USAR vs. HBM

Last updated Jun 23, 2026

USAR (USA Rare Earth, Inc) and HBM (Hudbay Minerals Inc.) are both stocks. Both are in the Basic Materials sector — USAR in Other Industrial Metals & Mining, HBM in Copper. Over the past year, USAR returned 98.68% vs 191.38% for HBM. At a 0.24 correlation, their price movements are largely independent.

Performance

USAR vs. HBM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in USA Rare Earth, Inc (USAR) and Hudbay Minerals Inc. (HBM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, USAR achieves a 102.69% return, which is significantly higher than HBM's 40.69% return.

USAR

• 1D: -2.11%
• 1M: -4.66%
• YTD: 102.69%
• 6M: 71.79%
• 1Y: 98.68%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HBM

• 1D: 1.16%
• 1M: 14.46%
• YTD: 40.69%
• 6M: 41.61%
• 1Y: 191.38%
• 3Y*: 82.11%
• 5Y*: 34.02%
• 10Y*: 20.10%

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

USAR vs. HBM - Yearly Performance Comparison

	2026 (YTD)	2025
USAR USA Rare Earth, Inc	102.69%	16.32%
HBM Hudbay Minerals Inc.	40.69%	168.77%

Correlation

The correlation between USAR and HBM is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.31
Correlation (All Time) Calculated using the full available price history since Mar 14, 2025	0.24

Fundamentals

EPS USAR : -$4.85 HBM : $1.65
PS Ratio USAR : 6.47 HBM : 4.69
Total Revenue (TTM) USAR : $319.83M HBM : $2.37B
Gross Profit (TTM) USAR : $253.66M HBM : $828.54M
EBITDA (TTM) USAR : -$324.99M HBM : $1.54B

Return for Risk

USAR vs. HBM — Risk / Return Rank

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

USAR

USAR Risk / Return Rank: 69
USAR Sharpe Ratio Rank: 68
USAR Sortino Ratio Rank: 76
USAR Omega Ratio Rank: 69
USAR Calmar Ratio Rank: 69
USAR Martin Ratio Rank: 64

HBM

HBM Risk / Return Rank: 93
HBM Sharpe Ratio Rank: 96
HBM Sortino Ratio Rank: 91
HBM Omega Ratio Rank: 91
HBM Calmar Ratio Rank: 93
HBM Martin Ratio Rank: 94

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.

USAR vs. HBM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for USA Rare Earth, Inc (USAR) 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.

	USAR	HBM	Difference
Sharpe ratio: Return per unit of total volatility	0.82	3.25	-2.43
Sortino ratio: Return per unit of downside risk	1.95	3.26	-1.31
Omega ratio: Gain probability vs. loss probability	1.21	1.44	-0.22
Calmar ratio: Return relative to maximum drawdown	1.43	5.33	-3.89
Martin ratio: Return relative to average drawdown	2.34	16.40	-14.06

USAR vs. HBM - Sharpe Ratio Comparison

The current USAR Sharpe Ratio is 0.82, which is lower than the HBM Sharpe Ratio of 3.25. The chart below compares the historical Sharpe Ratios of USAR and HBM, 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

USAR vs. HBM - Drawdown Comparison

The maximum USAR drawdown since its inception was -69.23%, smaller than the maximum HBM drawdown of -92.21%. Use the drawdown chart below to compare losses from any high point for USAR and HBM.

Drawdown Indicators

	USAR	HBM	Difference
Max Drawdown Largest peak-to-trough decline	-69.23%	-92.21%	+22.98%
Max Drawdown (1Y) Largest decline over 1 year	-69.23%	-36.16%	-33.07%
Max Drawdown (3Y) Largest decline over 3 years	—	-41.11%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-63.33%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-86.34%	—
Current Drawdown Current decline from peak	-37.64%	-12.40%	-25.24%
Average Drawdown Average peak-to-trough decline	-40.85%	-52.41%	+11.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.27%	11.72%	+30.55%

Volatility

USAR vs. HBM - Volatility Comparison

USA Rare Earth, Inc (USAR) has a higher volatility of 32.24% compared to Hudbay Minerals Inc. (HBM) at 24.26%. This indicates that USAR's price experiences larger fluctuations and is considered to be riskier than HBM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	USAR	HBM	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.24%	24.26%	+7.98%
Volatility (6M) Calculated over the trailing 6-month period	78.46%	47.91%	+30.55%
Volatility (1Y) Calculated over the trailing 1-year period	121.32%	59.33%	+61.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	157.52%	55.46%	+102.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	157.52%	58.81%	+98.71%

Dividends

USAR vs. HBM - Dividend Comparison

USAR has not paid dividends to shareholders, while HBM's dividend yield for the trailing twelve months is around 0.08%.

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%
USAR USA Rare Earth, Inc	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both USAR and HBM in my portfolio?

USAR and HBM have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, USAR or HBM?

USAR has higher volatility (32.24%) compared to HBM (24.26%). In terms of maximum drawdown, USAR dropped -69.23% vs HBM's -92.21%.

Which has better risk-adjusted returns?

HBM currently has the higher Sharpe Ratio (3.25 vs 0.82), 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.