HBM vs. PSI

Last updated Aug 5, 2026

HBM (Hudbay Minerals Inc.) is a stock, while PSI (Invesco Semiconductors ETF) is Semiconductors fund tracking the Dynamic Semiconductors Intellidex Index. Over the past 10 years, HBM returned 18.99%/yr vs 31.27%/yr for PSI. Their 0.40 correlation means their historical movements had little consistent relationship.

Performance

HBM vs. PSI - Performance Comparison

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

Returns By Period

In the year-to-date period, HBM achieves a 24.86% return, which is significantly lower than PSI's 86.43% return. Over the past 10 years, HBM has underperformed PSI with an annualized return of 18.99%, while PSI has yielded a comparatively higher 31.27% annualized return.

HBM

• 1D: 5.85%
• 1M: 9.65%
• 6M: -5.62%
• YTD: 24.86%
• 1Y: 168.10%
• 3Y*: 64.49%
• 5Y*: 29.92%
• 10Y*: 18.99%
• ALL TIME*: 11.32%

PSI

• 1D: 5.69%
• 1M: -6.97%
• 6M: 56.60%
• YTD: 86.43%
• 1Y: 144.07%
• 3Y*: 47.53%
• 5Y*: 27.95%
• 10Y*: 31.27%
• ALL TIME*: 17.88%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HBM Hudbay Minerals Inc.	$116.62M	$108.59M	$138.98M
PSI Invesco Semiconductors ETF	$79.02M	$65.33M	$74.92M

HBM vs. PSI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBM Hudbay Minerals Inc.	24.86%	145.46%	47.03%	9.24%	-29.87%	3.82%	69.50%	-11.77%	-46.20%	54.77%
PSI Invesco Semiconductors ETF	86.43%	36.32%	17.17%	49.06%	-34.43%	46.55%	56.75%	52.49%	-11.55%	40.16%

Correlation

The correlation between HBM and PSI is 0.48, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.48
Correlation (3Y) Balances recent behavior with more history.	0.44
Correlation (5Y) Shows whether the relationship held over a longer period.	0.43
Correlation (10Y) Provides a long-term view across more market conditions.	0.40
Correlation (All Time) Calculated using the full available price history since Feb 13, 2009	0.40

Return for Risk

HBM vs. PSI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HBM

HBM Risk / Return Rank: 92
HBM Sharpe Ratio Rank: 96
HBM Sortino Ratio Rank: 90
HBM Omega Ratio Rank: 90
HBM Calmar Ratio Rank: 94
HBM Martin Ratio Rank: 92

PSI

PSI Risk / Return Rank: 89
PSI Sharpe Ratio Rank: 95
PSI Sortino Ratio Rank: 84
PSI Omega Ratio Rank: 86
PSI Calmar Ratio Rank: 90
PSI Martin Ratio Rank: 93

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HBM vs. PSI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM) and Invesco Semiconductors ETF (PSI). 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	PSI	Difference
Sharpe ratio: Return per unit of total volatility	2.70	2.89	-0.18
Sortino ratio: Return per unit of downside risk	2.87	3.03	-0.17
Omega ratio: Gain probability vs. loss probability	1.38	1.41	-0.03
Calmar ratio: Return relative to maximum drawdown	4.68	4.06	+0.62
Martin ratio: Return relative to average drawdown	11.15	17.89	-6.73

HBM vs. PSI - Sharpe Ratio Comparison

The current HBM Sharpe Ratio is 2.70, which is comparable to the PSI Sharpe Ratio of 2.89. The chart below compares the historical Sharpe Ratios of HBM and PSI, 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. PSI - Drawdown Comparison

The maximum HBM drawdown since its inception was -92.21%, which is greater than PSI's maximum drawdown of -62.96%. Use the drawdown chart below to compare losses from any high point for HBM and PSI.

Drawdown Indicators

	HBM	PSI	Difference
Max Drawdown Largest peak-to-trough decline	-92.21%	-62.96%	-29.25%
Max Drawdown (1Y) Largest decline over 1 year	-36.16%	-35.74%	-0.42%
Max Drawdown (3Y) Largest decline over 3 years	-41.11%	-41.07%	-0.04%
Max Drawdown (5Y) Largest decline over 5 years	-63.33%	-44.85%	-18.48%
Max Drawdown (10Y) Largest decline over 10 years	-86.34%	-44.85%	-41.49%
Current Drawdown Current decline from peak	-22.26%	-21.73%	-0.53%
Average Drawdown Average peak-to-trough decline	-52.25%	-15.92%	-36.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.14%	8.09%	+7.05%

Volatility

HBM vs. PSI - Volatility Comparison

The current volatility for Hudbay Minerals Inc. (HBM) is 20.54%, while Invesco Semiconductors ETF (PSI) has a volatility of 23.52%. This indicates that HBM experiences smaller price fluctuations and is considered to be less risky than PSI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBM	PSI	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.54%	23.52%	-2.98%
Volatility (6M) Calculated over the trailing 6-month period	50.38%	43.93%	+6.45%
Volatility (1Y) Calculated over the trailing 1-year period	62.63%	50.26%	+12.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.97%	40.69%	+15.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.94%	36.61%	+22.33%

Dividends

HBM vs. PSI - Dividend Comparison

HBM's dividend yield for the trailing twelve months is around 0.09%, more than PSI's 0.03% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBM Hudbay Minerals Inc.	0.09%	0.07%	0.17%	0.31%	0.32%	0.22%	0.21%	0.36%	0.38%	0.23%	0.35%	0.52%
PSI Invesco Semiconductors ETF	0.03%	0.10%	0.15%	0.40%	0.61%	0.14%	0.21%	0.52%	0.83%	0.21%	0.68%	0.16%

Frequently Asked Questions

Can I hold both HBM and PSI in my portfolio?

HBM and PSI have a correlation of 0.48, 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 PSI?

PSI has higher volatility (23.52%) compared to HBM (20.54%). In terms of maximum drawdown, HBM dropped -92.21% vs PSI's -62.96%.

Which has better risk-adjusted returns?

PSI currently has the higher Sharpe Ratio (2.89 vs 2.70), 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.