FCX vs. HBM

Last updated Apr 2, 2026

Compare and contrast key facts about Freeport-McMoRan Inc. (FCX) and Hudbay Minerals Inc. (HBM).

Performance

FCX vs. HBM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Freeport-McMoRan Inc. (FCX) and Hudbay Minerals Inc. (HBM). The values are adjusted to include any dividend payments, if applicable.

FCX vs. HBM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
FCX Freeport-McMoRan Inc.	20.80%	35.41%	-9.41%	13.69%	-7.91%	61.41%	99.06%	29.59%	-45.11%	43.75%
HBM Hudbay Minerals Inc.	10.87%	145.46%	47.03%	9.24%	-29.87%	3.82%	69.50%	-11.77%	-46.20%	54.77%

Fundamentals

Market Cap FCX : $88.31B HBM : $8.80B
EPS FCX : $1.91 HBM : $1.43
PE Ratio FCX : 32.00 HBM : 15.33
PS Ratio FCX : 3.43 HBM : 3.95
PB Ratio FCX : 4.67 HBM : 2.73
Total Revenue (TTM) FCX : $25.74B HBM : $2.22B
Gross Profit (TTM) FCX : $6.95B HBM : $719.02M
EBITDA (TTM) FCX : $8.76B HBM : $1.41B

Returns By Period

In the year-to-date period, FCX achieves a 20.80% return, which is significantly higher than HBM's 10.87% return. Both investments have delivered pretty close results over the past 10 years, with FCX having a 21.13% annualized return and HBM not far behind at 20.12%.

FCX

• 1D: 4.12%
• 1M: -10.38%
• YTD: 20.80%
• 6M: 57.51%
• 1Y: 62.74%
• 3Y*: 15.97%
• 5Y*: 14.05%
• 10Y*: 21.13%

HBM

• 1D: 5.26%
• 1M: -17.70%
• YTD: 10.87%
• 6M: 43.18%
• 1Y: 185.98%
• 3Y*: 61.54%
• 5Y*: 25.04%
• 10Y*: 20.12%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

FCX vs. HBM — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FCX

FCX Risk / Return Rank: 78
FCX Sharpe Ratio Rank: 79
FCX Sortino Ratio Rank: 71
FCX Omega Ratio Rank: 74
FCX Calmar Ratio Rank: 82
FCX Martin Ratio Rank: 82

HBM

HBM Risk / Return Rank: 95
HBM Sharpe Ratio Rank: 97
HBM Sortino Ratio Rank: 94
HBM Omega Ratio Rank: 93
HBM Calmar Ratio Rank: 94
HBM Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

FCX vs. HBM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Freeport-McMoRan Inc. (FCX) 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.

	FCX	HBM	Difference
Sharpe ratio Return per unit of total volatility	1.24	3.31	-2.07
Sortino ratio Return per unit of downside risk	1.68	3.40	-1.72
Omega ratio Gain probability vs. loss probability	1.25	1.46	-0.21
Calmar ratio Return relative to maximum drawdown	2.57	5.26	-2.69
Martin ratio Return relative to average drawdown	6.72	18.82	-12.10
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCX vs. HBM - Sharpe Ratio Comparison

The current FCX Sharpe Ratio is 1.24, which is lower than the HBM Sharpe Ratio of 3.31. The chart below compares the historical Sharpe Ratios of FCX and HBM, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCX	HBM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.24	3.31	-2.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.32	0.46	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.34	+0.09
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.19	-0.04

Correlation

The correlation between FCX and HBM is 0.67, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FCX vs. HBM - Dividend Comparison

FCX's dividend yield for the trailing twelve months is around 0.98%, more than HBM's 0.06% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FCX Freeport-McMoRan Inc.	0.98%	1.18%	1.58%	1.41%	0.99%	0.54%	0.19%	1.52%	1.45%	0.00%	0.00%	8.46%
HBM Hudbay Minerals Inc.	0.06%	0.07%	0.17%	0.31%	0.32%	0.22%	0.21%	0.36%	0.38%	0.23%	0.35%	0.52%

Drawdowns

FCX vs. HBM - Drawdown Comparison

The maximum FCX drawdown since its inception was -92.52%, roughly equal to the maximum HBM drawdown of -92.21%. Use the drawdown chart below to compare losses from any high point for FCX and HBM.

Drawdown Indicators

	FCX	HBM	Difference
Max Drawdown Largest peak-to-trough decline	-92.52%	-92.21%	-0.31%
Max Drawdown (1Y) Largest decline over 1 year	-24.90%	-36.16%	+11.26%
Max Drawdown (5Y) Largest decline over 5 years	-51.47%	-65.47%	+14.00%
Max Drawdown (10Y) Largest decline over 10 years	-72.59%	-86.34%	+13.75%
Current Drawdown Current decline from peak	-11.07%	-22.32%	+11.25%
Average Drawdown Average peak-to-trough decline	-39.82%	-52.92%	+13.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.51%	10.10%	-0.59%

Volatility

FCX vs. HBM - Volatility Comparison

The current volatility for Freeport-McMoRan Inc. (FCX) is 17.03%, while Hudbay Minerals Inc. (HBM) has a volatility of 20.94%. This indicates that FCX 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.

Volatility by Period

	FCX	HBM	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.03%	20.94%	-3.91%
Volatility (6M) Calculated over the trailing 6-month period	31.32%	42.64%	-11.32%
Volatility (1Y) Calculated over the trailing 1-year period	50.89%	56.55%	-5.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.72%	55.17%	-10.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.31%	59.46%	-10.15%

Financials

FCX vs. HBM - Profitability Comparison

The chart below illustrates the profitability comparison between Freeport-McMoRan Inc. and Hudbay Minerals Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

FCX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Freeport-McMoRan Inc. reported a gross profit of 1.02B and revenue of 5.63B. Therefore, the gross margin over that period was 18.1%.

HBM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Hudbay Minerals Inc. reported a gross profit of 245.92M and revenue of 737.06M. Therefore, the gross margin over that period was 33.4%.

FCX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Freeport-McMoRan Inc. reported an operating income of 811.00M and revenue of 5.63B, resulting in an operating margin of 14.4%.

HBM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Hudbay Minerals Inc. reported an operating income of 242.47M and revenue of 737.06M, resulting in an operating margin of 32.9%.

FCX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Freeport-McMoRan Inc. reported a net income of 968.00M and revenue of 5.63B, resulting in a net margin of 17.2%.

HBM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Hudbay Minerals Inc. reported a net income of 129.97M and revenue of 737.06M, resulting in a net margin of 17.6%.