HG=F vs. FCX

Last updated Jun 5, 2026

HG=F (Copper) is an asset, while FCX (Freeport-McMoRan Inc.) is a stock. Over the past 10 years, HG=F returned 11.90%/yr vs 20.74%/yr for FCX. At a 0.45 correlation, their price movements are largely independent.

Performance

HG=F vs. FCX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Copper (HG=F) and Freeport-McMoRan Inc. (FCX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HG=F achieves a 15.98% return, which is significantly lower than FCX's 37.86% return. Over the past 10 years, HG=F has underperformed FCX with an annualized return of 11.90%, while FCX has yielded a comparatively higher 20.74% annualized return.

HG=F

• 1D: 0.75%
• 1M: 9.87%
• YTD: 15.98%
• 6M: 21.51%
• 1Y: 33.62%
• 3Y*: 20.05%
• 5Y*: 7.58%
• 10Y*: 11.90%

FCX

• 1D: -1.34%
• 1M: 20.82%
• YTD: 37.86%
• 6M: 56.95%
• 1Y: 72.54%
• 3Y*: 25.12%
• 5Y*: 12.20%
• 10Y*: 20.74%

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

HG=F vs. FCX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HG=F Copper	15.98%	39.82%	3.50%	2.10%	-14.63%	26.84%	25.81%	6.31%	-20.28%	31.73%
FCX Freeport-McMoRan Inc.	37.86%	35.41%	-9.41%	13.69%	-7.91%	61.41%	99.06%	29.59%	-45.11%	43.75%

Correlation

The correlation between HG=F and FCX is 0.58, 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	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.62
Correlation (5Y) Calculated over the trailing 5-year period	0.63
Correlation (10Y) Calculated over the trailing 10-year period	0.59
Correlation (All Time) Calculated using the full available price history since Jul 11, 1995	0.45

The correlation between HG=F and FCX shifts across timeframes, from 0.45 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

HG=F vs. FCX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HG=F

HG=F Risk / Return Rank: 23
HG=F Sharpe Ratio Rank: 21
HG=F Sortino Ratio Rank: 19
HG=F Omega Ratio Rank: 35
HG=F Calmar Ratio Rank: 17
HG=F Martin Ratio Rank: 22

FCX

FCX Risk / Return Rank: 79
FCX Sharpe Ratio Rank: 82
FCX Sortino Ratio Rank: 74
FCX Omega Ratio Rank: 76
FCX Calmar Ratio Rank: 82
FCX Martin Ratio Rank: 82

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.

HG=F vs. FCX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Copper (HG=F) and Freeport-McMoRan Inc. (FCX). 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.

	HG=F	FCX	Difference
Sharpe ratio: Return per unit of total volatility	0.83	1.54	-0.70
Sortino ratio: Return per unit of downside risk	1.21	1.90	-0.70
Omega ratio: Gain probability vs. loss probability	1.21	1.27	-0.06
Calmar ratio: Return relative to maximum drawdown	1.17	2.93	-1.75
Martin ratio: Return relative to average drawdown	2.57	7.39	-4.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HG=F vs. FCX - Sharpe Ratio Comparison

The current HG=F Sharpe Ratio is 0.83, which is lower than the FCX Sharpe Ratio of 1.54. The chart below compares the historical Sharpe Ratios of HG=F and FCX, 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

	HG=F	FCX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	1.54	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.27	0.27	-0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.48	0.43	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.16	+0.05

Drawdowns

HG=F vs. FCX - Drawdown Comparison

The maximum HG=F drawdown since its inception was -68.86%, smaller than the maximum FCX drawdown of -92.52%. Use the drawdown chart below to compare losses from any high point for HG=F and FCX.

Drawdown Indicators

	HG=F	FCX	Difference
Max Drawdown Largest peak-to-trough decline	-68.86%	-92.52%	+23.66%
Max Drawdown (1Y) Largest decline over 1 year	-25.17%	-24.90%	-0.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.17%	-46.34%	+21.17%
Max Drawdown (5Y) Largest decline over 5 years	-34.96%	-51.47%	+16.51%
Max Drawdown (10Y) Largest decline over 10 years	-36.54%	-72.59%	+36.05%
Current Drawdown Current decline from peak	-1.80%	-2.83%	+1.03%
Average Drawdown Average peak-to-trough decline	-29.58%	-39.64%	+10.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.17%	9.85%	+2.32%

Volatility

HG=F vs. FCX - Volatility Comparison

The current volatility for Copper (HG=F) is 8.62%, while Freeport-McMoRan Inc. (FCX) has a volatility of 14.31%. This indicates that HG=F experiences smaller price fluctuations and is considered to be less risky than FCX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HG=F	FCX	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.62%	14.31%	-5.69%
Volatility (6M) Calculated over the trailing 6-month period	21.89%	35.67%	-13.78%
Volatility (1Y) Calculated over the trailing 1-year period	35.56%	47.48%	-11.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.87%	44.84%	-17.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.67%	48.61%	-24.94%

Frequently Asked Questions

Can I hold both HG=F and FCX in my portfolio?

HG=F and FCX have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HG=F or FCX?

FCX has higher volatility (14.31%) compared to HG=F (8.62%). In terms of maximum drawdown, HG=F dropped -68.86% vs FCX's -92.52%.

Which has better risk-adjusted returns?

FCX currently has the higher Sharpe Ratio (1.54 vs 0.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.