HBM vs TECK: Correlation
How closely do Hudbay Minerals Inc. (HBM) and Teck Resources Ltd (TECK) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and TECK?
Across a 3-year window, the weekly returns of HBM and TECK correlate at 0.73, strong. Recent behaviour matches the longer record: 0.72 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 1594.9 %².
Within HBM's tracked universe of 19 assets, TECK comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HBM ahead by 46.7 points (+162.1% versus +115.4%).
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 TECK: side by side
| HBM (Hudbay Minerals Inc.) | TECK (Teck Resources Ltd) | |
|---|---|---|
| 1-year return | +162.1% | +115.4% |
| 5-year return | +401.3% | +233.4% |
| Volatility (ann.) | 53.7% | 40.4% |
| Beta vs S&P 500 | 1.73 | 1.47 |
| Max drawdown (3Y) | -41.1% | -46.1% |
| Market cap | $13.5B | $34.6B |
| P/E (trailing) | 18.4 | 19.3 |
| Dividend yield | 0.07% | 0.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | TECK |
|---|---|---|
| 2022 | -29.9% | +33.8% |
| 2023 | +9.2% | +14.0% |
| 2024 | +47.0% | -2.6% |
| 2025 | +145.3% | +19.0% |
| 2026 | +53.0% | +47.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and TECK good diversifiers for each other?
To a limited degree. At 0.73 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 TECK?
As of 2026-08-27, the correlation of weekly returns between HBM and TECK is 0.73 over 3 years, 0.72 over 1 year and 0.73 over 5 years.
Is TECK a good diversifier for HBM?
To a limited degree. At 0.73 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 0.73 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-teck.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbm-vs-teck/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBM correlations · TECK correlations
