HBM vs TGB: Correlation
Hudbay Minerals Inc. (HBM) and Trekor Metals Limited (TGB) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and TGB?
Across a 3-year window, the weekly returns of HBM and TGB correlate at 0.77, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 2573.8 %².
Among the 19 assets we track against HBM, TGB ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months TGB outperformed by 42.3 percentage points (+162.1% for HBM against +204.4% for TGB).
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 TGB: side by side
| HBM (Hudbay Minerals Inc.) | TGB (Trekor Metals Limited) | |
|---|---|---|
| 1-year return | +162.1% | +204.4% |
| 5-year return | +401.3% | +450.0% |
| Volatility (ann.) | 53.7% | 62.1% |
| Beta vs S&P 500 | 1.73 | 1.89 |
| Max drawdown (3Y) | -41.1% | -44.3% |
| Market cap | $13.5B | $3.5B |
| P/E (trailing) | 18.4 | 484.0 |
| Dividend yield | 0.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | TGB |
|---|---|---|
| 2022 | -29.9% | -28.3% |
| 2023 | +9.2% | -4.8% |
| 2024 | +47.0% | +38.6% |
| 2025 | +145.3% | +191.8% |
| 2026 | +53.0% | +71.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and TGB good diversifiers for each other?
To a limited degree. At 0.77 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 TGB?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.81 over the last year and 0.74 over 5 years.
Is TGB a good diversifier for HBM?
To a limited degree. At 0.77 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 0.77 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-tgb.json
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Related comparisons
Hubs: HBM correlations · TGB correlations
