FCX vs IEMG: Correlation
How closely do Freeport-McMoRan (FCX) and iShares Core MSCI Emerging Markets ETF (IEMG) trade together? Their weekly returns over three years give a correlation of 0.60, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and IEMG?
Over the past 3 years, FCX and IEMG moved with a correlation of 0.60, which is strong. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 452.5 %².
Within FCX's tracked universe of 34 assets, IEMG comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FCX outperformed by 44.7 percentage points (+80.7% for FCX against +36.0% for IEMG). The rolling one-year correlation moved between 0.52 and 0.84 over the past three years, a moderate range. Risk is not evenly split, since FCX carries 2.5 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.
FCX vs IEMG: side by side
| FCX (Freeport-McMoRan) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +80.7% | +36.0% |
| 5-year return | +129.3% | +50.7% |
| Volatility (ann.) | 43.2% | 17.4% |
| Beta vs S&P 500 | 1.55 | 0.84 |
| Max drawdown (3Y) | -46.3% | -17.2% |
| Market cap | $112.6B | – |
| P/E (trailing) | 38.8 | – |
| Dividend yield | 0.76% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | Materials | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | FCX | IEMG |
|---|---|---|
| 2022 | -7.3% | -20.0% |
| 2023 | +13.7% | +11.5% |
| 2024 | -9.4% | +6.5% |
| 2025 | +35.4% | +32.6% |
| 2026 | +55.5% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and IEMG good diversifiers for each other?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FCX and IEMG?
The FCX/IEMG correlation stands at 0.60 on a 3-year window (1 year: 0.51, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is IEMG a good diversifier for FCX?
Somewhat, no more. With 0.60 correlation, most large moves hit both names, and the diversification benefit stays modest.
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/fcx-vs-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcx-vs-iemg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FCX correlations · IEMG correlations
