Tax-loss harvesting alternatives for FCX

Among the 18 Copper peers screened, RGLD (Royal Gold) has tracked FCX most closely over the past year, with a return correlation of 0.60. The strongest fund stand-in is COPX (Global X Copper Miners ETF) at 0.78 over the past year. Correlations are computed from daily closing-price returns aligned by trading day.

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STOCKS

Single-name peers

Ticker	Name	Sub-industry	1Y	3Y	5Y	10Y
RGLD	Royal Gold	Gold	0.60	0.50	0.47	0.37
CDE	Coeur Mining	Gold	0.59	0.54	0.53	0.43
NEM	Newmont Corp.	Gold	0.59	0.53	0.47	0.38
HL	Hecla Mining	Silver	0.57	0.54	0.55	0.45
AA	Alcoa	Aluminum	0.53	0.62	0.67	0.66
MP	MP Materials	Diversified Metals & Mining	0.45	0.40	0.46	0.42
CENX	Century Aluminum Company	Aluminum	0.44	0.54	0.61	0.58
KALU	Kaiser Aluminum Corporation	Aluminum	0.44	0.50	0.53	0.55
CMC	Commercial Metals	Steel	0.43	0.48	0.54	0.55
MTRN	Materion Corp.	Diversified Metals & Mining	0.42	0.43	0.44	0.47
CLF	Cleveland-Cliffs	Steel	0.38	0.44	0.52	0.55
STLD	Steel Dynamics	Steel	0.37	0.44	0.52	0.57
WS	Worthington Steel	Steel	0.36	0.32	—	—
NUE	Nucor Corp.	Steel	0.31	0.41	0.50	0.56
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.30	0.32	0.37	—
RS	Reliance, Inc.	Steel	0.29	0.34	0.44	0.53
MTUS	Metallus Inc	Steel	0.27	0.38	0.50	0.48
HCC	Warrior Met Coal, Inc.	Steel	0.23	0.32	0.38	0.40

ETFS

Fund stand-ins

An ETF is generally not 'substantially identical' to a single stock, which is why funds are the standard wash-sale-aware replacement.

Ticker	Name	Focus	Match	1Y	3Y	5Y	10Y
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.78	0.84	0.85	0.82
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.75	0.76	0.78	0.76
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.74	0.75	0.78	0.77
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.68	0.70	0.73	0.73
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.68	0.70	0.73	0.72
SLX	VanEck Steel ETF	Steel	SUB-IND	0.68	0.70	0.74	0.75
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.67	0.58	0.56	0.40
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.66	0.58	0.54	0.41
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.59	0.67	0.70	0.71
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.56	0.57	0.57	0.59
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.56	0.57	0.57	0.59
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.53	0.56	0.61	0.66

NEXT STEPS

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Replacement research for FCX's peers

RGLD CDE NEM HL AA MP CENX KALU CMC MTRN CLF STLD WS NUE AMR RS MTUS HCC

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Method: Pearson correlation of daily closing-price returns, Yahoo Finance data, series aligned by trading day, refreshed weekly. A cell is blank when overlapping history covers less than 60% of its window. Correlation is descriptive, not predictive. Wash-sale treatment depends on facts and circumstances — confirm with a tax professional. Not investment advice.