HBM vs. USAR

Last updated Jun 3, 2026

HBM (Hudbay Minerals Inc.) and USAR (USA Rare Earth, Inc) are both stocks. Both are in the Basic Materials sector — HBM in Copper, USAR in Other Industrial Metals & Mining. Over the past year, HBM returned 248.63% vs 225.21% for USAR. At a 0.11 correlation, their price movements are largely independent.

Performance

HBM vs. USAR - Performance Comparison

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

Returns By Period

In the year-to-date period, HBM achieves a 60.60% return, which is significantly lower than USAR's 157.98% return.

HBM

• 1D: 4.18%
• 1M: 39.78%
• YTD: 60.60%
• 6M: 93.92%
• 1Y: 248.63%
• 3Y*: 88.72%
• 5Y*: 34.22%
• 10Y*: 22.90%

USAR

• 1D: 4.32%
• 1M: 16.60%
• YTD: 157.98%
• 6M: 125.07%
• 1Y: 225.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HBM vs. USAR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
HBM Hudbay Minerals Inc.	60.60%	145.46%	47.03%	6.78%
USAR USA Rare Earth, Inc	157.98%	3.66%	11.13%	2.58%

Correlation

The correlation between HBM and USAR is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (All Time) Calculated using the full available price history since Jul 18, 2023	0.11

The correlation between HBM and USAR shifts across timeframes, from 0.11 (all time) to 0.29 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS HBM : $1.65 USAR : -$4.85
PS Ratio HBM : 5.36 USAR : 8.24
Total Revenue (TTM) HBM : $2.37B USAR : $319.83M
Gross Profit (TTM) HBM : $828.54M USAR : $253.66M
EBITDA (TTM) HBM : $1.54B USAR : -$324.99M

Return for Risk

HBM vs. USAR — Risk / Return Rank

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

HBM

HBM Risk / Return Rank: 95
HBM Sharpe Ratio Rank: 98
HBM Sortino Ratio Rank: 95
HBM Omega Ratio Rank: 94
HBM Calmar Ratio Rank: 95
HBM Martin Ratio Rank: 96

USAR

USAR Risk / Return Rank: 82
USAR Sharpe Ratio Rank: 85
USAR Sortino Ratio Rank: 85
USAR Omega Ratio Rank: 78
USAR Calmar Ratio Rank: 85
USAR Martin Ratio Rank: 77

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. USAR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hudbay Minerals Inc. (HBM) and USA Rare Earth, Inc (USAR). 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	USAR	Difference
Sharpe ratio Return per unit of total volatility	4.46	1.85	+2.61
Sortino ratio Return per unit of downside risk	4.07	2.71	+1.36
Omega ratio Gain probability vs. loss probability	1.54	1.29	+0.24
Calmar ratio Return relative to maximum drawdown	7.12	3.51	+3.61
Martin ratio Return relative to average drawdown	22.87	5.84	+17.03
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. USAR - Sharpe Ratio Comparison

The current HBM Sharpe Ratio is 4.46, which is higher than the USAR Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of HBM and USAR, 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	USAR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.46	1.85	+2.61
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.63	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.46	-0.23

Drawdowns

HBM vs. USAR - Drawdown Comparison

The maximum HBM drawdown since its inception was -92.21%, which is greater than USAR's maximum drawdown of -69.23%. Use the drawdown chart below to compare losses from any high point for HBM and USAR.

Drawdown Indicators

	HBM	USAR	Difference
Max Drawdown Largest peak-to-trough decline	-92.21%	-69.23%	-22.98%
Max Drawdown (1Y) Largest decline over 1 year	-36.16%	-69.23%	+33.07%
Max Drawdown (3Y) Largest decline over 3 years	-41.11%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-63.33%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-86.34%	—	—
Current Drawdown Current decline from peak	0.00%	-20.63%	+20.63%
Average Drawdown Average peak-to-trough decline	-52.53%	-18.59%	-33.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.26%	41.59%	-30.33%

Volatility

HBM vs. USAR - Volatility Comparison

The current volatility for Hudbay Minerals Inc. (HBM) is 19.28%, while USA Rare Earth, Inc (USAR) has a volatility of 28.53%. This indicates that HBM experiences smaller price fluctuations and is considered to be less risky than USAR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBM	USAR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.28%	28.53%	-9.25%
Volatility (6M) Calculated over the trailing 6-month period	43.97%	80.77%	-36.80%
Volatility (1Y) Calculated over the trailing 1-year period	56.19%	122.69%	-66.50%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.01%	104.35%	-49.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.72%	104.35%	-45.63%

Dividends

HBM vs. USAR - Dividend Comparison

HBM's dividend yield for the trailing twelve months is around 0.04%, while USAR has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBM Hudbay Minerals Inc.	0.04%	0.07%	0.17%	0.31%	0.32%	0.22%	0.21%	0.36%	0.38%	0.23%	0.35%	0.52%
USAR USA Rare Earth, Inc	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 USAR in my portfolio?

HBM and USAR have a correlation of 0.29, 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 USAR?

USAR has higher volatility (28.53%) compared to HBM (19.28%). In terms of maximum drawdown, HBM dropped -92.21% vs USAR's -69.23%.

Which has better risk-adjusted returns?

HBM currently has the higher Sharpe Ratio (4.46 vs 1.85), 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.