MDI.TO vs. HBM.TO

Last updated Jun 5, 2026

MDI.TO (Major Drilling Group International Inc.) and HBM.TO (Hudbay Minerals Inc.) are both stocks. Both are in the Basic Materials sector — MDI.TO in Other Industrial Metals & Mining, HBM.TO in Copper. Over the past 10 years, MDI.TO returned 10.02%/yr vs 22.26%/yr for HBM.TO. At a 0.30 correlation, their price movements are largely independent.

Performance

MDI.TO vs. HBM.TO - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Major Drilling Group International Inc. (MDI.TO) and Hudbay Minerals Inc. (HBM.TO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MDI.TO achieves a 38.60% return, which is significantly lower than HBM.TO's 53.85% return. Over the past 10 years, MDI.TO has underperformed HBM.TO with an annualized return of 10.02%, while HBM.TO has yielded a comparatively higher 22.26% annualized return.

MDI.TO

• 1D: 1.76%
• 1M: 10.10%
• YTD: 38.60%
• 6M: 28.45%
• 1Y: 111.85%
• 3Y*: 24.48%
• 5Y*: 11.55%
• 10Y*: 10.02%

HBM.TO

• 1D: -0.59%
• 1M: 27.85%
• YTD: 53.85%
• 6M: 73.38%
• 1Y: 220.71%
• 3Y*: 88.82%
• 5Y*: 35.63%
• 10Y*: 22.26%

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

MDI.TO vs. HBM.TO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MDI.TO Major Drilling Group International Inc.	38.60%	57.13%	-10.86%	-12.45%	27.36%	7.41%	35.63%	23.26%	-34.84%	0.57%
HBM.TO Hudbay Minerals Inc.	53.85%	134.08%	60.29%	6.88%	-25.13%	3.05%	66.44%	-16.44%	-41.80%	45.20%

Correlation

The correlation between MDI.TO and HBM.TO is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.54
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 5, 1996	0.30

Over the past year, MDI.TO and HBM.TO have become more correlated (0.59) than their long-term average of 0.30, meaning their price movements have been converging.

Fundamentals

Market Cap MDI.TO : CA$1.46B HBM.TO : CA$16.71B
EPS MDI.TO : CA$0.17 HBM.TO : CA$1.65
PE Ratio MDI.TO : 103.29 HBM.TO : 25.37
PEG Ratio MDI.TO : 1.03 HBM.TO : 0.17
PS Ratio MDI.TO : 1.74 HBM.TO : 7.07
PB Ratio MDI.TO : 2.69 HBM.TO : 4.73
Total Revenue (TTM) MDI.TO : CA$842.94M HBM.TO : CA$2.36B
Gross Profit (TTM) MDI.TO : CA$125.52M HBM.TO : CA$851.84M
EBITDA (TTM) MDI.TO : CA$96.14M HBM.TO : CA$1.50B

Return for Risk

MDI.TO vs. HBM.TO — Risk / Return Rank

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

MDI.TO

MDI.TO Risk / Return Rank: 91
MDI.TO Sharpe Ratio Rank: 93
MDI.TO Sortino Ratio Rank: 90
MDI.TO Omega Ratio Rank: 88
MDI.TO Calmar Ratio Rank: 93
MDI.TO Martin Ratio Rank: 91

HBM.TO

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

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.

MDI.TO vs. HBM.TO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Major Drilling Group International Inc. (MDI.TO) and Hudbay Minerals Inc. (HBM.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.

	MDI.TO	HBM.TO	Difference
Sharpe ratio: Return per unit of total volatility	2.67	4.21	-1.54
Sortino ratio: Return per unit of downside risk	3.29	3.95	-0.67
Omega ratio: Gain probability vs. loss probability	1.41	1.52	-0.11
Calmar ratio: Return relative to maximum drawdown	5.90	6.36	-0.46
Martin ratio: Return relative to average drawdown	13.58	21.20	-7.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MDI.TO vs. HBM.TO - Sharpe Ratio Comparison

The current MDI.TO Sharpe Ratio is 2.67, which is lower than the HBM.TO Sharpe Ratio of 4.21. The chart below compares the historical Sharpe Ratios of MDI.TO and HBM.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.

Sharpe Ratios by Period

	MDI.TO	HBM.TO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.67	4.21	-1.54
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.69	-0.42
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.24	0.40	-0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.14	0.00	+0.14

Drawdowns

MDI.TO vs. HBM.TO - Drawdown Comparison

The maximum MDI.TO drawdown since its inception was -95.14%, roughly equal to the maximum HBM.TO drawdown of -92.86%. Use the drawdown chart below to compare losses from any high point for MDI.TO and HBM.TO.

Drawdown Indicators

	MDI.TO	HBM.TO	Difference
Max Drawdown Largest peak-to-trough decline	-95.14%	-92.86%	-2.28%
Max Drawdown (1Y) Largest decline over 1 year	-20.11%	-35.94%	+15.83%
Max Drawdown (3Y) Largest decline over 3 years	-35.71%	-38.61%	+2.90%
Max Drawdown (5Y) Largest decline over 5 years	-48.48%	-62.23%	+13.75%
Max Drawdown (10Y) Largest decline over 10 years	-72.36%	-84.01%	+11.65%
Current Drawdown Current decline from peak	-6.30%	-4.90%	-1.40%
Average Drawdown Average peak-to-trough decline	-57.12%	-61.91%	+4.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.73%	10.77%	-2.04%

Volatility

MDI.TO vs. HBM.TO - Volatility Comparison

The current volatility for Major Drilling Group International Inc. (MDI.TO) is 14.16%, while Hudbay Minerals Inc. (HBM.TO) has a volatility of 19.43%. This indicates that MDI.TO experiences smaller price fluctuations and is considered to be less risky than HBM.TO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MDI.TO	HBM.TO	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.16%	19.43%	-5.27%
Volatility (6M) Calculated over the trailing 6-month period	30.20%	42.60%	-12.40%
Volatility (1Y) Calculated over the trailing 1-year period	44.45%	54.34%	-9.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.86%	51.64%	-9.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.75%	55.44%	-12.69%

Dividends

MDI.TO vs. HBM.TO - Dividend Comparison

MDI.TO has not paid dividends to shareholders, while HBM.TO's dividend yield for the trailing twelve months is around 0.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBM.TO Hudbay Minerals Inc.	0.05%	0.07%	0.17%	0.27%	0.29%	0.22%	0.22%	0.37%	0.31%	0.18%	0.26%	0.38%
MDI.TO Major Drilling Group International Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.91%

Financials

MDI.TO vs. HBM.TO - Profitability Comparison

The chart below illustrates the profitability comparison between Major Drilling Group International Inc. and Hudbay Minerals Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MDI.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Major Drilling Group International Inc. reported a gross profit of 9.51M and revenue of 184.63M. Therefore, the gross margin over that period was 5.2%.

HBM.TO - 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 339.94M and revenue of 743.51M. Therefore, the gross margin over that period was 45.7%.

MDI.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Major Drilling Group International Inc. reported an operating income of -10.98M and revenue of 184.63M, resulting in an operating margin of -6.0%.

HBM.TO - 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 296.85M and revenue of 743.51M, resulting in an operating margin of 39.9%.

MDI.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Major Drilling Group International Inc. reported a net income of -10.84M and revenue of 184.63M, resulting in a net margin of -5.9%.

HBM.TO - 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 187.28M and revenue of 743.51M, resulting in a net margin of 25.2%.

Frequently Asked Questions

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

MDI.TO and HBM.TO have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.