FCX vs HBM: Correlation
Freeport-McMoRan (FCX) and Hudbay Minerals Inc. (HBM) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FCX and HBM?
Over the past 3 years, FCX and HBM moved with a correlation of 0.79, which is strong. The relationship has been stable: the 1-year correlation (0.76) sits close to the 3-year figure. Over 5 years the correlation is 0.79, and the annualized covariance of weekly returns is 1820.4 %².
HBM is one of the assets that tracks FCX most closely: it ranks #2 out of the 34 assets we track against FCX. Their recent paths diverged sharply: over the last 12 months HBM outperformed by 81.4 percentage points (+80.7% for FCX 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.
FCX vs HBM: side by side
| FCX (Freeport-McMoRan) | HBM (Hudbay Minerals Inc.) | |
|---|---|---|
| 1-year return | +80.7% | +162.1% |
| 5-year return | +129.3% | +401.3% |
| Volatility (ann.) | 43.2% | 53.7% |
| Beta vs S&P 500 | 1.55 | 1.73 |
| Max drawdown (3Y) | -46.3% | -41.1% |
| Market cap | $112.6B | $13.5B |
| P/E (trailing) | 38.8 | 18.4 |
| Dividend yield | 0.76% | 0.07% |
| Sector / category | Materials | US Listed |
Year-by-year returns
| Year | FCX | HBM |
|---|---|---|
| 2022 | -7.3% | -29.9% |
| 2023 | +13.7% | +9.2% |
| 2024 | -9.4% | +47.0% |
| 2025 | +35.4% | +145.3% |
| 2026 | +55.5% | +53.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FCX and HBM good diversifiers for each other?
To a limited degree. At 0.79 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FCX and HBM?
As of 2026-08-27, the correlation of weekly returns between FCX and HBM is 0.79 over 3 years, 0.76 over 1 year and 0.79 over 5 years.
Is HBM a good diversifier for FCX?
To a limited degree. At 0.79 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.79 mean?
A reading of 0.79 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/fcx-vs-hbm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fcx-vs-hbm/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FCX correlations · HBM correlations
