Investors in The Mosaic Company (NYSE:MOS) may not have been as unlucky as those in its closest rival Potash Corporation (NYSE:POT) last year, but they had to deal with huge capital losses nonetheless. Mosaic was among the worst performers in the fertilizer industry in 2015, losing as much as 40% of its value, only slightly better than PotashCorp.'s 52% drop.

MOS data by YCharts

The dramatic drop in PotashCorp. shares makes sense if we account for the company's declining top and bottom lines in 2015 on weak potash markets. Mosaic, on the other hand, fared much better thanks to its strong foothold in the phosphate industry. Demand and prices of phosphate didn't fall as much as of PotashCorp.'s namesake nutrient.

But does that justify Mosaic's plunge? Can the headwinds pressure the stock further, or have the markets overacted to position Mosaic for a turnaround this year? Find out in the following slideshow.