Hudbay Minerals Correlations

HBM Stock

USD 8.59 0.05 0.58%

The current 90-days correlation between Hudbay Minerals and Fortuna Silver Mines is 0.6 (i.e., Poor diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Hudbay Minerals moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Hudbay Minerals moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Hudbay Minerals Correlation With Market

Modest diversification

The correlation between Hudbay Minerals and DJI is 0.2 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Hudbay Minerals and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Hudbay Minerals. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of labor statistics.

To learn how to invest in Hudbay Stock, please use our How to Invest in Hudbay Minerals guide.

Moving together with Hudbay Stock

0.69	X	United States Steel	Pair Corr
0.82	AG	First Majestic Silver Buyout Trend	Pair Corr
0.83	AU	AngloGold Ashanti plc	Pair Corr
0.63	CE	Celanese	Pair Corr
0.66	DC	Dakota Gold Corp	Pair Corr
0.7	IE	Ivanhoe Electric	Pair Corr
0.76	NG	NovaGold Resources Earnings Call This Week	Pair Corr
0.88	OR	Osisko Gold Ro	Pair Corr
0.81	SA	Seabridge Gold	Pair Corr
0.76	TX	Ternium SA ADR	Pair Corr
0.68	HYMCL	Hycroft Mining Holding	Pair Corr
0.75	AEM	Agnico Eagle Mines	Pair Corr
0.77	AGI	Alamos Gold	Pair Corr
0.77	BAK	Braskem SA Class	Pair Corr
0.79	BTG	B2Gold Corp	Pair Corr
0.81	CDE	Coeur Mining Sell-off Trend	Pair Corr
0.82	CLF	Cleveland Cliffs Aggressive Push	Pair Corr
0.72	DOW	Dow Inc Fiscal Year End 23rd of January 2025	Pair Corr
0.8	DRD	DRDGOLD Limited ADR	Pair Corr
0.82	EGO	Eldorado Gold Corp	Pair Corr
0.71	EQX	Equinox Gold Corp	Pair Corr
0.76	ERO	Ero Copper Corp	Pair Corr
0.76	FCX	Freeport McMoran Copper Earnings Call This Week	Pair Corr
0.73	FNV	Franco Nevada	Pair Corr
0.83	FSM	Fortuna Silver Mines	Pair Corr
0.72	GAU	Galiano Gold	Pair Corr
0.8	GFI	Gold Fields	Pair Corr
0.81	HMY	Harmony Gold Mining	Pair Corr
0.7	HUN	Huntsman	Pair Corr

Moving against Hudbay Stock

0.4	WLKP	Westlake Chemical	Pair Corr
0.73	MSB	Mesabi Trust	Pair Corr
0.41	HLP	Hongli Group Ordinary	Pair Corr

Related Correlations Analysis

	TECK	FSM	OR	NEXA	HBM
TECK		0.71	0.8	0.05	0.6	TECK
FSM	0.71		0.88	0.17	0.7	FSM
OR	0.8	0.88		0.12	0.71	OR
NEXA	0.05	0.17	0.12		-0.18	NEXA
HBM	0.6	0.7	0.71	-0.18		HBM
	TECK	FSM	OR	NEXA	HBM

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

OR	+ 0.88	FSM
OR	+ 0.8	TECK
FSM	+ 0.71	TECK
HBM	+ 0.71	OR
HBM	+ 0.7	FSM
HBM	+ 0.6	TECK

High negative correlations

HBM

- 0.18

NEXA

Risk-Adjusted Indicators

There is a big difference between Hudbay Stock performing well and Hudbay Minerals Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Hudbay Minerals' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
TECK	1.43	(0.27)	(0.47)	2.63	(3.32)	8.76
FSM	2.39	(0.11)	(1.20)	7.20	(4.11)	16.38
OR	1.31	(0.04)	(1.49)	2.98	(3.57)	8.38
NEXA	2.29	(0.27)	(0.54)	3.58	(5.45)	22.88
HBM	1.97	(0.03)	(0.14)	3.86	(4.48)	13.95

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