CENX vs FCX: Correlation
Measured on weekly returns over the past three years, Century Aluminum Company (CENX) and Freeport-McMoRan (FCX) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CENX and FCX?
Over the past 3 years, CENX and FCX moved with a correlation of 0.53, which is moderate. The link has loosened recently: the 1-year correlation (0.29) runs below the 3-year figure (0.53). Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 1521.5 %².
By 3-year correlation, FCX places #4 of the 12 assets tracked against CENX. Their recent paths diverged sharply: over the last 12 months CENX outperformed by 21.5 percentage points (+102.2% for CENX against +80.7% for FCX). Note the risk asymmetry: CENX runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CENX vs FCX: side by side
| CENX (Century Aluminum Company) | FCX (Freeport-McMoRan) | |
|---|---|---|
| 1-year return | +102.2% | +80.7% |
| 5-year return | +270.4% | +129.3% |
| Volatility (ann.) | 67.1% | 43.2% |
| Beta vs S&P 500 | 2.12 | 1.55 |
| Max drawdown (3Y) | -42.8% | -46.3% |
| Market cap | $4.5B | $112.6B |
| P/E (trailing) | 7.9 | 38.8 |
| Dividend yield | 0.00% | 0.76% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | CENX | FCX |
|---|---|---|
| 2022 | -50.6% | -7.3% |
| 2023 | +48.4% | +13.7% |
| 2024 | +50.1% | -9.4% |
| 2025 | +115.0% | +35.4% |
| 2026 | +17.1% | +55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CENX and FCX good diversifiers for each other?
To a limited degree. At 0.53 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 CENX and FCX?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.29 over the last year and 0.63 over 5 years.
Is FCX a good diversifier for CENX?
To a limited degree. At 0.53 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 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cenx-vs-fcx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cenx-vs-fcx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CENX correlations · FCX correlations
