HL vs. HBM
HL (Hecla Mining Company) and HBM (Hudbay Minerals Inc.) are both stocks. Both are in the Basic Materials sector — HL in Gold, HBM in Copper. Over the past 10 years, HL returned 13.95%/yr vs 19.31%/yr for HBM. At a 0.46 correlation, their price movements are largely independent.
Performance
HL vs. HBM - Performance Comparison
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Returns By Period
In the year-to-date period, HL achieves a -20.29% return, which is significantly lower than HBM's 40.23% return. Over the past 10 years, HL has underperformed HBM with an annualized return of 13.95%, while HBM has yielded a comparatively higher 19.31% annualized return.
HL
- 1D
- 2.00%
- 1M
- -27.35%
- YTD
- -20.29%
- 6M
- -18.68%
- 1Y
- 155.56%
- 3Y*
- 42.93%
- 5Y*
- 11.61%
- 10Y*
- 13.95%
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%
HL vs. HBM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HL Hecla Mining Company | -20.29% | 291.70% | 2.82% | -12.93% | 6.99% | -18.97% | 91.83% | 44.43% | -40.37% | -24.08% |
HBM Hudbay Minerals Inc. | 40.23% | 145.46% | 47.03% | 9.24% | -29.87% | 3.82% | 69.50% | -11.77% | -46.20% | 54.77% |
Correlation
The correlation between HL and HBM is 0.62, 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 | 0.62 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.58 |
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 13, 2009 | 0.46 |
The correlation between HL and HBM shifts across timeframes, from 0.46 (all time) to 0.62 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
HL:
$10.32B
HBM:
$11.09B
HL:
$0.84
HBM:
$1.65
HL:
18.18
HBM:
16.83
HL:
0.08
HBM:
0.12
HL:
6.47
HBM:
4.68
HL:
4.02
HBM:
3.13
HL:
$1.57B
HBM:
$2.37B
HL:
$788.95M
HBM:
$828.54M
HL:
$864.40M
HBM:
$1.54B
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Return for Risk
HL vs. HBM — Risk / Return Rank
HL
HBM
HL vs. HBM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hecla Mining Company (HL) and Hudbay Minerals Inc. (HBM). 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.
| HL | HBM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.65 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.44 | -0.11 |
| Calmar ratioReturn relative to maximum drawdown | 2.80 | 5.28 | -2.48 |
| Martin ratioReturn relative to average drawdown | 6.33 | 16.41 | -10.08 |
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Drawdowns
HL vs. HBM - Drawdown Comparison
The maximum HL drawdown since its inception was -97.92%, which is greater than HBM's maximum drawdown of -92.21%. Use the drawdown chart below to compare losses from any high point for HL and HBM.
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Drawdown Indicators
| HL | HBM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -97.92% | -92.21% | -5.71% |
Max Drawdown (1Y)Largest decline over 1 year | -55.81% | -36.16% | -19.65% |
Max Drawdown (3Y)Largest decline over 3 years | -55.81% | -41.11% | -14.70% |
Max Drawdown (5Y)Largest decline over 5 years | -61.90% | -63.33% | +1.43% |
Max Drawdown (10Y)Largest decline over 10 years | -82.45% | -86.34% | +3.89% |
Current DrawdownCurrent decline from peak | -51.91% | -12.68% | -39.23% |
Average DrawdownAverage peak-to-trough decline | -69.93% | -52.45% | -17.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.67% | 11.62% | +13.05% |
Volatility
HL vs. HBM - Volatility Comparison
The current volatility for Hecla Mining Company (HL) is 22.72%, while Hudbay Minerals Inc. (HBM) has a volatility of 25.87%. This indicates that HL experiences smaller price fluctuations and is considered to be less risky than HBM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HL | HBM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 22.72% | 25.87% | -3.15% |
Volatility (6M)Calculated over the trailing 6-month period | 54.93% | 47.72% | +7.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 72.59% | 59.13% | +13.46% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.35% | 55.51% | +3.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.77% | 58.82% | +3.95% |
Dividends
HL vs. HBM - Dividend Comparison
HL's dividend yield for the trailing twelve months is around 0.10%, more than HBM's 0.08% yield.
| 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% |
HL Hecla Mining Company | 0.10% | 0.08% | 0.81% | 0.65% | 0.40% | 0.72% | 0.25% | 0.29% | 0.42% | 0.25% | 0.19% | 0.53% |
Financials
HL vs. HBM - Financials Comparison
This section allows you to compare key financial metrics between Hecla Mining Company and Hudbay Minerals Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
HL vs. HBM - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
HL and HBM have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HBM has higher volatility (25.87%) compared to HL (22.72%). In terms of maximum drawdown, HL dropped -97.92% vs HBM's -92.21%.
HBM currently has the higher Sharpe Ratio (3.23 vs 2.16), 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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