HBM vs QQQ: Correlation
Hudbay Minerals Inc. (HBM) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and QQQ?
Across a 3-year window, the weekly returns of HBM and QQQ correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.46) sits close to the 3-year figure. Stretching to 5 years gives 0.36, with an annualized covariance of 465.1 %².
Within HBM's tracked universe of 19 assets, QQQ comes in at #11 by 3-year correlation. The last year tells two different stories: HBM led by 135.8 percentage points, +162.1% for HBM against +26.3% for QQQ. One caveat on sizing: HBM is 2.7 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QQQ: side by side
| HBM (Hudbay Minerals Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +162.1% | +26.3% |
| 5-year return | +401.3% | +95.4% |
| Volatility (ann.) | 53.7% | 19.6% |
| Beta vs S&P 500 | 1.73 | 1.28 |
| Max drawdown (3Y) | -41.1% | -22.8% |
| Market cap | $13.5B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.07% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | HBM | QQQ |
|---|---|---|
| 2022 | -29.9% | -32.6% |
| 2023 | +9.2% | +54.9% |
| 2024 | +47.0% | +25.6% |
| 2025 | +145.3% | +20.8% |
| 2026 | +53.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and QQQ good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBM and QQQ?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.46 over the last year and 0.36 over 5 years.
Is QQQ a good diversifier for HBM?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
A reading of 0.44 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hbm-vs-qqq/)
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Related comparisons
Hubs: HBM correlations · QQQ correlations
