PAAS.TO vs. HBM.TO
PAAS.TO (Pan American Silver Corp.) and HBM.TO (Hudbay Minerals Inc.) are both stocks. Both are in the Basic Materials sector — PAAS.TO in Silver, HBM.TO in Copper. Over the past 10 years, PAAS.TO returned 14.58%/yr vs 19.60%/yr for HBM.TO. At a 0.38 correlation, their price movements are largely independent.
Performance
PAAS.TO vs. HBM.TO - Performance Comparison
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Returns By Period
In the year-to-date period, PAAS.TO achieves a -6.95% return, which is significantly lower than HBM.TO's 33.51% return. Over the past 10 years, PAAS.TO has underperformed HBM.TO with an annualized return of 14.58%, while HBM.TO has yielded a comparatively higher 19.60% annualized return.
PAAS.TO
- 1D
- -0.62%
- 1M
- -18.40%
- YTD
- -6.95%
- 6M
- 9.68%
- 1Y
- 70.16%
- 3Y*
- 50.24%
- 5Y*
- 13.72%
- 10Y*
- 14.58%
HBM.TO
- 1D
- 1.82%
- 1M
- 6.13%
- YTD
- 33.51%
- 6M
- 51.09%
- 1Y
- 176.00%
- 3Y*
- 79.91%
- 5Y*
- 34.03%
- 10Y*
- 19.60%
PAAS.TO vs. HBM.TO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PAAS.TO Pan American Silver Corp. | -6.95% | 148.70% | 37.51% | 0.37% | -28.30% | -27.43% | 43.89% | 55.86% | 2.74% | -2.74% |
HBM.TO Hudbay Minerals Inc. | 33.51% | 134.08% | 60.29% | 6.88% | -25.13% | 3.05% | 66.44% | -16.44% | -41.80% | 45.20% |
Correlation
The correlation between PAAS.TO and HBM.TO 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 | 0.57 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Jul 6, 2006 | 0.38 |
Over the past year, PAAS.TO and HBM.TO have become more correlated (0.62) than their long-term average of 0.38, meaning their price movements have been converging.
Fundamentals
PAAS.TO:
CA$27.78B
HBM.TO:
CA$14.50B
PAAS.TO:
CA$3.21
HBM.TO:
CA$1.65
PAAS.TO:
20.49
HBM.TO:
22.01
PAAS.TO:
0.11
HBM.TO:
0.15
PAAS.TO:
6.49
HBM.TO:
6.13
PAAS.TO:
3.78
HBM.TO:
4.10
PAAS.TO:
CA$4.02B
HBM.TO:
CA$2.36B
PAAS.TO:
CA$1.76B
HBM.TO:
CA$851.84M
PAAS.TO:
CA$2.14B
HBM.TO:
CA$1.50B
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Return for Risk
PAAS.TO vs. HBM.TO — Risk / Return Rank
PAAS.TO
HBM.TO
PAAS.TO vs. HBM.TO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pan American Silver Corp. (PAAS.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.
| PAAS.TO | HBM.TO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.81 | ||
| Sortino ratioReturn per unit of downside risk | -1.35 | ||
| Omega ratioGain probability vs. loss probability | 1.25 | 1.44 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 2.27 | 4.93 | -2.65 |
| Martin ratioReturn relative to average drawdown | 6.10 | 16.23 | -10.13 |
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
| PAAS.TO | HBM.TO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.33 | 3.14 | -1.81 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.30 | 0.66 | -0.36 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.31 | 0.36 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.15 | 0.09 | +0.06 |
Drawdowns
PAAS.TO vs. HBM.TO - Drawdown Comparison
The maximum PAAS.TO drawdown since its inception was -79.35%, smaller than the maximum HBM.TO drawdown of -92.61%. Use the drawdown chart below to compare losses from any high point for PAAS.TO and HBM.TO.
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Drawdown Indicators
| PAAS.TO | HBM.TO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.35% | -92.61% | +13.26% |
Max Drawdown (1Y)Largest decline over 1 year | -31.01% | -35.94% | +4.93% |
Max Drawdown (3Y)Largest decline over 3 years | -31.01% | -38.61% | +7.60% |
Max Drawdown (5Y)Largest decline over 5 years | -55.18% | -62.23% | +7.05% |
Max Drawdown (10Y)Largest decline over 10 years | -66.06% | -84.01% | +17.95% |
Current DrawdownCurrent decline from peak | -29.24% | -17.47% | -11.77% |
Average DrawdownAverage peak-to-trough decline | -40.44% | -60.52% | +20.08% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.53% | 10.89% | +0.64% |
Volatility
PAAS.TO vs. HBM.TO - Volatility Comparison
The current volatility for Pan American Silver Corp. (PAAS.TO) is 18.96%, while Hudbay Minerals Inc. (HBM.TO) has a volatility of 25.25%. This indicates that PAAS.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.
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Volatility by Period
| PAAS.TO | HBM.TO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.96% | 25.25% | -6.29% |
Volatility (6M)Calculated over the trailing 6-month period | 43.79% | 45.39% | -1.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 53.32% | 56.56% | -3.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 45.79% | 52.00% | -6.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.51% | 55.53% | -8.02% |
Dividends
PAAS.TO vs. HBM.TO - Dividend Comparison
PAAS.TO's dividend yield for the trailing twelve months is around 1.30%, more than HBM.TO's 0.05% yield.
| 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% |
PAAS.TO Pan American Silver Corp. | 1.30% | 0.91% | 1.89% | 2.51% | 2.63% | 1.08% | 0.67% | 0.60% | 0.91% | 0.67% | 0.33% | 3.86% |
Financials
PAAS.TO vs. HBM.TO - Financials Comparison
This section allows you to compare key financial metrics between Pan American Silver Corp. 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
PAAS.TO vs. HBM.TO - Profitability Comparison
PAAS.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported a gross profit of 608.00M and revenue of 1.15B. Therefore, the gross margin over that period was 52.7%.
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%.
PAAS.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported an operating income of 560.00M and revenue of 1.15B, resulting in an operating margin of 48.5%.
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%.
PAAS.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pan American Silver Corp. reported a net income of 457.00M and revenue of 1.15B, resulting in a net margin of 39.6%.
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
PAAS.TO and HBM.TO 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.
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