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 0.64. The strongest fund stand-in is COPX (Global X Copper Miners ETF) at 0.89 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	0.64	0.51	0.48	0.37
NEM	Newmont Corp.	Gold	0.63	0.53	0.48	0.38
CDE	Coeur Mining	Gold	0.63	0.54	0.53	0.43
HL	Hecla Mining	Silver	0.62	0.54	0.55	0.45
AA	Alcoa	Aluminum	0.58	0.62	0.67	0.66
MP	MP Materials	Diversified Metals & Mining	0.54	0.40	0.46	0.42
CMC	Commercial Metals	Steel	0.49	0.48	0.53	0.55
KALU	Kaiser Aluminum Corporation	Aluminum	0.47	0.50	0.52	0.55
CENX	Century Aluminum Company	Aluminum	0.47	0.53	0.61	0.58
MTRN	Materion Corp.	Diversified Metals & Mining	0.45	0.42	0.43	0.47
CLF	Cleveland-Cliffs	Steel	0.42	0.43	0.51	0.55
STLD	Steel Dynamics	Steel	0.39	0.44	0.51	0.57
WS	Worthington Steel	Steel	0.39	0.32	—	—
AMR	Alpha Metallurgical Resources, Inc.	Steel	0.35	0.32	0.37	—
NUE	Nucor Corp.	Steel	0.34	0.40	0.49	0.55
RS	Reliance, Inc.	Steel	0.31	0.34	0.43	0.52
MTUS	Metallus Inc	Steel	0.31	0.38	0.49	0.47
HCC	Warrior Met Coal, Inc.	Steel	0.29	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	0.89	0.84	0.85	0.82
XME	SPDR S&P Metals & Mining ETF	Metals & Mining	INDUSTRY	0.80	0.75	0.78	0.77
IYM	iShares US Basic Materials ETF	Materials Sector	SECTOR	0.79	0.76	0.78	0.76
SLX	VanEck Steel ETF	Steel	SUB-IND	0.73	0.69	0.74	0.75
GDX	VanEck Gold Miners ETF	Gold Miners	SUB-IND	0.71	0.58	0.56	0.40
FMAT	Fidelity MSCI Materials ETF	Materials Sector	SECTOR	0.70	0.70	0.73	0.73
RING	iShares MSCI Global Gold Miners	Gold Miners	SUB-IND	0.70	0.57	0.55	0.41
VAW	Vanguard Materials ETF	Materials Sector	SECTOR	0.70	0.70	0.73	0.73
XLB	Materials Select Sector SPDR	Materials Sector	SECTOR	0.61	0.66	0.70	0.70
SPY	SPDR S&P 500 ETF	S&P 500	BROAD	0.59	0.56	0.57	0.59
VOO	Vanguard S&P 500 ETF	S&P 500	BROAD	0.58	0.56	0.57	0.59
PAVE	Global X US Infrastructure	Infrastructure	SECTOR	0.55	0.56	0.60	0.66

NEXT STEPS

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Replacement research for FCX's peers

RGLD NEM CDE HL AA MP CMC KALU CENX MTRN CLF STLD WS AMR NUE 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.