AA vs HBM: Correlation
Measured on weekly returns over the past three years, Alcoa Corporation (AA) and Hudbay Minerals Inc. (HBM) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AA and HBM?
Over the past 3 years, AA and HBM moved with a correlation of 0.61, which is strong. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.63, and the annualized covariance of weekly returns is 1664.1 %².
HBM is one of the assets that tracks AA most closely: it ranks #3 out of the 12 assets we track against AA. The last year tells two different stories: HBM led by 99.9 percentage points, +62.2% for AA against +162.1% for HBM.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AA vs HBM: side by side
| AA (Alcoa Corporation) | HBM (Hudbay Minerals Inc.) | |
|---|---|---|
| 1-year return | +62.2% | +162.1% |
| 5-year return | +22.3% | +401.3% |
| Volatility (ann.) | 50.8% | 53.7% |
| Beta vs S&P 500 | 1.71 | 1.73 |
| Max drawdown (3Y) | -52.3% | -41.1% |
| Market cap | $13.5B | $13.5B |
| P/E (trailing) | 10.3 | 18.4 |
| Dividend yield | 0.80% | 0.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AA | HBM |
|---|---|---|
| 2022 | -23.1% | -29.9% |
| 2023 | -24.3% | +9.2% |
| 2024 | +12.4% | +47.0% |
| 2025 | +42.5% | +145.3% |
| 2026 | -3.2% | +53.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AA and HBM good diversifiers for each other?
Only partially. A correlation of 0.61 means AA and HBM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AA and HBM?
The AA/HBM correlation stands at 0.61 on a 3-year window (1 year: 0.52, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is HBM a good diversifier for AA?
Only partially. A correlation of 0.61 means AA and HBM share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.61 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/aa-vs-hbm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/aa-vs-hbm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AA correlations · HBM correlations
