HBM vs NBTX: Correlation
Measured on weekly returns over the past three years, Hudbay Minerals Inc. (HBM) and Nanobiotix S.A. (NBTX) carry a correlation of 0.33, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and NBTX?
Across a 3-year window, the weekly returns of HBM and NBTX correlate at 0.33, moderate. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Stretching to 5 years gives 0.15, with an annualized covariance of 1262.6 %².
NBTX is close to the least connected end of HBM's tracked universe, ranking #16 of 19. Their recent paths diverged sharply: over the last 12 months NBTX outperformed by 240.2 percentage points (+162.1% for HBM against +402.3% for NBTX).
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.
HBM vs NBTX: side by side
| HBM (Hudbay Minerals Inc.) | NBTX (Nanobiotix S.A.) | |
|---|---|---|
| 1-year return | +162.1% | +402.3% |
| 5-year return | +401.3% | +223.5% |
| Volatility (ann.) | 53.7% | 72.0% |
| Beta vs S&P 500 | 1.73 | 0.72 |
| Max drawdown (3Y) | -41.1% | -73.2% |
| Market cap | $13.5B | $2.3B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | NBTX |
|---|---|---|
| 2022 | -29.9% | -54.7% |
| 2023 | +9.2% | +98.4% |
| 2024 | +47.0% | -60.6% |
| 2025 | +145.3% | +705.6% |
| 2026 | +53.0% | +95.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and NBTX good diversifiers for each other?
Reasonably. At 0.33, HBM and NBTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HBM and NBTX?
Using weekly returns as of 2026-08-27: 0.33 over 3 years, with 0.28 over the last year and 0.15 over 5 years.
Is NBTX a good diversifier for HBM?
Reasonably. At 0.33, HBM and NBTX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
A reading of 0.33 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/hbm-vs-nbtx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hbm-vs-nbtx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HBM correlations · NBTX correlations
