FCX vs SPY: Correlation
Measured on weekly returns over the past three years, Freeport-McMoRan (FCX) and SPDR S&P 500 ETF Trust (SPY) 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 SPY?
On 3 years of weekly data the FCX/SPY correlation comes out at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.38) runs below the 3-year figure (0.52). The 5-year figure is 0.52, and annualized covariance runs at 323.4 %².
Among the 34 assets we track against FCX, SPY ranks #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FCX ahead by 60.1 points (+80.7% versus +20.6%). The rolling one-year correlation moved between 0.38 and 0.72 over the past three years, a moderate range. Note the risk asymmetry: FCX runs 3.0 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 SPY: side by side
| FCX (Freeport-McMoRan) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +80.7% | +20.6% |
| 5-year return | +129.3% | +82.4% |
| Volatility (ann.) | 43.2% | 14.5% |
| Beta vs S&P 500 | 1.55 | 1.00 |
| Max drawdown (3Y) | -46.3% | -18.8% |
| Market cap | $112.6B | – |
| P/E (trailing) | 38.8 | – |
| Dividend yield | 0.76% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Materials | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | FCX | SPY |
|---|---|---|
| 2022 | -7.3% | -18.2% |
| 2023 | +13.7% | +26.2% |
| 2024 | -9.4% | +24.9% |
| 2025 | +35.4% | +17.7% |
| 2026 | +55.5% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FCX represents 0.17% of SPY's portfolio, so part of any move in SPY is FCX itself, and the correlation between them is partly mechanical.
Are FCX and SPY good diversifiers for each other?
Only partially. A correlation of 0.52 means FCX and SPY 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 SPY?
As of 2026-08-27, the correlation of weekly returns between FCX and SPY is 0.52 over 3 years, 0.38 over 1 year and 0.52 over 5 years.
Is SPY a good diversifier for FCX?
Only partially. A correlation of 0.52 means FCX and SPY share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 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.
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Hubs: FCX correlations · SPY correlations
