FM.TO vs. TECK

Last updated Jun 4, 2026

FM.TO (First Quantum Minerals Ltd.) and TECK (Teck Resources Limited) are both stocks. Both are in the Basic Materials sector — FM.TO in Copper, TECK in Other Industrial Metals & Mining. Over the past 10 years, FM.TO returned 17.54%/yr vs 22.71%/yr for TECK. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

FM.TO vs. TECK - Performance Comparison

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

Different Trading Currencies

FM.TO is traded in CAD, while TECK is traded in USD. To make them comparable, the TECK 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 lower than TECK's 42.42% return. Over the past 10 years, FM.TO has underperformed TECK with an annualized return of 17.54%, while TECK has yielded a comparatively higher 22.71% 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%

TECK

• 1D: -4.33%
• 1M: 20.79%
• YTD: 42.42%
• 6M: 51.25%
• 1Y: 85.30%
• 3Y*: 18.35%
• 5Y*: 27.41%
• 10Y*: 22.71%

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

FM.TO vs. TECK - 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%
TECK Teck Resources Limited	42.42%	13.74%	5.79%	11.45%	43.35%	58.39%	4.09%	-22.73%	-9.82%	25.67%

Correlation

The correlation between FM.TO and TECK is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.61

The correlation between FM.TO and TECK has been stable across timeframes, ranging from 0.58 to 0.68 - a consistent structural relationship.

Fundamentals

Market Cap FM.TO : CA$37.70B TECK : $33.00B
EPS FM.TO : -CA$0.24 TECK : $3.76
PS Ratio FM.TO : 6.94 TECK : 2.67
PB Ratio FM.TO : 3.40 TECK : 1.26
Total Revenue (TTM) FM.TO : CA$5.43B TECK : $12.41B
Gross Profit (TTM) FM.TO : CA$1.39B TECK : $3.76B
EBITDA (TTM) FM.TO : CA$1.71B TECK : $5.22B

Return for Risk

FM.TO vs. TECK — 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

TECK

TECK Risk / Return Rank: 82
TECK Sharpe Ratio Rank: 85
TECK Sortino Ratio Rank: 82
TECK Omega Ratio Rank: 78
TECK Calmar Ratio Rank: 83
TECK Martin Ratio Rank: 83

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. TECK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) and Teck Resources Limited (TECK). 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	TECK	Difference
Sharpe ratio Return per unit of total volatility	2.61	1.92	+0.69
Sortino ratio Return per unit of downside risk	2.97	2.58	+0.38
Omega ratio Gain probability vs. loss probability	1.38	1.31	+0.07
Calmar ratio Return relative to maximum drawdown	3.91	3.33	+0.59
Martin ratio Return relative to average drawdown	11.49	8.71	+2.78
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. TECK - Sharpe Ratio Comparison

The current FM.TO Sharpe Ratio is 2.61, which is higher than the TECK Sharpe Ratio of 1.92. The chart below compares the historical Sharpe Ratios of FM.TO and TECK, 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	TECK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.61	1.92	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.64	-0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.49	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.26	+0.04

Drawdowns

FM.TO vs. TECK - Drawdown Comparison

The maximum FM.TO drawdown since its inception was -90.98%, roughly equal to the maximum TECK drawdown of -93.00%. Use the drawdown chart below to compare losses from any high point for FM.TO and TECK.

Drawdown Indicators

	FM.TO	TECK	Difference
Max Drawdown Largest peak-to-trough decline	-90.98%	-93.00%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-30.35%	-25.78%	-4.57%
Max Drawdown (3Y) Largest decline over 3 years	-75.27%	-43.58%	-31.69%
Max Drawdown (5Y) Largest decline over 5 years	-78.27%	-43.58%	-34.69%
Max Drawdown (10Y) Largest decline over 10 years	-78.27%	-76.37%	-1.90%
Current Drawdown Current decline from peak	-1.80%	-4.33%	+2.53%
Average Drawdown Average peak-to-trough decline	-36.71%	-39.20%	+2.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.32%	9.83%	+0.49%

Volatility

FM.TO vs. TECK - Volatility Comparison

First Quantum Minerals Ltd. (FM.TO) and Teck Resources Limited (TECK) have volatilities of 15.33% and 15.12%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FM.TO	TECK	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.33%	15.12%	+0.21%
Volatility (6M) Calculated over the trailing 6-month period	37.91%	33.04%	+4.87%
Volatility (1Y) Calculated over the trailing 1-year period	45.56%	44.72%	+0.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.45%	42.84%	+14.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.32%	46.85%	+13.47%

Dividends

FM.TO vs. TECK - Dividend Comparison

FM.TO has not paid dividends to shareholders, while TECK's dividend yield for the trailing twelve months is around 0.54%.

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%
TECK Teck Resources Limited	0.54%	0.75%	1.81%	1.74%	2.05%	0.56%	0.83%	0.87%	1.11%	2.29%	0.50%	5.18%

Financials

FM.TO vs. TECK - Profitability Comparison

The chart below illustrates the profitability comparison between First Quantum Minerals Ltd. and Teck Resources Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

TECK - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Teck Resources Limited reported a gross profit of 1.72B and revenue of 3.94B. Therefore, the gross margin over that period was 43.5%.

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%.

TECK - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Teck Resources Limited reported an operating income of 1.48B and revenue of 3.94B, resulting in an operating margin of 37.6%.

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%.

TECK - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Teck Resources Limited reported a net income of 819.00M and revenue of 3.94B, resulting in a net margin of 20.8%.

Frequently Asked Questions

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

FM.TO and TECK have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.