HBM vs NEXM: Correlation
How closely do Hudbay Minerals Inc. (HBM) and NexMetals Mining Corp. (NEXM) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and NEXM?
Over the past 3 years, HBM and NEXM moved with a correlation of 0.35, which is moderate. The link has tightened recently: the 1-year correlation (0.55) runs above the 3-year figure (0.35). Over 5 years the correlation is 0.27, and the annualized covariance of weekly returns is 1397.0 %².
By 3-year correlation, NEXM places #14 of the 19 assets tracked against HBM. Their recent paths diverged sharply: over the last 12 months HBM outperformed by 215.9 percentage points (+162.1% for HBM against -53.8% for NEXM).
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 NEXM: side by side
| HBM (Hudbay Minerals Inc.) | NEXM (NexMetals Mining Corp.) | |
|---|---|---|
| 1-year return | +162.1% | -53.8% |
| 5-year return | +401.3% | -87.5% |
| Volatility (ann.) | 53.7% | 73.4% |
| Beta vs S&P 500 | 1.73 | 1.07 |
| Max drawdown (3Y) | -41.1% | -92.1% |
| Market cap | $13.5B | $0.1B |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | NEXM |
|---|---|---|
| 2022 | -29.9% | -29.6% |
| 2023 | +9.2% | -22.1% |
| 2024 | +47.0% | -67.8% |
| 2025 | +145.3% | -34.8% |
| 2026 | +53.0% | -36.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and NEXM good diversifiers for each other?
Reasonably. At 0.35, HBM and NEXM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HBM and NEXM?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.55 over the last year and 0.27 over 5 years.
Is NEXM a good diversifier for HBM?
Reasonably. At 0.35, HBM and NEXM keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 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/hbm-vs-nexm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hbm-vs-nexm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBM correlations · NEXM correlations
