AA vs FCX: Correlation
How closely do Alcoa Corporation (AA) and Freeport-McMoRan (FCX) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and FCX?
Across a 3-year window, the weekly returns of AA and FCX correlate at 0.61, strong. The past 12 months show a weaker link (0.40) than the 3-year average (0.61). Stretching to 5 years gives 0.68, with an annualized covariance of 1331.0 %².
Few assets follow AA as closely as FCX, which ranks #2 of 12 tracked partners. Correlation aside, the last 12 months split them widely, with FCX ahead by 18.5 points (+62.2% versus +80.7%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AA vs FCX: side by side
| AA (Alcoa Corporation) | FCX (Freeport-McMoRan) | |
|---|---|---|
| 1-year return | +62.2% | +80.7% |
| 5-year return | +22.3% | +129.3% |
| Volatility (ann.) | 50.8% | 43.2% |
| Beta vs S&P 500 | 1.71 | 1.55 |
| Max drawdown (3Y) | -52.3% | -46.3% |
| Market cap | $13.5B | $112.6B |
| P/E (trailing) | 10.3 | 38.8 |
| Dividend yield | 0.80% | 0.76% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AA | FCX |
|---|---|---|
| 2022 | -23.1% | -7.3% |
| 2023 | -24.3% | +13.7% |
| 2024 | +12.4% | -9.4% |
| 2025 | +42.5% | +35.4% |
| 2026 | -3.2% | +55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and FCX good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AA and FCX?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.40 over the last year and 0.68 over 5 years.
Is FCX a good diversifier for AA?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aa-vs-fcx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/aa-vs-fcx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AA correlations · FCX correlations
