HBM.TO vs. ^TNX

Last updated Jun 3, 2026

HBM.TO (Hudbay Minerals Inc.) is a stock, while ^TNX (Treasury Yield 10 Years) is an index. Over the past 10 years, HBM.TO returned 23.71%/yr vs 10.89%/yr for ^TNX. At a 0.08 correlation, their price movements are largely independent.

Performance

HBM.TO vs. ^TNX - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hudbay Minerals Inc. (HBM.TO) and Treasury Yield 10 Years (^TNX). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

HBM.TO is traded in CAD, while ^TNX is traded in USD. To make them comparable, the ^TNX values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBM.TO achieves a 61.78% return, which is significantly higher than ^TNX's 8.43% return. Over the past 10 years, HBM.TO has outperformed ^TNX with an annualized return of 23.71%, while ^TNX has yielded a comparatively lower 10.89% annualized return.

HBM.TO

• 1D: 4.01%
• 1M: 42.07%
• YTD: 61.78%
• 6M: 91.84%
• 1Y: 252.33%
• 3Y*: 90.60%
• 5Y*: 38.01%
• 10Y*: 23.71%

^TNX

• 1D: 0.88%
• 1M: 4.13%
• YTD: 8.43%
• 6M: 8.54%
• 1Y: 1.23%
• 3Y*: 7.73%
• 5Y*: 26.47%
• 10Y*: 10.89%

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

HBM.TO vs. ^TNX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBM.TO Hudbay Minerals Inc.	61.78%	134.08%	60.29%	6.88%	-25.13%	3.05%	66.44%	-16.44%	-41.80%	45.20%
^TNX Treasury Yield 10 Years	8.43%	-13.14%	28.45%	-2.53%	174.83%	63.40%	-53.02%	-32.07%	21.16%	-7.94%

Correlation

The correlation between HBM.TO and ^TNX is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.14
Correlation (5Y) Calculated over the trailing 5-year period	-0.09
Correlation (10Y) Calculated over the trailing 10-year period	0.04
Correlation (All Time) Calculated using the full available price history since Jun 23, 2009	0.08

The correlation between HBM.TO and ^TNX shifts across timeframes, from -0.22 (1 year) to 0.08 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HBM.TO vs. ^TNX — Risk / Return Rank

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

HBM.TO

HBM.TO Risk / Return Rank: 96
HBM.TO Sharpe Ratio Rank: 98
HBM.TO Sortino Ratio Rank: 95
HBM.TO Omega Ratio Rank: 95
HBM.TO Calmar Ratio Rank: 95
HBM.TO Martin Ratio Rank: 96

^TNX

^TNX Risk / Return Rank: 12
^TNX Sharpe Ratio Rank: 12
^TNX Sortino Ratio Rank: 12
^TNX Omega Ratio Rank: 12
^TNX Calmar Ratio Rank: 13
^TNX Martin Ratio Rank: 12

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.

HBM.TO vs. ^TNX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM.TO) and Treasury Yield 10 Years (^TNX). 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.

	HBM.TO	^TNX	Difference
Sharpe ratio Return per unit of total volatility	4.69	0.12	+4.57
Sortino ratio Return per unit of downside risk	4.21	0.30	+3.91
Omega ratio Gain probability vs. loss probability	1.56	1.03	+0.53
Calmar ratio Return relative to maximum drawdown	7.25	0.11	+7.14
Martin ratio Return relative to average drawdown	24.23	0.22	+24.00
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBM.TO vs. ^TNX - Sharpe Ratio Comparison

The current HBM.TO Sharpe Ratio is 4.69, which is higher than the ^TNX Sharpe Ratio of 0.12. The chart below compares the historical Sharpe Ratios of HBM.TO and ^TNX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HBM.TO	^TNX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.69	0.12	+4.57
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.74	0.80	-0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.43	0.23	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.05	-0.05

Drawdowns

HBM.TO vs. ^TNX - Drawdown Comparison

The maximum HBM.TO drawdown since its inception was -92.86%, which is greater than ^TNX's maximum drawdown of -83.97%. Use the drawdown chart below to compare losses from any high point for HBM.TO and ^TNX.

Drawdown Indicators

	HBM.TO	^TNX	Difference
Max Drawdown Largest peak-to-trough decline	-92.86%	-83.97%	-8.89%
Max Drawdown (1Y) Largest decline over 1 year	-35.94%	-12.47%	-23.47%
Max Drawdown (3Y) Largest decline over 3 years	-38.61%	-28.10%	-10.51%
Max Drawdown (5Y) Largest decline over 5 years	-62.23%	-28.10%	-34.13%
Max Drawdown (10Y) Largest decline over 10 years	-84.01%	-83.93%	-0.08%
Current Drawdown Current decline from peak	0.00%	-10.31%	+10.31%
Average Drawdown Average peak-to-trough decline	-61.92%	-32.53%	-29.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.76%	6.24%	+4.52%

Volatility

HBM.TO vs. ^TNX - Volatility Comparison

Hudbay Minerals Inc. (HBM.TO) has a higher volatility of 19.37% compared to Treasury Yield 10 Years (^TNX) at 5.54%. This indicates that HBM.TO's price experiences larger fluctuations and is considered to be riskier than ^TNX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBM.TO	^TNX	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.37%	5.54%	+13.83%
Volatility (6M) Calculated over the trailing 6-month period	42.44%	11.77%	+30.67%
Volatility (1Y) Calculated over the trailing 1-year period	54.17%	17.05%	+37.12%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.63%	33.45%	+18.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.44%	48.32%	+7.12%

Frequently Asked Questions

Can I hold both HBM.TO and ^TNX in my portfolio?

HBM.TO and ^TNX have a correlation of -0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.