HBM vs RIO: Correlation
Measured on weekly returns over the past three years, Hudbay Minerals Inc. (HBM) and Rio Tinto Plc (RIO) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and RIO?
Over the past 3 years, HBM and RIO moved with a correlation of 0.65, which is strong. Little has changed lately, as the 1-year reading of 0.70 lands near the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 876.1 %².
Within HBM's tracked universe of 19 assets, RIO comes in at #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months HBM outperformed by 84.9 percentage points (+162.1% for HBM against +77.2% for RIO). Risk is not evenly split, since HBM carries 2.1 times the volatility of the other side.
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 RIO: side by side
| HBM (Hudbay Minerals Inc.) | RIO (Rio Tinto Plc) | |
|---|---|---|
| 1-year return | +162.1% | +77.2% |
| 5-year return | +401.3% | +94.8% |
| Volatility (ann.) | 53.7% | 25.1% |
| Beta vs S&P 500 | 1.73 | 0.70 |
| Max drawdown (3Y) | -41.1% | -24.2% |
| Market cap | $13.5B | $170.4B |
| P/E (trailing) | 18.4 | 14.2 |
| Dividend yield | 0.07% | 4.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | RIO |
|---|---|---|
| 2022 | -29.9% | +18.5% |
| 2023 | +9.2% | +11.1% |
| 2024 | +47.0% | -15.4% |
| 2025 | +145.3% | +44.5% |
| 2026 | +53.0% | +37.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and RIO good diversifiers for each other?
To a limited degree. At 0.65 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 HBM and RIO?
As of 2026-08-27, the correlation of weekly returns between HBM and RIO is 0.65 over 3 years, 0.70 over 1 year and 0.69 over 5 years.
Is RIO a good diversifier for HBM?
To a limited degree. At 0.65 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 0.65 mean?
A reading of 0.65 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-rio.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbm-vs-rio/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HBM correlations · RIO correlations
