CDE vs HL: Correlation
Coeur Mining, Inc. (CDE) and Hecla Mining Company (HL) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDE and HL?
Across a 3-year window, the weekly returns of CDE and HL correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.83 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 4095.9 %².
In CDE's tracked universe of 10 assets, HL sits right near the top at #1. Correlation aside, the last 12 months split them widely, with HL ahead by 88.8 points (+78.3% versus +167.1%).
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.
CDE vs HL: side by side
| CDE (Coeur Mining, Inc.) | HL (Hecla Mining Company) | |
|---|---|---|
| 1-year return | +78.3% | +167.1% |
| 5-year return | +222.7% | +265.0% |
| Volatility (ann.) | 74.8% | 66.9% |
| Beta vs S&P 500 | 1.98 | 1.50 |
| Max drawdown (3Y) | -47.8% | -55.8% |
| Market cap | $22.8B | $14.4B |
| P/E (trailing) | 18.7 | 24.9 |
| Dividend yield | 0.09% | 0.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDE | HL |
|---|---|---|
| 2022 | -33.3% | +7.0% |
| 2023 | -3.0% | -13.0% |
| 2024 | +75.5% | +2.8% |
| 2025 | +211.7% | +291.8% |
| 2026 | +24.7% | +11.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDE and HL good diversifiers for each other?
No: a correlation of 0.82 means CDE and HL tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CDE and HL?
As of 2026-08-27, the correlation of weekly returns between CDE and HL is 0.82 over 3 years, 0.83 over 1 year and 0.81 over 5 years.
Is HL a good diversifier for CDE?
No: a correlation of 0.82 means CDE and HL tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cde-vs-hl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cde-vs-hl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDE correlations · HL correlations
