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HBM vs. EWZ
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HBM vs. EWZ

Last updated Jun 9, 2026

HBM (Hudbay Minerals Inc.) is a stock, while EWZ (iShares MSCI Brazil ETF) is Latin America Equities fund tracking the MSCI Brazil 25/50 Index. Over the past 10 years, HBM returned 18.60%/yr vs 7.53%/yr for EWZ. At a 0.46 correlation, their price movements are largely independent.

Performance

HBM vs. EWZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hudbay Minerals Inc. (HBM) and iShares MSCI Brazil ETF (EWZ). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HBM achieves a 31.58% return, which is significantly higher than EWZ's 6.04% return. Over the past 10 years, HBM has outperformed EWZ with an annualized return of 18.60%, while EWZ has yielded a comparatively lower 7.53% annualized return.

HBM

1D
1.75%
1M
4.36%
YTD
31.58%
6M
50.45%
1Y
171.66%
3Y*
77.46%
5Y*
30.42%
10Y*
18.60%

EWZ

1D
-0.94%
1M
-13.88%
YTD
6.04%
6M
6.47%
1Y
28.14%
3Y*
7.95%
5Y*
3.87%
10Y*
7.53%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HBM vs. EWZ - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
HBM
Hudbay Minerals Inc.		31.58%145.46%47.03%9.24%-29.87%3.82%69.50%-11.77%-46.20%54.77%
EWZ
iShares MSCI Brazil ETF		6.04%48.81%-30.41%32.62%12.09%-17.32%-20.35%27.67%-2.52%23.62%

Correlation

The correlation between HBM and EWZ is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.40

Correlation (3Y)
Calculated over the trailing 3-year period

0.43

Correlation (5Y)
Calculated over the trailing 5-year period

0.45

Correlation (10Y)
Calculated over the trailing 10-year period

0.42

Correlation (All Time)
Calculated using the full available price history since Feb 13, 2009

0.46

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Hudbay Minerals Inc.

iShares MSCI Brazil ETF

Often compared with HBM:
HBM vs. SCCOHBM vs. FCXHBM vs. AEM.TOHBM vs. LYSDYHBM vs. USARHBM vs. ^TNXHBM vs. TLT
Often compared with EWZ:
EWZ vs. EWZSEWZ vs. SPYEWZ vs. FLBREWZ vs. ILFEWZ vs. EWWEWZ vs. IBZL.LEWZ vs. ARGT

Return for Risk

HBM vs. EWZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HBM
HBM Risk / Return Rank: 9292
Overall Rank
HBM Sharpe Ratio Rank: 9595
Sharpe Ratio Rank
HBM Sortino Ratio Rank: 9090
Sortino Ratio Rank
HBM Omega Ratio Rank: 9090
Omega Ratio Rank
HBM Calmar Ratio Rank: 9191
Calmar Ratio Rank
HBM Martin Ratio Rank: 9393
Martin Ratio Rank
EWZ
EWZ Risk / Return Rank: 3434
Overall Rank
EWZ Sharpe Ratio Rank: 3434
Sharpe Ratio Rank
EWZ Sortino Ratio Rank: 3333
Sortino Ratio Rank
EWZ Omega Ratio Rank: 3333
Omega Ratio Rank
EWZ Calmar Ratio Rank: 3333
Calmar Ratio Rank
EWZ Martin Ratio Rank: 3535
Martin Ratio Rank
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 vs. EWZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM) and iShares MSCI Brazil ETF (EWZ). 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.

HBMEWZDifference
Sharpe ratioReturn per unit of total volatility
2.96
1.13

+1.83

Sortino ratioReturn per unit of downside risk
3.09
1.61

+1.48

Omega ratioGain probability vs. loss probability

1.41

1.20

+0.21

Calmar ratioReturn relative to maximum drawdown

4.78

1.47

+3.31

Martin ratioReturn relative to average drawdown

15.13

4.96

+10.17

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 vs. EWZ - Sharpe Ratio Comparison

The current HBM Sharpe Ratio is 2.96, which is higher than the EWZ Sharpe Ratio of 1.13. The chart below compares the historical Sharpe Ratios of HBM and EWZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HBMEWZDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

2.96

1.13

+1.83

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.55

0.14

+0.41

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.32

0.22

+0.10

Sharpe Ratio (All Time)

Calculated using the full available price history

0.20

0.16

+0.04

Drawdowns

HBM vs. EWZ - Drawdown Comparison

The maximum HBM drawdown since its inception was -92.21%, which is greater than EWZ's maximum drawdown of -77.25%. Use the drawdown chart below to compare losses from any high point for HBM and EWZ.

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Drawdown Indicators

HBMEWZDifference

Max Drawdown

Largest peak-to-trough decline

-92.21%

-77.25%

-14.96%

Max Drawdown (1Y)

Largest decline over 1 year

-36.16%

-19.27%

-16.89%

Max Drawdown (3Y)

Largest decline over 3 years

-41.11%

-31.36%

-9.75%

Max Drawdown (5Y)

Largest decline over 5 years

-63.33%

-32.24%

-31.09%

Max Drawdown (10Y)

Largest decline over 10 years

-86.34%

-56.99%

-29.35%

Current Drawdown

Current decline from peak

-18.07%

-26.15%

+8.08%

Average Drawdown

Average peak-to-trough decline

-52.50%

-35.95%

-16.55%

Ulcer Index

Depth and duration of drawdowns from previous peaks

11.40%

5.68%

+5.72%

Volatility

HBM vs. EWZ - Volatility Comparison

Hudbay Minerals Inc. (HBM) has a higher volatility of 25.29% compared to iShares MSCI Brazil ETF (EWZ) at 7.32%. This indicates that HBM's price experiences larger fluctuations and is considered to be riskier than EWZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HBMEWZDifference

Volatility (1M)

Calculated over the trailing 1-month period

25.29%

7.32%

+17.97%

Volatility (6M)

Calculated over the trailing 6-month period

46.90%

20.79%

+26.11%

Volatility (1Y)

Calculated over the trailing 1-year period

58.55%

25.12%

+33.43%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

55.36%

27.68%

+27.68%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

58.79%

34.07%

+24.72%

Dividends

HBM vs. EWZ - Dividend Comparison

HBM's dividend yield for the trailing twelve months is around 0.05%, less than EWZ's 4.89% yield.

PositionTTM20252024202320222021202020192018201720162015
EWZ
iShares MSCI Brazil ETF		4.89%5.19%8.91%5.66%12.59%9.87%1.71%2.54%2.89%1.71%1.81%4.08%
HBM
Hudbay Minerals Inc.		0.05%0.07%0.17%0.31%0.32%0.22%0.21%0.36%0.38%0.23%0.35%0.52%

Frequently Asked Questions

HBM and EWZ have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HBM has higher volatility (25.29%) compared to EWZ (7.32%). In terms of maximum drawdown, HBM dropped -92.21% vs EWZ's -77.25%.

HBM currently has the higher Sharpe Ratio (2.96 vs 1.13), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.

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