FCX vs RIO: Correlation
Measured on weekly returns over the past three years, Freeport-McMoRan (FCX) and Rio Tinto Plc (RIO) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and RIO?
Across a 3-year window, the weekly returns of FCX and RIO correlate at 0.66, strong. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 710.0 %².
By 3-year correlation, RIO places #8 of the 34 assets tracked against FCX. Twelve-month performance is nearly a tie, at +80.7% for FCX and +77.2% for RIO. One caveat on sizing: FCX is 1.7 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 RIO: side by side
| FCX (Freeport-McMoRan) | RIO (Rio Tinto Plc) | |
|---|---|---|
| 1-year return | +80.7% | +77.2% |
| 5-year return | +129.3% | +94.8% |
| Volatility (ann.) | 43.2% | 25.1% |
| Beta vs S&P 500 | 1.55 | 0.70 |
| Max drawdown (3Y) | -46.3% | -24.2% |
| Market cap | $112.6B | $170.4B |
| P/E (trailing) | 38.8 | 14.2 |
| Dividend yield | 0.76% | 4.44% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | FCX | RIO |
|---|---|---|
| 2022 | -7.3% | +18.5% |
| 2023 | +13.7% | +11.1% |
| 2024 | -9.4% | -15.4% |
| 2025 | +35.4% | +44.5% |
| 2026 | +55.5% | +37.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and RIO good diversifiers for each other?
To a limited degree. At 0.66 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 FCX and RIO?
The FCX/RIO correlation stands at 0.66 on a 3-year window (1 year: 0.59, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is RIO a good diversifier for FCX?
To a limited degree. At 0.66 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 0.66 mean?
A reading of 0.66 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/fcx-vs-rio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcx-vs-rio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCX correlations · RIO correlations
