ION vs. HL

Last updated Jul 21, 2026

ION (Proshares S&P Global Core Battery Metals ETF) is Lithium & Battery Metals fund tracking the S&P Global Core Battery Metals Index - Benchmark TR Net, while HL (Hecla Mining Company) is a stock. Over the past 3 years, ION returned 7.83%/yr vs 35.33%/yr for HL. At a 0.48 correlation, their price movements are largely independent.

Performance

ION vs. HL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Proshares S&P Global Core Battery Metals ETF (ION) 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, ION achieves a -12.05% return, which is significantly higher than HL's -25.50% return.

ION

• 1D: -2.66%
• 1M: -19.28%
• 6M: -23.00%
• YTD: -12.05%
• 1Y: 45.93%
• 3Y*: 7.83%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.98%

HL

• 1D: -0.28%
• 1M: -10.46%
• 6M: -46.14%
• YTD: -25.50%
• 1Y: 145.82%
• 3Y*: 35.33%
• 5Y*: 16.77%
• 10Y*: 9.48%
• ALL TIME*: -0.05%

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

ION vs. HL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ION Proshares S&P Global Core Battery Metals ETF	-12.05%	108.37%	-20.02%	-14.10%	-8.45%
HL Hecla Mining Company	-25.50%	291.70%	2.82%	-12.93%	2.02%

Correlation

The correlation between ION and HL is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.49
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.48

The correlation between ION and HL has been stable across timeframes, ranging from 0.48 to 0.54 - a consistent structural relationship.

Return for Risk

ION vs. HL — Risk / Return Rank

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

ION

ION Risk / Return Rank: 39
ION Sharpe Ratio Rank: 43
ION Sortino Ratio Rank: 41
ION Omega Ratio Rank: 40
ION Calmar Ratio Rank: 36
ION Martin Ratio Rank: 37

HL

HL Risk / Return Rank: 86
HL Sharpe Ratio Rank: 92
HL Sortino Ratio Rank: 87
HL Omega Ratio Rank: 85
HL Calmar Ratio Rank: 84
HL Martin Ratio Rank: 79

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.

ION vs. HL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Proshares S&P Global Core Battery Metals ETF (ION) 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.

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.

	ION	HL	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.00	-0.85
Sortino ratio: Return per unit of downside risk	1.65	2.52	-0.87
Omega ratio: Gain probability vs. loss probability	1.20	1.31	-0.11
Calmar ratio: Return relative to maximum drawdown	1.37	2.63	-1.26
Martin ratio: Return relative to average drawdown	4.26	5.00	-0.74

ION vs. HL - Sharpe Ratio Comparison

The current ION Sharpe Ratio is 1.15, which is lower than the HL Sharpe Ratio of 2.00. The chart below compares the historical Sharpe Ratios of ION 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.

Drawdowns

ION vs. HL - Drawdown Comparison

The maximum ION drawdown since its inception was -52.08%, smaller than the maximum HL drawdown of -97.92%. Use the drawdown chart below to compare losses from any high point for ION and HL.

Drawdown Indicators

	ION	HL	Difference
Max Drawdown Largest peak-to-trough decline	-52.08%	-97.92%	+45.84%
Max Drawdown (1Y) Largest decline over 1 year	-33.66%	-55.81%	+22.15%
Max Drawdown (3Y) Largest decline over 3 years	-45.11%	-55.81%	+10.70%
Max Drawdown (5Y) Largest decline over 5 years	—	-55.81%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-82.45%	—
Current Drawdown Current decline from peak	-33.66%	-55.06%	+21.40%
Average Drawdown Average peak-to-trough decline	-23.68%	-69.89%	+46.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.81%	29.27%	-18.46%

Volatility

ION vs. HL - Volatility Comparison

The current volatility for Proshares S&P Global Core Battery Metals ETF (ION) is 9.58%, while Hecla Mining Company (HL) has a volatility of 14.84%. This indicates that ION 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

	ION	HL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.58%	14.84%	-5.26%
Volatility (6M) Calculated over the trailing 6-month period	31.29%	52.19%	-20.90%
Volatility (1Y) Calculated over the trailing 1-year period	40.13%	73.35%	-33.22%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.64%	59.45%	-27.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.64%	62.75%	-31.11%

Dividends

ION vs. HL - Dividend Comparison

ION's dividend yield for the trailing twelve months is around 1.69%, more than HL's 0.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
ION Proshares S&P Global Core Battery Metals ETF	1.69%	1.63%	1.74%	2.23%	0.13%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ION and HL in my portfolio?

ION and HL have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ION or HL?

HL has higher volatility (14.84%) compared to ION (9.58%). In terms of maximum drawdown, ION dropped -52.08% vs HL's -97.92%.

Which has better risk-adjusted returns?

HL currently has the higher Sharpe Ratio (2.00 vs 1.15), 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.