ERO vs HBM: Correlation
How closely do Ero Copper Corp. (ERO) and Hudbay Minerals Inc. (HBM) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERO and HBM?
Across a 3-year window, the weekly returns of ERO and HBM correlate at 0.78, strong. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. Stretching to 5 years gives 0.70, with an annualized covariance of 2291.7 %².
In ERO's tracked universe of 10 assets, HBM sits right near the top at #1. The trailing year gives ERO the advantage: +174.4% versus +162.1%, a 12.3-point spread.
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.
ERO vs HBM: side by side
| ERO (Ero Copper Corp.) | HBM (Hudbay Minerals Inc.) | |
|---|---|---|
| 1-year return | +174.4% | +162.1% |
| 5-year return | +110.6% | +401.3% |
| Volatility (ann.) | 54.7% | 53.7% |
| Beta vs S&P 500 | 1.53 | 1.73 |
| Max drawdown (3Y) | -59.7% | -41.1% |
| Market cap | $4.2B | $13.5B |
| P/E (trailing) | 13.3 | 18.4 |
| Dividend yield | 0.00% | 0.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERO | HBM |
|---|---|---|
| 2022 | -10.1% | -29.9% |
| 2023 | +14.8% | +9.2% |
| 2024 | -14.6% | +47.0% |
| 2025 | +109.9% | +145.3% |
| 2026 | +40.8% | +53.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERO and HBM good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ERO and HBM?
The ERO/HBM correlation stands at 0.78 on a 3-year window (1 year: 0.86, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is HBM a good diversifier for ERO?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ero-vs-hbm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ero-vs-hbm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERO correlations · HBM correlations
