Freeport McMoran Correlations

FCX Stock

USD 41.48 0.62 1.52%

The current 90-days correlation between Freeport McMoran Copper and United States Steel is 0.44 (i.e., Very weak diversification). The correlation of Freeport McMoran is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Freeport McMoran Correlation With Market

Significant diversification

The correlation between Freeport McMoran Copper Gold and DJI is 0.05 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Freeport McMoran Copper Gold and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Freeport Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Freeport McMoran Copper Gold. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in main economic indicators.

Moving together with Freeport Stock

0.61	AA	Alcoa Corp	Pair Corr
0.82	MT	ArcelorMittal SA ADR	Pair Corr
0.91	ERO	Ero Copper Corp	Pair Corr
0.75	GGB	Gerdau SA ADR Aggressive Push	Pair Corr
0.84	HBM	Hudbay Minerals	Pair Corr
0.73	KALU	Kaiser Aluminum	Pair Corr
0.85	SCCO	Southern Copper	Pair Corr
0.65	STLD	Steel Dynamics	Pair Corr
0.81	CSTM	Constellium Nv	Pair Corr
0.83	CE	Celanese	Pair Corr
0.71	CX	Cemex SAB de	Pair Corr
0.64	DD	Dupont De Nemours	Pair Corr
0.76	IE	Ivanhoe Electric	Pair Corr

Moving against Freeport Stock

0.41

ENFY

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Pair Corr

Related Correlations Analysis

	X	RS	MT	CMC	STLD	GGB	CLF	PKX	TX	ZEUS
X		0.47	0.0	0.36	0.33	-0.06	-0.57	-0.38	-0.09	-0.11	X
RS	0.47		0.55	0.83	0.77	0.3	-0.18	-0.16	0.4	0.34	RS
MT	0.0	0.55		0.77	0.57	0.76	0.46	0.55	0.8	0.62	MT
CMC	0.36	0.83	0.77		0.69	0.7	0.18	0.25	0.67	0.47	CMC
STLD	0.33	0.77	0.57	0.69		0.2	-0.02	-0.07	0.37	0.72	STLD
GGB	-0.06	0.3	0.76	0.7	0.2		0.57	0.71	0.83	0.39	GGB
CLF	-0.57	-0.18	0.46	0.18	-0.02	0.57		0.79	0.58	0.5	CLF
PKX	-0.38	-0.16	0.55	0.25	-0.07	0.71	0.79		0.74	0.43	PKX
TX	-0.09	0.4	0.8	0.67	0.37	0.83	0.58	0.74		0.55	TX
ZEUS	-0.11	0.34	0.62	0.47	0.72	0.39	0.5	0.43	0.55		ZEUS
	X	RS	MT	CMC	STLD	GGB	CLF	PKX	TX	ZEUS

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

CMC	+ 0.83	RS
TX	+ 0.83	GGB
TX	+ 0.8	MT
PKX	+ 0.79	CLF
STLD	+ 0.77	RS
CMC	+ 0.77	MT

High negative correlations

CLF	- 0.57	X
PKX	- 0.38	X
CLF	- 0.18	RS
PKX	- 0.16	RS
ZEUS	- 0.11	X
TX	- 0.09	X

Risk-Adjusted Indicators

There is a big difference between Freeport Stock performing well and Freeport McMoran Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Freeport McMoran's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
X	2.45	0.57	0.20	3.20	2.55	(3.06)	4.50	(4.10)	25.71
RS	1.28	0.12	0.06	7.25	1.71	(1.30)	3.03	(2.57)	9.87
MT	2.28	0.11	0.04	(13.36)	2.91	(2.39)	4.60	(5.08)	20.46
CMC	1.98	0.11	0.04	(3.84)	2.68	(2.09)	5.10	(4.45)	16.19
STLD	2.13	0.11	0.04	0.08	2.60	(2.38)	4.34	(4.21)	15.47
GGB	2.09	0.06	0.02	(0.23)	2.75	(2.23)	4.80	(4.31)	14.01
CLF	4.07	(0.27)	0.00	0.73	0.00	0.00	7.78	(8.68)	31.67
PKX	1.98	0.02	0.01	(0.04)	2.26	(2.45)	4.76	(3.94)	14.43
TX	1.78	0.08	0.03	(0.24)	2.38	(1.87)	4.99	(5.03)	12.10
ZEUS	2.04	0.05	0.02	0.04	2.74	(2.10)	5.53	(4.18)	14.85

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