HBM vs. NGEX.TO

Last updated Jun 13, 2026

HBM (Hudbay Minerals Inc.) and NGEX.TO (NGEx Minerals Ltd) are both stocks. Both are in the Basic Materials sector — HBM in Copper, NGEX.TO in Other Industrial Metals & Mining. Over the past 5 years, HBM returned 31.42%/yr vs 100.50%/yr for NGEX.TO. At a 0.28 correlation, their price movements are largely independent.

Performance

HBM vs. NGEX.TO - Performance Comparison

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

Different Trading Currencies

HBM is traded in USD, while NGEX.TO is traded in CAD. To make them comparable, the NGEX.TO values have been converted to USD using the latest available exchange rates.

Returns By Period

In the year-to-date period, HBM achieves a 40.23% return, which is significantly higher than NGEX.TO's 1.77% return.

HBM

• 1D: 4.43%
• 1M: 0.32%
• YTD: 40.23%
• 6M: 49.02%
• 1Y: 189.83%
• 3Y*: 78.89%
• 5Y*: 31.42%
• 10Y*: 19.31%

NGEX.TO

• 1D: 6.56%
• 1M: -12.32%
• YTD: 1.77%
• 6M: 4.46%
• 1Y: 71.50%
• 3Y*: 56.05%
• 5Y*: 100.50%
• 10Y*: —

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

HBM vs. NGEX.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
HBM Hudbay Minerals Inc.	40.23%	145.46%	47.03%	9.24%	-29.87%	3.82%	69.50%	26.83%
NGEX.TO NGEx Minerals Ltd	1.77%	100.03%	72.67%	138.13%	56.57%	255.95%	38.35%	-40.47%

Correlation

The correlation between HBM and NGEX.TO is 0.61, 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	0.61
Correlation (3Y) Calculated over the trailing 3-year period	0.45
Correlation (5Y) Calculated over the trailing 5-year period	0.36
Correlation (All Time) Calculated using the full available price history since Aug 20, 2019	0.28

Over the past year, HBM and NGEX.TO have become more correlated (0.61) than their long-term average of 0.28, meaning their price movements have been converging.

Fundamentals

Market Cap HBM : $11.09B NGEX.TO : CA$5.77B
EPS HBM : $1.65 NGEX.TO : -CA$0.63
PB Ratio HBM : 3.13 NGEX.TO : 9.07
Total Revenue (TTM) HBM : $2.37B NGEX.TO : CA$0.00
Gross Profit (TTM) HBM : $828.54M NGEX.TO : -CA$36.44K
EBITDA (TTM) HBM : $1.54B NGEX.TO : -CA$134.74M

Return for Risk

HBM vs. NGEX.TO — Risk / Return Rank

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

HBM

HBM Risk / Return Rank: 93
HBM Sharpe Ratio Rank: 96
HBM Sortino Ratio Rank: 92
HBM Omega Ratio Rank: 91
HBM Calmar Ratio Rank: 93
HBM Martin Ratio Rank: 94

NGEX.TO

NGEX.TO Risk / Return Rank: 77
NGEX.TO Sharpe Ratio Rank: 80
NGEX.TO Sortino Ratio Rank: 72
NGEX.TO Omega Ratio Rank: 74
NGEX.TO Calmar Ratio Rank: 80
NGEX.TO Martin Ratio Rank: 80

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. NGEX.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM) and NGEx Minerals Ltd (NGEX.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.

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	NGEX.TO	Difference
Sharpe ratio: Return per unit of total volatility	3.23	1.23	+2.00
Sortino ratio: Return per unit of downside risk	3.26	1.70	+1.56
Omega ratio: Gain probability vs. loss probability	1.44	1.23	+0.20
Calmar ratio: Return relative to maximum drawdown	5.28	2.33	+2.95
Martin ratio: Return relative to average drawdown	16.41	5.79	+10.62

HBM vs. NGEX.TO - Sharpe Ratio Comparison

The current HBM Sharpe Ratio is 3.23, which is higher than the NGEX.TO Sharpe Ratio of 1.23. The chart below compares the historical Sharpe Ratios of HBM and NGEX.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.

Drawdowns

HBM vs. NGEX.TO - Drawdown Comparison

The maximum HBM drawdown since its inception was -92.21%, which is greater than NGEX.TO's maximum drawdown of -68.12%. Use the drawdown chart below to compare losses from any high point for HBM and NGEX.TO.

Drawdown Indicators

	HBM	NGEX.TO	Difference
Max Drawdown Largest peak-to-trough decline	-92.21%	-68.12%	-24.09%
Max Drawdown (1Y) Largest decline over 1 year	-36.16%	-30.80%	-5.36%
Max Drawdown (3Y) Largest decline over 3 years	-41.11%	-30.80%	-10.31%
Max Drawdown (5Y) Largest decline over 5 years	-63.33%	-68.12%	+4.79%
Max Drawdown (10Y) Largest decline over 10 years	-86.34%	—	—
Current Drawdown Current decline from peak	-12.68%	-18.14%	+5.46%
Average Drawdown Average peak-to-trough decline	-52.45%	-19.44%	-33.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.62%	12.38%	-0.76%

Volatility

HBM vs. NGEX.TO - Volatility Comparison

Hudbay Minerals Inc. (HBM) and NGEx Minerals Ltd (NGEX.TO) have volatilities of 25.87% and 26.50%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBM	NGEX.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.87%	26.50%	-0.63%
Volatility (6M) Calculated over the trailing 6-month period	47.72%	46.12%	+1.60%
Volatility (1Y) Calculated over the trailing 1-year period	59.13%	58.60%	+0.53%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.51%	63.39%	-7.88%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.82%	72.51%	-13.69%

Dividends

HBM vs. NGEX.TO - Dividend Comparison

HBM's dividend yield for the trailing twelve months is around 0.08%, while NGEX.TO has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBM Hudbay Minerals Inc.	0.08%	0.07%	0.17%	0.31%	0.32%	0.22%	0.21%	0.36%	0.38%	0.23%	0.35%	0.52%
NGEX.TO NGEx Minerals Ltd	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

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

HBM and NGEX.TO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.