FCX vs IEFA: Correlation
How closely do Freeport-McMoRan (FCX) and iShares Core MSCI EAFE ETF (IEFA) trade together? Their weekly returns over three years give a correlation of 0.65, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and IEFA?
Across a 3-year window, the weekly returns of FCX and IEFA correlate at 0.65, strong. Little has changed lately, as the 1-year reading of 0.59 lands near the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 420.8 %².
By 3-year correlation, IEFA places #10 of the 34 assets tracked against FCX. Correlation aside, the last 12 months split them widely, with FCX ahead by 58.9 points (+80.7% versus +21.8%). Across three years, the rolling one-year figure varied moderately, from 0.53 to 0.79. Note the risk asymmetry: FCX runs 2.9 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.
FCX vs IEFA: side by side
| FCX (Freeport-McMoRan) | IEFA (iShares Core MSCI EAFE ETF) | |
|---|---|---|
| 1-year return | +80.7% | +21.8% |
| 5-year return | +129.3% | +54.5% |
| Volatility (ann.) | 43.2% | 15.0% |
| Beta vs S&P 500 | 1.55 | 0.77 |
| Max drawdown (3Y) | -46.3% | -13.8% |
| Market cap | $112.6B | – |
| P/E (trailing) | 38.8 | – |
| Dividend yield | 0.76% | 3.35% |
| Expense ratio | – | 0.07% |
| Assets under management | – | $190.1B |
| Sector / category | Materials | ETF · International |
IEFA, iShares's Foreign Large Blend fund, carries $190.1B under management, 1620 holdings, a 0.07% expense ratio, a 3.35% trailing dividend yield.
Year-by-year returns
| Year | FCX | IEFA |
|---|---|---|
| 2022 | -7.3% | -15.2% |
| 2023 | +13.7% | +18.0% |
| 2024 | -9.4% | +3.3% |
| 2025 | +35.4% | +32.1% |
| 2026 | +55.5% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and IEFA good diversifiers for each other?
Only partially. A correlation of 0.65 means FCX and IEFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between FCX and IEFA?
As of 2026-08-27, the correlation of weekly returns between FCX and IEFA is 0.65 over 3 years, 0.59 over 1 year and 0.62 over 5 years.
Is IEFA a good diversifier for FCX?
Only partially. A correlation of 0.65 means FCX and IEFA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.65 mean?
On the −1 to +1 scale, 0.65 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/fcx-vs-iefa.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcx-vs-iefa/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCX correlations · IEFA correlations
