ALM vs HBM: Correlation
How closely do Almonty Industries Inc. (ALM) and Hudbay Minerals Inc. (HBM) trade together? Their weekly returns over three years give a correlation of 0.39, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ALM and HBM?
Across a 3-year window, the weekly returns of ALM and HBM correlate at 0.39, moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.39). Stretching to 5 years gives 0.35, with an annualized covariance of 1871.7 %².
By 3-year correlation, HBM places #4 of the 13 assets tracked against ALM. Correlation aside, the last 12 months split them widely, with ALM ahead by 186.6 points (+348.7% versus +162.1%). Risk is not evenly split, since ALM carries 1.7 times the volatility of the other side.
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.
ALM vs HBM: side by side
| ALM (Almonty Industries Inc.) | HBM (Hudbay Minerals Inc.) | |
|---|---|---|
| 1-year return | +348.7% | +162.1% |
| 5-year return | +1028.4% | +401.3% |
| Volatility (ann.) | 89.8% | 53.7% |
| Beta vs S&P 500 | 1.32 | 1.73 |
| Max drawdown (3Y) | -57.9% | -41.1% |
| Market cap | $5.4B | $13.5B |
| P/E (trailing) | 82.1 | 18.4 |
| Dividend yield | 0.00% | 0.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ALM | HBM |
|---|---|---|
| 2022 | -27.7% | -29.9% |
| 2023 | -19.7% | +9.2% |
| 2024 | +53.2% | +47.0% |
| 2025 | +526.5% | +145.3% |
| 2026 | +114.4% | +53.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ALM and HBM good diversifiers for each other?
Reasonably. At 0.39, ALM and HBM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ALM and HBM?
As of 2026-08-27, the correlation of weekly returns between ALM and HBM is 0.39 over 3 years, 0.55 over 1 year and 0.35 over 5 years.
Is HBM a good diversifier for ALM?
Reasonably. At 0.39, ALM and HBM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 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/alm-vs-hbm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/alm-vs-hbm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ALM correlations · HBM correlations
