, which is greater than FSAGX's maximum drawdown of -68.74%. Use the drawdown chart below to compare losses from any high point for FM.TO and FSAGX.

Drawdown Indicators

	FM.TO	FSAGX	Difference
Max Drawdown Largest peak-to-trough decline	-90.98%	-68.74%	-22.24%
Max Drawdown (1Y) Largest decline over 1 year	-30.35%	-35.93%	+5.58%
Max Drawdown (3Y) Largest decline over 3 years	-75.27%	-35.93%	-39.34%
Max Drawdown (5Y) Largest decline over 5 years	-78.27%	-41.76%	-36.51%
Max Drawdown (10Y) Largest decline over 10 years	-78.27%	-49.51%	-28.76%
Current Drawdown Current decline from peak	-18.51%	-35.93%	+17.42%
Average Drawdown Average peak-to-trough decline	-38.66%	-29.24%	-9.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.35%	15.30%	-3.95%

Volatility

FM.TO vs. FSAGX - Volatility Comparison

First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 18.77% compared to Fidelity Select Gold Portfolio (FSAGX) at 11.36%. This indicates that FM.TO's price experiences larger fluctuations and is considered to be riskier than FSAGX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FM.TO	FSAGX	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.77%	11.36%	+7.41%
Volatility (6M) Calculated over the trailing 6-month period	43.76%	38.50%	+5.26%
Volatility (1Y) Calculated over the trailing 1-year period	50.64%	45.86%	+4.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.98%	34.72%	+23.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.07%	33.89%	+26.18%

Dividends

FM.TO vs. FSAGX - Dividend Comparison

FM.TO has not paid dividends to shareholders, while FSAGX's dividend yield for the trailing twelve months is around 6.02%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FM.TO First Quantum Minerals Ltd.	0.00%	0.00%	0.00%	1.94%	0.58%	0.03%	0.04%	0.08%	0.09%	0.06%	0.11%	1.58%
FSAGX Fidelity Select Gold Portfolio	6.02%	2.17%	3.62%	0.99%	0.36%	1.60%	4.40%	0.40%	0.00%	0.22%	3.57%	0.00%

Frequently Asked Questions

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

FM.TO and FSAGX have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.