HBM.TO vs. EQX.TO
HBM.TO (Hudbay Minerals Inc.) and EQX.TO (Equinox Gold Corp.) are both stocks. Both are in the Basic Materials sector — HBM.TO in Copper, EQX.TO in Gold. Over the past 10 years, HBM.TO returned 19.60%/yr vs 7.28%/yr for EQX.TO. At a 0.27 correlation, their price movements are largely independent.
Performance
HBM.TO vs. EQX.TO - Performance Comparison
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Returns By Period
In the year-to-date period, HBM.TO achieves a 33.51% return, which is significantly higher than EQX.TO's -21.50% return. Over the past 10 years, HBM.TO has outperformed EQX.TO with an annualized return of 19.60%, while EQX.TO has yielded a comparatively lower 7.28% annualized return.
HBM.TO
- 1D
- 1.82%
- 1M
- 6.13%
- YTD
- 33.51%
- 6M
- 51.09%
- 1Y
- 176.00%
- 3Y*
- 79.91%
- 5Y*
- 34.03%
- 10Y*
- 19.60%
EQX.TO
- 1D
- 0.33%
- 1M
- -22.58%
- YTD
- -21.50%
- 6M
- -18.72%
- 1Y
- 59.40%
- 3Y*
- 33.39%
- 5Y*
- 7.45%
- 10Y*
- 7.28%
HBM.TO vs. EQX.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HBM.TO Hudbay Minerals Inc. | 33.51% | 134.08% | 60.29% | 6.88% | -25.13% | 3.05% | 66.44% | -16.44% | -41.80% | 45.20% |
EQX.TO Equinox Gold Corp. | -21.50% | 166.44% | 12.42% | 45.37% | -48.25% | -35.00% | 31.83% | 95.88% | -8.93% | -38.46% |
Correlation
The correlation between HBM.TO and EQX.TO is 0.55, 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 | 0.55 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.46 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jul 2, 2014 | 0.27 |
Over the past year, HBM.TO and EQX.TO have become more correlated (0.55) than their long-term average of 0.27, meaning their price movements have been converging.
Fundamentals
HBM.TO:
CA$14.50B
EQX.TO:
CA$12.48B
HBM.TO:
CA$1.65
EQX.TO:
CA$0.94
HBM.TO:
22.01
EQX.TO:
16.01
HBM.TO:
0.15
EQX.TO:
0.03
HBM.TO:
6.13
EQX.TO:
3.49
HBM.TO:
4.10
EQX.TO:
2.04
HBM.TO:
CA$2.36B
EQX.TO:
CA$2.84B
HBM.TO:
CA$851.84M
EQX.TO:
CA$1.21B
HBM.TO:
CA$1.50B
EQX.TO:
CA$1.38B
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Return for Risk
HBM.TO vs. EQX.TO — Risk / Return Rank
HBM.TO
EQX.TO
HBM.TO vs. EQX.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM.TO) and Equinox Gold Corp. (EQX.TO). 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 | EQX.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.12 | ||
| Sortino ratioReturn per unit of downside risk | +1.59 | ||
| Omega ratioGain probability vs. loss probability | 1.44 | 1.21 | +0.23 |
| Calmar ratioReturn relative to maximum drawdown | 4.93 | 1.45 | +3.47 |
| Martin ratioReturn relative to average drawdown | 16.23 | 3.95 | +12.28 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HBM.TO | EQX.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.14 | 1.01 | +2.12 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.66 | 0.13 | +0.52 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.36 | 0.13 | +0.23 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.09 | 0.03 | +0.06 |
Drawdowns
HBM.TO vs. EQX.TO - Drawdown Comparison
The maximum HBM.TO drawdown since its inception was -92.61%, which is greater than EQX.TO's maximum drawdown of -81.51%. Use the drawdown chart below to compare losses from any high point for HBM.TO and EQX.TO.
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Drawdown Indicators
| HBM.TO | EQX.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -92.61% | -81.51% | -11.10% |
Max Drawdown (1Y)Largest decline over 1 year | -35.94% | -41.09% | +5.15% |
Max Drawdown (3Y)Largest decline over 3 years | -38.61% | -41.09% | +2.48% |
Max Drawdown (5Y)Largest decline over 5 years | -62.23% | -69.34% | +7.11% |
Max Drawdown (10Y)Largest decline over 10 years | -84.01% | -80.51% | -3.50% |
Current DrawdownCurrent decline from peak | -17.47% | -40.89% | +23.42% |
Average DrawdownAverage peak-to-trough decline | -60.52% | -52.60% | -7.92% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.89% | 15.10% | -4.21% |
Volatility
HBM.TO vs. EQX.TO - Volatility Comparison
Hudbay Minerals Inc. (HBM.TO) has a higher volatility of 25.25% compared to Equinox Gold Corp. (EQX.TO) at 20.71%. This indicates that HBM.TO's price experiences larger fluctuations and is considered to be riskier than EQX.TO 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 | EQX.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 25.25% | 20.71% | +4.54% |
Volatility (6M)Calculated over the trailing 6-month period | 45.39% | 46.78% | -1.39% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.56% | 58.98% | -2.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.00% | 55.90% | -3.90% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 55.53% | 56.44% | -0.91% |
Dividends
HBM.TO vs. EQX.TO - Dividend Comparison
HBM.TO's dividend yield for the trailing twelve months is around 0.05%, less than EQX.TO's 0.27% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
EQX.TO Equinox Gold Corp. | 0.27% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HBM.TO Hudbay Minerals Inc. | 0.05% | 0.07% | 0.17% | 0.27% | 0.29% | 0.22% | 0.22% | 0.37% | 0.31% | 0.18% | 0.26% | 0.38% |
Financials
HBM.TO vs. EQX.TO - Financials Comparison
This section allows you to compare key financial metrics between Hudbay Minerals Inc. and Equinox Gold Corp.. 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
HBM.TO vs. EQX.TO - Profitability Comparison
HBM.TO - 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 339.94M and revenue of 743.51M. Therefore, the gross margin over that period was 45.7%.
EQX.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported a gross profit of 438.50M and revenue of 861.59M. Therefore, the gross margin over that period was 50.9%.
HBM.TO - 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 296.85M and revenue of 743.51M, resulting in an operating margin of 39.9%.
EQX.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported an operating income of 390.23M and revenue of 861.59M, resulting in an operating margin of 45.3%.
HBM.TO - 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 187.28M and revenue of 743.51M, resulting in a net margin of 25.2%.
EQX.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Equinox Gold Corp. reported a net income of 310.11M and revenue of 861.59M, resulting in a net margin of 36.0%.
Frequently Asked Questions
HBM.TO and EQX.TO have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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