FCX vs QQQ: Correlation
How closely do Freeport-McMoRan (FCX) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and QQQ?
Over the past 3 years, FCX and QQQ moved with a correlation of 0.46, which is moderate. The past 12 months show a weaker link (0.34) than the 3-year average (0.46). Over 5 years the correlation is 0.45, and the annualized covariance of weekly returns is 391.1 %².
By 3-year correlation, QQQ places #21 of the 34 assets tracked against FCX. Correlation aside, the last 12 months split them widely, with FCX ahead by 54.4 points (+80.7% versus +26.3%). On a rolling one-year basis the correlation drifted between 0.22 and 0.71, a moderate band. One caveat on sizing: FCX is 2.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QQQ: side by side
| FCX (Freeport-McMoRan) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +80.7% | +26.3% |
| 5-year return | +129.3% | +95.4% |
| Volatility (ann.) | 43.2% | 19.6% |
| Beta vs S&P 500 | 1.55 | 1.28 |
| Max drawdown (3Y) | -46.3% | -22.8% |
| Market cap | $112.6B | – |
| P/E (trailing) | 38.8 | – |
| Dividend yield | 0.76% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | Materials | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | FCX | QQQ |
|---|---|---|
| 2022 | -7.3% | -32.6% |
| 2023 | +13.7% | +54.9% |
| 2024 | -9.4% | +25.6% |
| 2025 | +35.4% | +20.8% |
| 2026 | +55.5% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FCX and QQQ?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.34 over the last year and 0.45 over 5 years.
Is QQQ a good diversifier for FCX?
Yes, to a useful degree: a correlation of 0.46 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.46 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fcx-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/fcx-vs-qqq/)
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Related comparisons
Hubs: FCX correlations · QQQ correlations
