Freeport McMoran Correlations

Stocks . USA . 
Stock . Freeport McMoran Copper Gold
FCX Stock  USD 42.34  0.86  2.07%   
The current 90-days correlation between Freeport McMoran Copper and Reliance Steel Aluminum is 0.7 (i.e., Poor 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

Poor diversification

The correlation between Freeport McMoran Copper Gold and DJI is 0.77 (i.e., Poor 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.
  
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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

  0.61AA Alcoa CorpPairCorr
  0.81MT ArcelorMittal SA ADRPairCorr
  0.91ERO Ero Copper CorpPairCorr
  0.78GGB Gerdau SA ADR Aggressive PushPairCorr
  0.85HBM Hudbay MineralsPairCorr
  0.71ZEUS Olympic SteelPairCorr
  0.84KALU Kaiser AluminumPairCorr
  0.95SCCO Southern CopperPairCorr
  0.69ASTL Algoma Steel GroupPairCorr
  0.77STLD Steel DynamicsPairCorr
  0.68CENX Century AluminumPairCorr
  0.82CSTM Constellium NvPairCorr
  0.83CE CelanesePairCorr
  0.61CF CF Industries HoldingsPairCorr
  0.73CX Cemex SAB dePairCorr
  0.68DD Dupont De NemoursPairCorr
  0.7EU enCore Energy CorpPairCorr
  0.77IE Ivanhoe ElectricPairCorr

Moving against Freeport Stock

  0.44ENFY Enlightify Symbol ChangePairCorr

Related Correlations Analysis

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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   
STLD
+ 0.91
RS
CMC
+ 0.85
RS
STLD
+ 0.83
CMC
TX
+ 0.83
GGB
TX
+ 0.73
PKX
GGB
+ 0.72
CMC
  
High negative correlations   
PKX
- 0.15
RS
PKX
- 0.0
STLD

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.

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