Hudbay Minerals Correlations

HBM Stock

USD 9.13 0.11 1.22%

The current 90-days correlation between Hudbay Minerals and Fortuna Silver Mines is 0.52 (i.e., Very weak 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 0.25 (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

0.87	AA	Alcoa Corp Fiscal Year End 15th of January 2025	Pair Corr
0.82	AG	First Majestic Silver	Pair Corr
0.81	IE	Ivanhoe Electric	Pair Corr
0.81	MT	ArcelorMittal SA ADR	Pair Corr
0.85	OR	Osisko Gold Ro	Pair Corr
0.76	TX	Ternium SA ADR	Pair Corr
0.82	DRD	DRDGOLD Limited ADR	Pair Corr
0.85	FCX	Freeport McMoran Copper Aggressive Push	Pair Corr
0.75	GFI	Gold Fields	Pair Corr

Moving against Hudbay Stock

0.46	NG	NovaGold Resources	Pair Corr
0.81	HLP	Hongli Group Ordinary	Pair Corr

Related Correlations Analysis

	TECK	FSM	OR	NEXA	HBM
TECK		0.43	0.4	0.45	0.54	TECK
FSM	0.43		0.67	0.56	0.48	FSM
OR	0.4	0.67		0.9	0.86	OR
NEXA	0.45	0.56	0.9		0.91	NEXA
HBM	0.54	0.48	0.86	0.91		HBM
	TECK	FSM	OR	NEXA	HBM

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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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
TECK	1.78	(0.14)	0.00	(0.02)	0.00	0.00	3.96	(4.64)	11.11
FSM	2.33	(0.03)	(0.01)	0.05	3.19	(2.38)	4.66	(5.13)	17.32
OR	1.31	0.17	0.06	0.51	1.77	(1.26)	2.94	(2.93)	10.04
NEXA	1.71	0.20	0.07	0.87	1.78	(1.88)	3.58	(2.92)	8.62
HBM	2.20	0.32	0.06	(0.49)	2.87	(2.35)	4.17	(4.81)	14.84

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