FM.TO vs. LUN.TO
FM.TO (First Quantum Minerals Ltd.) and LUN.TO (Lundin Mining Corporation) are both stocks. Both operate in the Copper industry within the Basic Materials sector. Over the past 10 years, FM.TO returned 18.37%/yr vs 27.86%/yr for LUN.TO. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
FM.TO vs. LUN.TO - Performance Comparison
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Returns By Period
In the year-to-date period, FM.TO achieves a 17.91% return, which is significantly lower than LUN.TO's 28.54% return. Over the past 10 years, FM.TO has underperformed LUN.TO with an annualized return of 18.37%, while LUN.TO has yielded a comparatively higher 27.86% annualized return.
FM.TO
- 1D
- 2.77%
- 1M
- 16.58%
- YTD
- 17.91%
- 6M
- 30.46%
- 1Y
- 107.01%
- 3Y*
- 12.63%
- 5Y*
- 8.57%
- 10Y*
- 18.37%
LUN.TO
- 1D
- 2.69%
- 1M
- -9.84%
- YTD
- 28.54%
- 6M
- 39.35%
- 1Y
- 171.40%
- 3Y*
- 58.49%
- 5Y*
- 28.07%
- 10Y*
- 27.86%
FM.TO vs. LUN.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FM.TO First Quantum Minerals Ltd. | 17.91% | 98.60% | 70.78% | -61.41% | -5.96% | 32.52% | 73.68% | 19.40% | -37.27% | 32.00% |
LUN.TO Lundin Mining Corporation | 28.54% | 141.86% | 17.72% | 35.67% | -11.74% | -9.34% | 49.12% | 40.12% | -31.40% | 32.67% |
Correlation
The correlation between FM.TO and LUN.TO is 0.78, 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 | 0.78 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.65 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Jul 12, 2006 | 0.63 |
The correlation between FM.TO and LUN.TO shifts across timeframes, from 0.63 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
FM.TO:
CA$36.11B
LUN.TO:
CA$32.59B
FM.TO:
-$0.24
LUN.TO:
$1.69
FM.TO:
4.76
LUN.TO:
5.76
FM.TO:
2.33
LUN.TO:
3.40
FM.TO:
$5.43B
LUN.TO:
$4.04B
FM.TO:
$1.39B
LUN.TO:
$1.55B
FM.TO:
$1.71B
LUN.TO:
$1.92B
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Return for Risk
FM.TO vs. LUN.TO — Risk / Return Rank
FM.TO
LUN.TO
FM.TO vs. LUN.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) and Lundin Mining Corporation (LUN.TO). 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 | LUN.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.01 | ||
| Sortino ratioReturn per unit of downside risk | -0.74 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.46 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 3.55 | 5.12 | -1.58 |
| Martin ratioReturn relative to average drawdown | 10.27 | 16.75 | -6.48 |
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Drawdowns
FM.TO vs. LUN.TO - Drawdown Comparison
The maximum FM.TO drawdown since its inception was -90.98%, roughly equal to the maximum LUN.TO drawdown of -95.33%. Use the drawdown chart below to compare losses from any high point for FM.TO and LUN.TO.
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Drawdown Indicators
| FM.TO | LUN.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -90.98% | -95.33% | +4.35% |
Max Drawdown (1Y)Largest decline over 1 year | -30.35% | -33.67% | +3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -75.27% | -47.11% | -28.16% |
Max Drawdown (5Y)Largest decline over 5 years | -78.27% | -53.91% | -24.36% |
Max Drawdown (10Y)Largest decline over 10 years | -78.27% | -57.61% | -20.66% |
Current DrawdownCurrent decline from peak | -5.94% | -14.62% | +8.68% |
Average DrawdownAverage peak-to-trough decline | -38.62% | -48.73% | +10.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.46% | 10.28% | +0.18% |
Volatility
FM.TO vs. LUN.TO - Volatility Comparison
First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 21.17% compared to Lundin Mining Corporation (LUN.TO) at 19.93%. This indicates that FM.TO's price experiences larger fluctuations and is considered to be riskier than LUN.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FM.TO | LUN.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 21.17% | 19.93% | +1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 40.43% | 44.51% | -4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 47.81% | 52.84% | -5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 57.78% | 46.24% | +11.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 60.30% | 45.96% | +14.34% |
Dividends
FM.TO vs. LUN.TO - Dividend Comparison
FM.TO has not paid dividends to shareholders, while LUN.TO's dividend yield for the trailing twelve months is around 0.29%.
| 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% |
LUN.TO Lundin Mining Corporation | 0.29% | 0.68% | 3.64% | 3.32% | 5.66% | 3.95% | 1.42% | 1.55% | 2.13% | 1.44% | 0.00% | 0.00% |
Financials
FM.TO vs. LUN.TO - Financials Comparison
This section allows you to compare key financial metrics between First Quantum Minerals Ltd. and Lundin Mining Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
FM.TO vs. LUN.TO - Profitability Comparison
FM.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported a gross profit of 278.00M and revenue of 1.40B. Therefore, the gross margin over that period was 19.8%.
LUN.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lundin Mining Corporation reported a gross profit of 537.50M and revenue of 1.16B. Therefore, the gross margin over that period was 46.4%.
FM.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported an operating income of 190.00M and revenue of 1.40B, resulting in an operating margin of 13.5%.
LUN.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lundin Mining Corporation reported an operating income of 503.80M and revenue of 1.16B, resulting in an operating margin of 43.5%.
FM.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, First Quantum Minerals Ltd. reported a net income of -196.00M and revenue of 1.40B, resulting in a net margin of -14.0%.
LUN.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lundin Mining Corporation reported a net income of 281.40M and revenue of 1.16B, resulting in a net margin of 24.3%.
Frequently Asked Questions
FM.TO and LUN.TO have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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