Stocks against their minerals over a year
The linked pairs, the median divergence and how many stocks beat their mineral.
Stock vs Mineral Performance
How the listed companies linked to a mineral performed against that mineral’s benchmark price, and whether owning the producer paid off better or worse than the material it produces.
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Measure
How it’s read
Divergence is the stock’s return minus the mineral’s benchmark return over the same period (1M, 6M, 1Y or 5Y), in percentage points. Above zero, the stock beat the mineral; below zero, it lagged. Plotted against the stock’s own return, every stock falls into one of four quadrants:
- Positive, outperforming
- The stock rose, and by more than the mineral.
- Positive, lagging
- The stock rose, but by less than the mineral.
- Negative, outperforming
- The stock fell, but by less than the mineral.
- Negative, lagging
- The stock fell, and by more than the mineral.
Views
Two views
Both in the Stockatomics Terminal.
- Commodity-to-stock divergence
- On every mineral page: each linked stock against that mineral’s benchmark price, with the mineral itself at zero divergence.
- Stock-to-commodity divergence
- On every company page: the company’s stock against each mineral it is linked to.
Returns
The returns
Share-price returns are calculated for each listing whenever share prices are updated, and benchmark returns from the monthly benchmark prices.
The two returns cover periods with the same label but not always the same end date: a stock’s return runs to its latest share price, while a benchmark’s runs to its latest monthly price. Stockatomics benchmarks use the latest available underlying trade data. Reporting schedules vary by market and may result in a publication lag of up to several weeks, so keep that in mind when reading short periods such as 1M.
Stockatomics Terminal
Today, over a year
Every linked company and mineral pair with a 1Y return for both, in the Stockatomics Terminal.
Divergence on every mineral and company page
Each linked stock against its mineral’s benchmark, in four quadrants.
FAQ
Stock vs Mineral Performance FAQ
What is stock-to-mineral divergence?
The stock’s return minus the mineral’s benchmark return over the same period (1M, 6M, 1Y or 5Y), in percentage points. Above zero, the stock beat the mineral; below zero, it lagged.
What do the four quadrants mean?
Positive, outperforming: the stock rose, and by more than the mineral. Positive, lagging: it rose, but by less. Negative, outperforming: it fell, but by less than the mineral. Negative, lagging: it fell, and by more than the mineral.
Research
More research
The full method is set out in our research paper.
- Supply Elasticity (SES)How hard it is for supply to respond when demand rises.
- Supply Concentration (C)How few producing countries hold world supply.
- Demand Momentum (DM)The demand growth a mineral inherits from the sectors that use it.
- Company Exposure (CMCS)How much of a listed company’s output is in constrained, concentrated, fast-growing minerals.
- Benchmark PricesThe monthly price per kg contained, for every critical mineral.
- AI Infrastructure IndexWhat the hardware behind AI costs, month by month.