HBM vs. HL

Last updated Jun 5, 2026

HBM (Hudbay Minerals Inc.) and HL (Hecla Mining Company) are both stocks. Both are in the Basic Materials sector — HBM in Copper, HL in Gold. Over the past 10 years, HBM returned 21.26%/yr vs 14.68%/yr for HL. At a 0.46 correlation, their price movements are largely independent.

Performance

HBM vs. HL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hudbay Minerals Inc. (HBM) and Hecla Mining Company (HL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBM achieves a 51.79% return, which is significantly higher than HL's -12.26% return. Over the past 10 years, HBM has outperformed HL with an annualized return of 21.26%, while HL has yielded a comparatively lower 14.68% annualized return.

HBM

• 1D: -0.69%
• 1M: 34.77%
• YTD: 51.79%
• 6M: 73.76%
• 1Y: 221.75%
• 3Y*: 86.65%
• 5Y*: 31.83%
• 10Y*: 21.26%

HL

• 1D: 0.96%
• 1M: -1.27%
• YTD: -12.26%
• 6M: 0.10%
• 1Y: 175.77%
• 3Y*: 47.02%
• 5Y*: 14.08%
• 10Y*: 14.68%

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

HBM vs. HL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBM Hudbay Minerals Inc.	51.79%	145.46%	47.03%	9.24%	-29.87%	3.82%	69.50%	-11.77%	-46.20%	54.77%
HL Hecla Mining Company	-12.26%	291.70%	2.82%	-12.93%	6.99%	-18.97%	91.83%	44.43%	-40.37%	-24.08%

Correlation

The correlation between HBM and HL is 0.60, 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	0.60
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 17, 2009	0.46

The correlation between HBM and HL shifts across timeframes, from 0.46 (all time) to 0.60 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap HBM : $12.01B HL : $11.36B
EPS HBM : $1.65 HL : $0.84
PE Ratio HBM : 18.22 HL : 20.02
PEG Ratio HBM : 0.12 HL : 0.08
PS Ratio HBM : 5.07 HL : 7.12
PB Ratio HBM : 3.39 HL : 4.42
Total Revenue (TTM) HBM : $2.37B HL : $1.57B
Gross Profit (TTM) HBM : $828.54M HL : $788.95M
EBITDA (TTM) HBM : $1.54B HL : $864.40M

Return for Risk

HBM vs. HL — Risk / Return Rank

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

HBM

HBM Risk / Return Rank: 94
HBM Sharpe Ratio Rank: 97
HBM Sortino Ratio Rank: 94
HBM Omega Ratio Rank: 93
HBM Calmar Ratio Rank: 94
HBM Martin Ratio Rank: 95

HL

HL Risk / Return Rank: 86
HL Sharpe Ratio Rank: 92
HL Sortino Ratio Rank: 87
HL Omega Ratio Rank: 84
HL Calmar Ratio Rank: 86
HL Martin Ratio Rank: 83

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. HL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM) and Hecla Mining Company (HL). 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	HL	Difference
Sharpe ratio: Return per unit of total volatility	3.96	2.48	+1.48
Sortino ratio: Return per unit of downside risk	3.80	2.86	+0.94
Omega ratio: Gain probability vs. loss probability	1.50	1.35	+0.14
Calmar ratio: Return relative to maximum drawdown	6.17	3.64	+2.53
Martin ratio: Return relative to average drawdown	19.77	7.55	+12.21
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. HL - Sharpe Ratio Comparison

The current HBM Sharpe Ratio is 3.96, which is higher than the HL Sharpe Ratio of 2.48. The chart below compares the historical Sharpe Ratios of HBM and HL, 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	HL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.96	2.48	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.58	0.24	+0.34
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.36	0.24	+0.13
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.01	+0.21

Drawdowns

HBM vs. HL - Drawdown Comparison

The maximum HBM drawdown since its inception was -92.21%, smaller than the maximum HL drawdown of -97.92%. Use the drawdown chart below to compare losses from any high point for HBM and HL.

Drawdown Indicators

	HBM	HL	Difference
Max Drawdown Largest peak-to-trough decline	-92.21%	-97.92%	+5.71%
Max Drawdown (1Y) Largest decline over 1 year	-36.16%	-48.56%	+12.40%
Max Drawdown (3Y) Largest decline over 3 years	-41.11%	-48.56%	+7.45%
Max Drawdown (5Y) Largest decline over 5 years	-63.33%	-63.18%	-0.15%
Max Drawdown (10Y) Largest decline over 10 years	-86.34%	-82.45%	-3.89%
Current Drawdown Current decline from peak	-5.49%	-47.07%	+41.58%
Average Drawdown Average peak-to-trough decline	-52.51%	-69.95%	+17.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.27%	23.37%	-12.10%

Volatility

HBM vs. HL - Volatility Comparison

The current volatility for Hudbay Minerals Inc. (HBM) is 19.49%, while Hecla Mining Company (HL) has a volatility of 22.25%. This indicates that HBM experiences smaller price fluctuations and is considered to be less risky than HL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBM	HL	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.49%	22.25%	-2.76%
Volatility (6M) Calculated over the trailing 6-month period	44.20%	53.79%	-9.59%
Volatility (1Y) Calculated over the trailing 1-year period	56.40%	71.54%	-15.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.03%	59.06%	-4.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.72%	62.64%	-3.92%

Dividends

HBM vs. HL - Dividend Comparison

HBM's dividend yield for the trailing twelve months is around 0.05%, less than HL's 0.09% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
HL Hecla Mining Company	0.09%	0.08%	0.81%	0.65%	0.40%	0.72%	0.25%	0.29%	0.42%	0.25%	0.19%	0.53%

Financials

HBM vs. HL - Profitability Comparison

The chart below illustrates the profitability comparison between Hudbay Minerals Inc. and Hecla Mining Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HBM - 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 340.81M and revenue of 745.43M. Therefore, the gross margin over that period was 45.7%.

HL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hecla Mining Company reported a gross profit of 253.26M and revenue of 411.43M. Therefore, the gross margin over that period was 61.6%.

HBM - 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 297.62M and revenue of 745.43M, resulting in an operating margin of 39.9%.

HL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hecla Mining Company reported an operating income of 223.11M and revenue of 411.43M, resulting in an operating margin of 54.2%.

HBM - 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 187.76M and revenue of 745.43M, resulting in a net margin of 25.2%.

HL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hecla Mining Company reported a net income of 266.45M and revenue of 411.43M, resulting in a net margin of 64.8%.

Frequently Asked Questions

Can I hold both HBM and HL in my portfolio?

HBM and HL have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBM or HL?

HL has higher volatility (22.25%) compared to HBM (19.49%). In terms of maximum drawdown, HBM dropped -92.21% vs HL's -97.92%.

Which has better risk-adjusted returns?

HBM currently has the higher Sharpe Ratio (3.96 vs 2.48), 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.