Tax-loss harvesting alternatives for MP

Among the 18 Diversified Metals & Mining peers screened, FCX (Freeport-McMoRan) has tracked MP most closely over the past year, with a return correlation of 0.55. The strongest fund stand-in is XME (SPDR S&P Metals & Mining ETF) at 0.73 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
FCX	Freeport-McMoRan	Copper	0.55	0.40	0.46	0.42
CDE	Coeur Mining	Gold	0.46	0.32	0.33	0.30
CENX	Century Aluminum Company	Aluminum	0.44	0.31	0.37	0.34
HL	Hecla Mining	Silver	0.41	0.31	0.33	0.29
RGLD	Royal Gold	Gold	0.40	0.26	0.26	0.23
NEM	Newmont Corp.	Gold	0.40	0.28	0.24	0.20
AA	Alcoa	Aluminum	0.39	0.34	0.38	0.35
KALU	Kaiser Aluminum Corporation	Aluminum	0.33	0.28	0.33	0.31
MTRN	Materion Corp.	Diversified Metals & Mining	0.33	0.31	0.33	0.30
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.31	0.23	0.26	—
CLF	Cleveland-Cliffs	Steel	0.31	0.28	0.32	0.31
CMC	Commercial Metals	Steel	0.26	0.25	0.33	0.31
HCC	Warrior Met Coal, Inc.	Steel	0.25	0.21	0.24	0.21
WS	Worthington Steel	Steel	0.25	0.17	—	—
STLD	Steel Dynamics	Steel	0.23	0.19	0.27	0.27
MTUS	Metallus Inc	Steel	0.22	0.25	0.31	0.27
NUE	Nucor Corp.	Steel	0.18	0.21	0.27	0.26
RS	Reliance, Inc.	Steel	0.18	0.19	0.26	0.25

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
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.73	0.57	0.58	0.52
COPX	Global X Copper Miners ETF	Copper Miners	SUB-IND	0.50	0.40	0.45	0.42
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.49	0.39	0.46	0.42
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.44	0.30	0.30	0.26
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.44	0.29	0.29	0.25
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.44	0.30	0.40	0.37
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.44	0.30	0.40	0.37
SLX	VanEck Steel ETF	Steel	SUB-IND	0.43	0.36	0.42	0.39
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.42	0.36	0.44	0.40
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.42	0.36	0.44	0.40
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.40	0.33	0.42	0.39
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.33	0.30	0.40	0.37

NEXT STEPS

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Replacement research for MP's peers

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

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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.