BTG vs. HBM
BTG (B2Gold Corp.) and HBM (Hudbay Minerals Inc.) are both stocks. Both are in the Basic Materials sector — BTG in Gold, HBM in Copper. Over the past 10 years, BTG returned 9.37%/yr vs 19.31%/yr for HBM. At a 0.36 correlation, their price movements are largely independent.
Performance
BTG vs. HBM - Performance Comparison
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Returns By Period
In the year-to-date period, BTG achieves a -5.82% return, which is significantly lower than HBM's 40.23% return. Over the past 10 years, BTG has underperformed HBM with an annualized return of 9.37%, while HBM has yielded a comparatively higher 19.31% annualized return.
BTG
- 1D
- 2.93%
- 1M
- -21.06%
- YTD
- -5.82%
- 6M
- -7.67%
- 1Y
- 15.53%
- 3Y*
- 8.86%
- 5Y*
- 1.08%
- 10Y*
- 9.37%
HBM
- 1D
- 4.43%
- 1M
- 0.32%
- YTD
- 40.23%
- 6M
- 49.02%
- 1Y
- 189.83%
- 3Y*
- 78.89%
- 5Y*
- 31.42%
- 10Y*
- 19.31%
BTG vs. HBM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | -5.82% | 88.95% | -18.07% | -7.22% | -5.13% | -26.97% | 42.35% | 37.72% | -5.81% | 30.80% |
HBM Hudbay Minerals Inc. | 40.23% | 145.46% | 47.03% | 9.24% | -29.87% | 3.82% | 69.50% | -11.77% | -46.20% | 54.77% |
Correlation
The correlation between BTG and HBM is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.53 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2009 | 0.36 |
Over the past year, BTG and HBM have become more correlated (0.61) than their long-term average of 0.36, meaning their price movements have been converging.
Fundamentals
BTG:
$6.32B
HBM:
$11.09B
BTG:
$0.36
HBM:
$1.65
BTG:
11.81
HBM:
16.83
BTG:
0.01
HBM:
0.12
BTG:
1.74
HBM:
4.68
BTG:
1.72
HBM:
3.13
BTG:
$3.67B
HBM:
$2.37B
BTG:
$1.89B
HBM:
$828.54M
BTG:
$1.96B
HBM:
$1.54B
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Return for Risk
BTG vs. HBM — Risk / Return Rank
BTG
HBM
BTG vs. HBM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for B2Gold Corp. (BTG) and Hudbay Minerals Inc. (HBM). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BTG | HBM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.95 | ||
| Sortino ratioReturn per unit of downside risk | -2.50 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.44 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | 0.42 | 5.28 | -4.86 |
| Martin ratioReturn relative to average drawdown | 0.83 | 16.41 | -15.58 |
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Drawdowns
BTG vs. HBM - Drawdown Comparison
The maximum BTG drawdown since its inception was -85.97%, smaller than the maximum HBM drawdown of -92.21%. Use the drawdown chart below to compare losses from any high point for BTG and HBM.
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Drawdown Indicators
| BTG | HBM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -85.97% | -92.21% | +6.24% |
Max Drawdown (1Y)Largest decline over 1 year | -36.97% | -36.16% | -0.81% |
Max Drawdown (3Y)Largest decline over 3 years | -36.97% | -41.11% | +4.14% |
Max Drawdown (5Y)Largest decline over 5 years | -48.92% | -63.33% | +14.41% |
Max Drawdown (10Y)Largest decline over 10 years | -63.35% | -86.34% | +22.99% |
Current DrawdownCurrent decline from peak | -31.60% | -12.68% | -18.92% |
Average DrawdownAverage peak-to-trough decline | -38.35% | -52.45% | +14.10% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 18.70% | 11.62% | +7.08% |
Volatility
BTG vs. HBM - Volatility Comparison
The current volatility for B2Gold Corp. (BTG) is 15.76%, while Hudbay Minerals Inc. (HBM) has a volatility of 25.87%. This indicates that BTG experiences smaller price fluctuations and is considered to be less risky than HBM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BTG | HBM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 15.76% | 25.87% | -10.11% |
Volatility (6M)Calculated over the trailing 6-month period | 44.50% | 47.72% | -3.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.48% | 59.13% | -3.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.82% | 55.51% | -10.69% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.23% | 58.82% | -10.59% |
Dividends
BTG vs. HBM - Dividend Comparison
BTG's dividend yield for the trailing twelve months is around 1.90%, more than HBM's 0.08% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BTG B2Gold Corp. | 1.90% | 1.77% | 6.56% | 5.06% | 4.48% | 4.07% | 1.96% | 0.25% | 0.00% | 0.00% | 0.00% | 0.00% |
HBM Hudbay Minerals Inc. | 0.08% | 0.07% | 0.17% | 0.31% | 0.32% | 0.22% | 0.21% | 0.36% | 0.38% | 0.23% | 0.35% | 0.52% |
Financials
BTG vs. HBM - Financials Comparison
This section allows you to compare key financial metrics between B2Gold Corp. and Hudbay Minerals Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BTG vs. HBM - Profitability Comparison
BTG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a gross profit of 601.32M and revenue of 1.14B. Therefore, the gross margin over that period was 52.6%.
HBM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hudbay Minerals Inc. reported a gross profit of 340.81M and revenue of 745.43M. Therefore, the gross margin over that period was 45.7%.
BTG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported an operating income of 572.52M and revenue of 1.14B, resulting in an operating margin of 50.1%.
HBM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hudbay Minerals Inc. reported an operating income of 297.62M and revenue of 745.43M, resulting in an operating margin of 39.9%.
BTG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, B2Gold Corp. reported a net income of 197.17M and revenue of 1.14B, resulting in a net margin of 17.3%.
HBM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hudbay Minerals Inc. reported a net income of 187.76M and revenue of 745.43M, resulting in a net margin of 25.2%.
Frequently Asked Questions
BTG and HBM have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HBM has higher volatility (25.87%) compared to BTG (15.76%). In terms of maximum drawdown, BTG dropped -85.97% vs HBM's -92.21%.
HBM currently has the higher Sharpe Ratio (3.23 vs 0.28), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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