HBM.TO vs. ZLB.TO

Last updated Jun 5, 2026

HBM.TO (Hudbay Minerals Inc.) is a stock, while ZLB.TO (BMO Low Volatility Canadian Equity ETF) is Canada Equities fund actively managed by BMO. Over the past 10 years, HBM.TO returned 22.26%/yr vs 10.79%/yr for ZLB.TO. At a 0.26 correlation, their price movements are largely independent.

Performance

HBM.TO vs. ZLB.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Hudbay Minerals Inc. (HBM.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBM.TO achieves a 53.85% return, which is significantly higher than ZLB.TO's 4.04% return. Over the past 10 years, HBM.TO has outperformed ZLB.TO with an annualized return of 22.26%, while ZLB.TO has yielded a comparatively lower 10.79% annualized return.

HBM.TO

• 1D: -0.59%
• 1M: 37.55%
• YTD: 53.85%
• 6M: 73.17%
• 1Y: 227.22%
• 3Y*: 88.82%
• 5Y*: 35.63%
• 10Y*: 22.26%

ZLB.TO

• 1D: 0.87%
• 1M: 1.80%
• YTD: 4.04%
• 6M: 4.91%
• 1Y: 16.44%
• 3Y*: 15.72%
• 5Y*: 11.81%
• 10Y*: 10.79%

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

HBM.TO vs. ZLB.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBM.TO Hudbay Minerals Inc.	53.85%	134.08%	60.29%	6.88%	-25.13%	3.05%	66.44%	-16.44%	-41.80%	45.20%
ZLB.TO BMO Low Volatility Canadian Equity ETF	4.04%	25.29%	15.31%	9.41%	-0.35%	22.93%	1.51%	21.92%	-2.76%	11.07%

Correlation

The correlation between HBM.TO and ZLB.TO is 0.27, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.27
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (10Y) Calculated over the trailing 10-year period	0.25
Correlation (All Time) Calculated using the full available price history since Oct 28, 2011	0.26

Return for Risk

HBM.TO vs. ZLB.TO — 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: 95
HBM.TO Sharpe Ratio Rank: 98
HBM.TO Sortino Ratio Rank: 94
HBM.TO Omega Ratio Rank: 94
HBM.TO Calmar Ratio Rank: 94
HBM.TO Martin Ratio Rank: 96

ZLB.TO

ZLB.TO Risk / Return Rank: 62
ZLB.TO Sharpe Ratio Rank: 60
ZLB.TO Sortino Ratio Rank: 65
ZLB.TO Omega Ratio Rank: 60
ZLB.TO Calmar Ratio Rank: 63
ZLB.TO Martin Ratio Rank: 64

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. ZLB.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM.TO) and BMO Low Volatility Canadian Equity ETF (ZLB.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	ZLB.TO	Difference
Sharpe ratio: Return per unit of total volatility	4.21	1.99	+2.22
Sortino ratio: Return per unit of downside risk	3.95	2.97	+0.98
Omega ratio: Gain probability vs. loss probability	1.52	1.36	+0.16
Calmar ratio: Return relative to maximum drawdown	6.36	3.08	+3.28
Martin ratio: Return relative to average drawdown	21.20	11.43	+9.77
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. ZLB.TO - Sharpe Ratio Comparison

The current HBM.TO Sharpe Ratio is 4.21, which is higher than the ZLB.TO Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HBM.TO and ZLB.TO, 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	ZLB.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.21	1.99	+2.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	1.26	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.89	-0.49
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	1.15	-1.14

Drawdowns

HBM.TO vs. ZLB.TO - Drawdown Comparison

The maximum HBM.TO drawdown since its inception was -92.86%, which is greater than ZLB.TO's maximum drawdown of -33.96%. Use the drawdown chart below to compare losses from any high point for HBM.TO and ZLB.TO.

Drawdown Indicators

	HBM.TO	ZLB.TO	Difference
Max Drawdown Largest peak-to-trough decline	-92.86%	-33.96%	-58.90%
Max Drawdown (1Y) Largest decline over 1 year	-35.94%	-5.36%	-30.58%
Max Drawdown (3Y) Largest decline over 3 years	-38.61%	-8.01%	-30.60%
Max Drawdown (5Y) Largest decline over 5 years	-62.23%	-13.00%	-49.23%
Max Drawdown (10Y) Largest decline over 10 years	-84.01%	-33.96%	-50.05%
Current Drawdown Current decline from peak	-4.90%	-0.84%	-4.06%
Average Drawdown Average peak-to-trough decline	-61.91%	-2.46%	-59.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.77%	1.44%	+9.33%

Volatility

HBM.TO vs. ZLB.TO - Volatility Comparison

Hudbay Minerals Inc. (HBM.TO) has a higher volatility of 19.43% compared to BMO Low Volatility Canadian Equity ETF (ZLB.TO) at 2.57%. This indicates that HBM.TO's price experiences larger fluctuations and is considered to be riskier than ZLB.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBM.TO	ZLB.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.43%	2.57%	+16.86%
Volatility (6M) Calculated over the trailing 6-month period	42.60%	6.39%	+36.21%
Volatility (1Y) Calculated over the trailing 1-year period	54.34%	8.31%	+46.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.64%	9.44%	+42.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.44%	12.15%	+43.29%

Dividends

HBM.TO vs. ZLB.TO - Dividend Comparison

HBM.TO's dividend yield for the trailing twelve months is around 0.05%, less than ZLB.TO's 1.87% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ZLB.TO BMO Low Volatility Canadian Equity ETF	1.87%	1.93%	2.37%	2.67%	2.66%	2.39%	2.83%	2.44%	2.76%	2.52%	2.94%	2.34%

Frequently Asked Questions

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

HBM.TO and ZLB.TO have a correlation of 0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.