FCX vs NEM: Correlation
Measured on weekly returns over the past three years, Freeport-McMoRan (FCX) and Newmont (NEM) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and NEM?
Across a 3-year window, the weekly returns of FCX and NEM correlate at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.49, with an annualized covariance of 965.9 %².
Among the 34 assets we track against FCX, NEM ranks #18 by 3-year correlation. Twelve-month performance is nearly a tie, at +80.7% for FCX and +84.7% for NEM. Stability stands out here, with the rolling one-year correlation confined to 0.37 through 0.60.
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 NEM: side by side
| FCX (Freeport-McMoRan) | NEM (Newmont) | |
|---|---|---|
| 1-year return | +80.7% | +84.7% |
| 5-year return | +129.3% | +165.9% |
| Volatility (ann.) | 43.2% | 43.0% |
| Beta vs S&P 500 | 1.55 | 0.87 |
| Max drawdown (3Y) | -46.3% | -36.6% |
| Market cap | $112.6B | $139.4B |
| P/E (trailing) | 38.8 | 16.6 |
| Dividend yield | 0.76% | 0.78% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | FCX | NEM |
|---|---|---|
| 2022 | -7.3% | -20.8% |
| 2023 | +13.7% | -8.8% |
| 2024 | -9.4% | -7.8% |
| 2025 | +35.4% | +172.8% |
| 2026 | +55.5% | +33.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and NEM good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FCX and NEM?
As of 2026-08-27, the correlation of weekly returns between FCX and NEM is 0.52 over 3 years, 0.55 over 1 year and 0.49 over 5 years.
Is NEM a good diversifier for FCX?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 mean?
On the −1 to +1 scale, 0.52 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-nem.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcx-vs-nem/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FCX correlations · NEM correlations
