LUN.TO vs. FM.TO
LUN.TO (Lundin Mining Corporation) and FM.TO (First Quantum Minerals Ltd.) are both stocks. Both operate in the Copper industry within the Basic Materials sector. Over the past 10 years, LUN.TO returned 27.86%/yr vs 18.37%/yr for FM.TO. A 0.63 correlation means they provide meaningful diversification when combined.
Performance
LUN.TO vs. FM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, LUN.TO achieves a 28.54% return, which is significantly higher than FM.TO's 17.91% return. Over the past 10 years, LUN.TO has outperformed FM.TO with an annualized return of 27.86%, while FM.TO has yielded a comparatively lower 18.37% annualized return.
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
- 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 vs. FM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
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% |
Correlation
The correlation between LUN.TO and FM.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 LUN.TO and FM.TO shifts across timeframes, from 0.63 (all time) to 0.78 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
LUN.TO:
CA$32.59B
FM.TO:
CA$36.11B
LUN.TO:
$1.69
FM.TO:
-$0.24
LUN.TO:
5.76
FM.TO:
4.76
LUN.TO:
3.40
FM.TO:
2.33
LUN.TO:
$4.04B
FM.TO:
$5.43B
LUN.TO:
$1.55B
FM.TO:
$1.39B
LUN.TO:
$1.92B
FM.TO:
$1.71B
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Return for Risk
LUN.TO vs. FM.TO — Risk / Return Rank
LUN.TO
FM.TO
LUN.TO vs. FM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lundin Mining Corporation (LUN.TO) and First Quantum Minerals Ltd. (FM.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.
| LUN.TO | FM.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 | 1.46 | 1.34 | +0.11 |
| Calmar ratioReturn relative to maximum drawdown | 5.12 | 3.55 | +1.58 |
| Martin ratioReturn relative to average drawdown | 16.75 | 10.27 | +6.48 |
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Drawdowns
LUN.TO vs. FM.TO - Drawdown Comparison
The maximum LUN.TO drawdown since its inception was -95.33%, roughly equal to the maximum FM.TO drawdown of -90.98%. Use the drawdown chart below to compare losses from any high point for LUN.TO and FM.TO.
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Drawdown Indicators
| LUN.TO | FM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.33% | -90.98% | -4.35% |
Max Drawdown (1Y)Largest decline over 1 year | -33.67% | -30.35% | -3.32% |
Max Drawdown (3Y)Largest decline over 3 years | -47.11% | -75.27% | +28.16% |
Max Drawdown (5Y)Largest decline over 5 years | -53.91% | -78.27% | +24.36% |
Max Drawdown (10Y)Largest decline over 10 years | -57.61% | -78.27% | +20.66% |
Current DrawdownCurrent decline from peak | -14.62% | -5.94% | -8.68% |
Average DrawdownAverage peak-to-trough decline | -48.73% | -38.62% | -10.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.28% | 10.46% | -0.18% |
Volatility
LUN.TO vs. FM.TO - Volatility Comparison
The current volatility for Lundin Mining Corporation (LUN.TO) is 19.93%, while First Quantum Minerals Ltd. (FM.TO) has a volatility of 21.17%. This indicates that LUN.TO experiences smaller price fluctuations and is considered to be less risky than FM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LUN.TO | FM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.93% | 21.17% | -1.24% |
Volatility (6M)Calculated over the trailing 6-month period | 44.51% | 40.43% | +4.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.84% | 47.81% | +5.03% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.24% | 57.78% | -11.54% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.96% | 60.30% | -14.34% |
Dividends
LUN.TO vs. FM.TO - Dividend Comparison
LUN.TO's dividend yield for the trailing twelve months is around 0.29%, while FM.TO has not paid dividends to shareholders.
| 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
LUN.TO vs. FM.TO - Financials Comparison
This section allows you to compare key financial metrics between Lundin Mining Corporation and First Quantum Minerals Ltd.. 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
LUN.TO vs. FM.TO - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
LUN.TO and FM.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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