FM.TO vs. URA

Last updated Jun 13, 2026

FM.TO (First Quantum Minerals Ltd.) is a stock, while URA (Global X Uranium ETF) is Commodity Producers Equities fund tracking the Solactive Global Uranium & Nuclear Components Total Return Index. Over the past 10 years, FM.TO returned 18.37%/yr vs 16.90%/yr for URA. At a 0.41 correlation, their price movements are largely independent.

Performance

FM.TO vs. URA - Performance Comparison

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

Different Trading Currencies

FM.TO is traded in CAD, while URA is traded in USD. To make them comparable, the URA 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 17.91% return, which is significantly higher than URA's 8.80% return. Over the past 10 years, FM.TO has outperformed URA with an annualized return of 18.37%, while URA has yielded a comparatively lower 16.90% 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%

URA

• 1D: 1.83%
• 1M: -12.81%
• YTD: 8.80%
• 6M: 5.16%
• 1Y: 35.56%
• 3Y*: 34.20%
• 5Y*: 22.28%
• 10Y*: 16.90%

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

FM.TO vs. URA - 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%
URA Global X Uranium ETF	8.80%	59.55%	7.84%	42.77%	-5.70%	57.50%	37.98%	-7.52%	-15.56%	11.28%

Correlation

The correlation between FM.TO and URA is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Nov 5, 2010	0.41

The correlation between FM.TO and URA shifts across timeframes, from 0.36 (3 years) to 0.48 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

FM.TO vs. URA — 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: 86
FM.TO Omega Ratio Rank: 86
FM.TO Calmar Ratio Rank: 87
FM.TO Martin Ratio Rank: 89

URA

URA Risk / Return Rank: 23
URA Sharpe Ratio Rank: 21
URA Sortino Ratio Rank: 24
URA Omega Ratio Rank: 23
URA Calmar Ratio Rank: 25
URA Martin Ratio Rank: 21

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. URA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for First Quantum Minerals Ltd. (FM.TO) and Global X Uranium ETF (URA). 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	URA	Difference
Sharpe ratio: Return per unit of total volatility	2.25	0.70	+1.56
Sortino ratio: Return per unit of downside risk	2.61	1.27	+1.33
Omega ratio: Gain probability vs. loss probability	1.34	1.15	+0.20
Calmar ratio: Return relative to maximum drawdown	3.55	1.20	+2.34
Martin ratio: Return relative to average drawdown	10.27	2.57	+7.70

FM.TO vs. URA - Sharpe Ratio Comparison

The current FM.TO Sharpe Ratio is 2.25, which is higher than the URA Sharpe Ratio of 0.70. The chart below compares the historical Sharpe Ratios of FM.TO and URA, 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. URA - Drawdown Comparison

The maximum FM.TO drawdown since its inception was -90.98%, roughly equal to the maximum URA drawdown of -90.70%. Use the drawdown chart below to compare losses from any high point for FM.TO and URA.

Drawdown Indicators

	FM.TO	URA	Difference
Max Drawdown Largest peak-to-trough decline	-90.98%	-90.70%	-0.28%
Max Drawdown (1Y) Largest decline over 1 year	-30.35%	-29.66%	-0.69%
Max Drawdown (3Y) Largest decline over 3 years	-75.27%	-36.01%	-39.26%
Max Drawdown (5Y) Largest decline over 5 years	-78.27%	-36.01%	-42.26%
Max Drawdown (10Y) Largest decline over 10 years	-78.27%	-58.01%	-20.26%
Current Drawdown Current decline from peak	-5.94%	-27.03%	+21.09%
Average Drawdown Average peak-to-trough decline	-38.62%	-69.52%	+30.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.46%	13.90%	-3.44%

Volatility

FM.TO vs. URA - Volatility Comparison

First Quantum Minerals Ltd. (FM.TO) has a higher volatility of 21.17% compared to Global X Uranium ETF (URA) at 17.86%. This indicates that FM.TO's price experiences larger fluctuations and is considered to be riskier than URA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FM.TO	URA	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.17%	17.86%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	40.43%	40.02%	+0.41%
Volatility (1Y) Calculated over the trailing 1-year period	47.81%	51.24%	-3.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	57.78%	44.32%	+13.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.30%	38.27%	+22.03%

Dividends

FM.TO vs. URA - Dividend Comparison

FM.TO has not paid dividends to shareholders, while URA's dividend yield for the trailing twelve months is around 4.58%.

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%
URA Global X Uranium ETF	4.58%	4.88%	2.86%	6.07%	0.76%	5.84%	1.69%	1.66%	0.44%	2.03%	7.28%	1.96%

Frequently Asked Questions

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

FM.TO and URA have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.