PAA vs. HBM
PAA (Plains All American Pipeline, L.P.) and HBM (Hudbay Minerals Inc.) are both stocks. PAA operates in Oil & Gas Midstream (Energy), while HBM operates in Copper (Basic Materials). Over the past 10 years, PAA returned 5.94%/yr vs 18.60%/yr for HBM. At a 0.33 correlation, their price movements are largely independent.
Performance
PAA vs. HBM - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with PAA having a 32.09% return and HBM slightly lower at 31.58%. Over the past 10 years, PAA has underperformed HBM with an annualized return of 5.94%, while HBM has yielded a comparatively higher 18.60% annualized return.
PAA
- 1D
- 0.88%
- 1M
- 4.97%
- YTD
- 32.09%
- 6M
- 35.41%
- 1Y
- 42.03%
- 3Y*
- 29.12%
- 5Y*
- 22.64%
- 10Y*
- 5.94%
HBM
- 1D
- 1.75%
- 1M
- 4.36%
- YTD
- 31.58%
- 6M
- 50.45%
- 1Y
- 171.66%
- 3Y*
- 77.46%
- 5Y*
- 30.42%
- 10Y*
- 18.60%
PAA vs. HBM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAA Plains All American Pipeline, L.P. | 32.09% | 14.30% | 21.38% | 39.18% | 35.79% | 22.24% | -50.79% | -2.28% | 2.31% | -31.34% |
HBM Hudbay Minerals Inc. | 31.58% | 145.46% | 47.03% | 9.24% | -29.87% | 3.82% | 69.50% | -11.77% | -46.20% | 54.77% |
Correlation
The correlation between PAA and HBM is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.18 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.31 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Feb 13, 2009 | 0.33 |
The correlation between PAA and HBM shifts across timeframes, from -0.18 (1 year) to 0.33 (all time), reflecting how their relationship changes across market environments.
Fundamentals
PAA:
$16.10B
HBM:
$10.41B
PAA:
$2.19
HBM:
$1.65
PAA:
10.41
HBM:
15.79
PAA:
0.19
HBM:
0.11
PAA:
0.36
HBM:
4.39
PAA:
1.26
HBM:
2.94
PAA:
$45.25B
HBM:
$2.37B
PAA:
$1.55B
HBM:
$828.54M
PAA:
$2.54B
HBM:
$1.54B
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Return for Risk
PAA vs. HBM — Risk / Return Rank
PAA
HBM
PAA vs. HBM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Plains All American Pipeline, L.P. (PAA) 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.
| PAA | HBM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.66 | ||
| Sortino ratioReturn per unit of downside risk | +0.03 | ||
| Omega ratioGain probability vs. loss probability | 1.38 | 1.41 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 2.91 | 4.78 | -1.87 |
| Martin ratioReturn relative to average drawdown | 8.41 | 15.13 | -6.72 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PAA | HBM | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.29 | 2.96 | -0.66 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | 0.55 | +0.30 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.14 | 0.32 | -0.18 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.20 | +0.10 |
Drawdowns
PAA vs. HBM - Drawdown Comparison
The maximum PAA drawdown since its inception was -91.99%, roughly equal to the maximum HBM drawdown of -92.21%. Use the drawdown chart below to compare losses from any high point for PAA and HBM.
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Drawdown Indicators
| PAA | HBM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.99% | -92.21% | +0.22% |
Max Drawdown (1Y)Largest decline over 1 year | -14.53% | -36.16% | +21.63% |
Max Drawdown (3Y)Largest decline over 3 years | -22.26% | -41.11% | +18.85% |
Max Drawdown (5Y)Largest decline over 5 years | -26.11% | -63.33% | +37.22% |
Max Drawdown (10Y)Largest decline over 10 years | -87.92% | -86.34% | -1.58% |
Current DrawdownCurrent decline from peak | -8.58% | -18.07% | +9.49% |
Average DrawdownAverage peak-to-trough decline | -25.77% | -52.50% | +26.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 5.01% | 11.40% | -6.39% |
Volatility
PAA vs. HBM - Volatility Comparison
The current volatility for Plains All American Pipeline, L.P. (PAA) is 7.29%, while Hudbay Minerals Inc. (HBM) has a volatility of 25.29%. This indicates that PAA 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
| PAA | HBM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.29% | 25.29% | -18.00% |
Volatility (6M)Calculated over the trailing 6-month period | 14.05% | 46.90% | -32.85% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.45% | 58.55% | -40.10% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.80% | 55.36% | -28.56% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 41.83% | 58.79% | -16.96% |
Dividends
PAA vs. HBM - Dividend Comparison
PAA's dividend yield for the trailing twelve months is around 7.00%, more than HBM's 0.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HBM Hudbay Minerals Inc. | 0.05% | 0.07% | 0.17% | 0.31% | 0.32% | 0.22% | 0.21% | 0.36% | 0.38% | 0.23% | 0.35% | 0.52% |
PAA Plains All American Pipeline, L.P. | 7.00% | 8.46% | 7.44% | 7.06% | 7.08% | 7.71% | 10.92% | 7.50% | 5.99% | 9.45% | 8.21% | 11.93% |
Financials
PAA vs. HBM - Financials Comparison
This section allows you to compare key financial metrics between Plains All American Pipeline, L.P. 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
PAA vs. HBM - Profitability Comparison
PAA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a gross profit of 0.00 and revenue of 12.47B. Therefore, the gross margin over that period was 0.0%.
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%.
PAA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported an operating income of 405.00M and revenue of 12.47B, resulting in an operating margin of 3.3%.
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%.
PAA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Plains All American Pipeline, L.P. reported a net income of 551.00M and revenue of 12.47B, resulting in a net margin of 4.4%.
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
PAA and HBM have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HBM has higher volatility (25.29%) compared to PAA (7.29%). In terms of maximum drawdown, PAA dropped -91.99% vs HBM's -92.21%.
HBM currently has the higher Sharpe Ratio (2.96 vs 2.29), 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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