TMC vs. MP

Last updated Jun 4, 2026

TMC (TMC the metals company Inc.) and MP (MP Materials Corp.) are both stocks. Both operate in the Other Industrial Metals & Mining industry within the Basic Materials sector. Over the past 3 years, TMC returned 109.51%/yr vs 45.90%/yr for MP. At a 0.36 correlation, their price movements are largely independent.

Performance

TMC vs. MP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TMC the metals company Inc. (TMC) and MP Materials Corp. (MP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TMC achieves a -0.81% return, which is significantly lower than MP's 35.69% return.

TMC

• 1D: -5.70%
• 1M: 17.92%
• YTD: -0.81%
• 6M: -20.73%
• 1Y: 45.37%
• 3Y*: 109.51%
• 5Y*: —
• 10Y*: —

MP

• 1D: -5.11%
• 1M: 3.55%
• YTD: 35.69%
• 6M: 16.76%
• 1Y: 211.59%
• 3Y*: 45.90%
• 5Y*: 16.72%
• 10Y*: —

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

TMC vs. MP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TMC TMC the metals company Inc.	-0.81%	450.89%	1.82%	42.86%	-62.98%	-77.90%
MP MP Materials Corp.	35.69%	223.85%	-21.41%	-18.25%	-46.54%	33.16%

Correlation

The correlation between TMC and MP is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Sep 13, 2021	0.36

Over the past year, TMC and MP have become more correlated (0.62) than their long-term average of 0.36, meaning their price movements have been converging.

Fundamentals

EPS TMC : -$0.00 MP : -$0.53
Total Revenue (TTM) TMC : $0.00 MP : $305.30M
Gross Profit (TTM) TMC : -$136.00K MP : $25.30M
EBITDA (TTM) TMC : -$296.72M MP : $1.52M

Return for Risk

TMC vs. MP — Risk / Return Rank

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

TMC

TMC Risk / Return Rank: 57
TMC Sharpe Ratio Rank: 56
TMC Sortino Ratio Rank: 63
TMC Omega Ratio Rank: 58
TMC Calmar Ratio Rank: 56
TMC Martin Ratio Rank: 53

MP

MP Risk / Return Rank: 86
MP Sharpe Ratio Rank: 90
MP Sortino Ratio Rank: 89
MP Omega Ratio Rank: 85
MP Calmar Ratio Rank: 87
MP Martin Ratio Rank: 80

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.

TMC vs. MP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TMC the metals company Inc. (TMC) and MP Materials Corp. (MP). 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.

	TMC	MP	Difference
Sharpe ratio: Return per unit of total volatility	0.44	2.27	-1.83
Sortino ratio: Return per unit of downside risk	1.44	3.17	-1.73
Omega ratio: Gain probability vs. loss probability	1.16	1.36	-0.20
Calmar ratio: Return relative to maximum drawdown	0.74	3.96	-3.22
Martin ratio: Return relative to average drawdown	1.23	6.77	-5.54
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TMC vs. MP - Sharpe Ratio Comparison

The current TMC Sharpe Ratio is 0.44, which is lower than the MP Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of TMC and MP, 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

	TMC	MP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	2.27	-1.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.24	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.08	0.53	-0.61

Drawdowns

TMC vs. MP - Drawdown Comparison

The maximum TMC drawdown since its inception was -95.58%, which is greater than MP's maximum drawdown of -81.99%. Use the drawdown chart below to compare losses from any high point for TMC and MP.

Drawdown Indicators

	TMC	MP	Difference
Max Drawdown Largest peak-to-trough decline	-95.58%	-81.99%	-13.59%
Max Drawdown (1Y) Largest decline over 1 year	-61.65%	-53.79%	-7.86%
Max Drawdown (3Y) Largest decline over 3 years	-74.56%	-59.47%	-15.09%
Max Drawdown (5Y) Largest decline over 5 years	—	-81.99%	—
Current Drawdown Current decline from peak	-50.84%	-30.51%	-20.33%
Average Drawdown Average peak-to-trough decline	-79.62%	-42.63%	-36.99%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.96%	31.40%	+5.56%

Volatility

TMC vs. MP - Volatility Comparison

TMC the metals company Inc. (TMC) has a higher volatility of 24.46% compared to MP Materials Corp. (MP) at 21.38%. This indicates that TMC's price experiences larger fluctuations and is considered to be riskier than MP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TMC	MP	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.46%	21.38%	+3.08%
Volatility (6M) Calculated over the trailing 6-month period	69.15%	50.40%	+18.75%
Volatility (1Y) Calculated over the trailing 1-year period	103.69%	93.94%	+9.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.08%	69.57%	+43.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	113.08%	72.60%	+40.48%

Dividends

TMC vs. MP - Dividend Comparison

Neither TMC nor MP has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both TMC and MP in my portfolio?

TMC and MP have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TMC or MP?

TMC has higher volatility (24.46%) compared to MP (21.38%). In terms of maximum drawdown, TMC dropped -95.58% vs MP's -81.99%.

Which has better risk-adjusted returns?

MP currently has the higher Sharpe Ratio (2.27 vs 0.44), 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.