HBM vs SCCO: Correlation
Measured on weekly returns over the past three years, Hudbay Minerals Inc. (HBM) and Southern Copper Corporation (SCCO) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and SCCO?
Across a 3-year window, the weekly returns of HBM and SCCO correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.81, with an annualized covariance of 1750.1 %².
Few assets follow HBM as closely as SCCO, which ranks #1 of 19 tracked partners. The last year tells two different stories: HBM led by 27.6 percentage points, +162.1% for HBM against +134.5% for SCCO.
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 SCCO: side by side
| HBM (Hudbay Minerals Inc.) | SCCO (Southern Copper Corporation) | |
|---|---|---|
| 1-year return | +162.1% | +134.5% |
| 5-year return | +401.3% | +339.2% |
| Volatility (ann.) | 53.7% | 40.8% |
| Beta vs S&P 500 | 1.73 | 1.32 |
| Max drawdown (3Y) | -41.1% | -39.7% |
| Market cap | $13.5B | $182.6B |
| P/E (trailing) | 18.4 | 32.0 |
| Dividend yield | 0.07% | 1.65% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | SCCO |
|---|---|---|
| 2022 | -29.9% | +4.2% |
| 2023 | +9.2% | +50.0% |
| 2024 | +47.0% | +9.4% |
| 2025 | +145.3% | +66.5% |
| 2026 | +53.0% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and SCCO good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between HBM and SCCO?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.84 over the last year and 0.81 over 5 years.
Is SCCO a good diversifier for HBM?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 mean?
A reading of 0.80 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-scco.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hbm-vs-scco/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HBM correlations · SCCO correlations
