HBM.TO vs. ^TNX
HBM.TO (Hudbay Minerals Inc.) is a stock, while ^TNX (Cboe 10-Year Treasury Note Yield Index) is an index. Over the past 10 years, HBM.TO returned 16.92%/yr vs 12.12%/yr for ^TNX. At a 0.13 correlation, their price movements are largely independent.
Performance
HBM.TO vs. ^TNX - Performance Comparison
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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 7.70% return, which is significantly lower than ^TNX's 13.07% return. Over the past 10 years, HBM.TO has outperformed ^TNX with an annualized return of 16.92%, while ^TNX has yielded a comparatively lower 12.12% annualized return.
HBM.TO
- 1D
- 2.62%
- 1M
- -25.01%
- 6M
- -9.34%
- YTD
- 7.70%
- 1Y
- 118.98%
- 3Y*
- 61.30%
- 5Y*
- 29.07%
- 10Y*
- 16.92%
- ALL TIME*
- 3.65%
^TNX
- 1D
- 1.13%
- 1M
- 2.71%
- 6M
- 9.70%
- YTD
- 13.07%
- 1Y
- 5.88%
- 3Y*
- 8.44%
- 5Y*
- 31.77%
- 10Y*
- 12.12%
- ALL TIME*
- 0.48%
HBM.TO vs. ^TNX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HBM.TO Hudbay Minerals Inc. | 7.70% | 134.08% | 60.29% | 6.88% | -25.13% | 3.05% | 66.44% | -16.44% | -41.80% | 45.20% |
^TNX Cboe 10-Year Treasury Note Yield Index | 13.07% | -13.12% | 28.30% | -2.71% | 172.80% | 64.80% | -53.35% | -31.50% | 21.07% | -8.33% |
Correlation
The correlation between HBM.TO and ^TNX is -0.21, 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 | -0.21 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.07 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.03 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.09 |
Correlation (All Time) Calculated using the full available price history since Aug 17, 2006 | 0.13 |
The correlation between HBM.TO and ^TNX shifts across timeframes, from -0.21 (1 year) to 0.13 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
HBM.TO vs. ^TNX — Risk / Return Rank
HBM.TO
^TNX
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 Cboe 10-Year Treasury Note Yield Index (^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.
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.
| HBM.TO | ^TNX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.61 | ||
| Sortino ratioReturn per unit of downside risk | +1.72 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.07 | +0.24 |
| Calmar ratioReturn relative to maximum drawdown | 3.33 | 0.56 | +2.77 |
| Martin ratioReturn relative to average drawdown | 8.90 | 1.23 | +7.67 |
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Drawdowns
HBM.TO vs. ^TNX - Drawdown Comparison
The maximum HBM.TO drawdown since its inception was -92.61%, roughly equal to the maximum ^TNX drawdown of -89.94%. Use the drawdown chart below to compare losses from any high point for HBM.TO and ^TNX.
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Drawdown Indicators
| HBM.TO | ^TNX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.61% | -89.94% | -2.67% |
Max Drawdown (1Y)Largest decline over 1 year | -35.94% | -10.53% | -25.41% |
Max Drawdown (3Y)Largest decline over 3 years | -38.61% | -28.13% | -10.48% |
Max Drawdown (5Y)Largest decline over 5 years | -62.23% | -28.13% | -34.10% |
Max Drawdown (10Y)Largest decline over 10 years | -84.01% | -83.97% | -0.04% |
Current DrawdownCurrent decline from peak | -33.43% | -6.90% | -26.53% |
Average DrawdownAverage peak-to-trough decline | -60.61% | -44.63% | -15.98% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 13.41% | 5.15% | +8.26% |
Volatility
HBM.TO vs. ^TNX - Volatility Comparison
Hudbay Minerals Inc. (HBM.TO) has a higher volatility of 20.30% compared to Cboe 10-Year Treasury Note Yield Index (^TNX) at 4.38%. 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.
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Volatility by Period
| HBM.TO | ^TNX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 20.30% | 4.38% | +15.92% |
Volatility (6M)Calculated over the trailing 6-month period | 49.99% | 11.80% | +38.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 60.07% | 15.46% | +44.61% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.41% | 32.06% | +20.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.53% | 48.34% | +7.19% |
Frequently Asked Questions
HBM.TO and ^TNX have a correlation of -0.21, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for HBM.TO and ^TNX
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