ACWI vs FCX: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Freeport-McMoRan (FCX) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and FCX?
Across a 3-year window, the weekly returns of ACWI and FCX correlate at 0.60, strong. The past 12 months show a weaker link (0.49) than the 3-year average (0.60). Stretching to 5 years gives 0.60, with an annualized covariance of 357.0 %².
Among the 119 assets we track against ACWI, FCX ranks #72 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FCX outperformed by 58.0 percentage points (+22.7% for ACWI against +80.7% for FCX). Across three years, the rolling one-year figure varied moderately, from 0.47 to 0.79. Risk is not evenly split, since FCX carries 3.1 times the volatility of the other side.
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.
ACWI vs FCX: side by side
| ACWI (iShares MSCI ACWI ETF) | FCX (Freeport-McMoRan) | |
|---|---|---|
| 1-year return | +22.7% | +80.7% |
| 5-year return | +69.0% | +129.3% |
| Volatility (ann.) | 13.8% | 43.2% |
| Beta vs S&P 500 | 0.92 | 1.55 |
| Max drawdown (3Y) | -16.5% | -46.3% |
| Market cap | – | $112.6B |
| P/E (trailing) | – | 38.8 |
| Dividend yield | 1.44% | 0.76% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | Materials |
ACWI, iShares's Global Large-Stock Blend fund, carries $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | FCX |
|---|---|---|
| 2022 | -18.4% | -7.3% |
| 2023 | +22.3% | +13.7% |
| 2024 | +17.4% | -9.4% |
| 2025 | +22.4% | +35.4% |
| 2026 | +14.9% | +55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
A structural note: 0.11% of ACWI is FCX itself, so the fund partly moves with the stock by construction.
Are ACWI and FCX good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ACWI and FCX?
As of 2026-08-27, the correlation of weekly returns between ACWI and FCX is 0.60 over 3 years, 0.49 over 1 year and 0.60 over 5 years.
Is FCX a good diversifier for ACWI?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-fcx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/acwi-vs-fcx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ACWI correlations · FCX correlations
