HBM vs TKO: Correlation
How closely do Hudbay Minerals Inc. (HBM) and TKO Group Holdings (TKO) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and TKO?
Over the past 3 years, HBM and TKO moved with a correlation of 0.38, which is moderate. Little has changed lately, as the 1-year reading of 0.31 lands near the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 657.0 %².
By 3-year correlation, TKO places #13 of the 19 assets tracked against HBM. The last year tells two different stories: HBM led by 161.3 percentage points, +162.1% for HBM against +0.8% for TKO. Risk is not evenly split, since HBM carries 1.7 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 TKO: side by side
| HBM (Hudbay Minerals Inc.) | TKO (TKO Group Holdings) | |
|---|---|---|
| 1-year return | +162.1% | +0.8% |
| 5-year return | +401.3% | +281.8% |
| Volatility (ann.) | 53.7% | 32.1% |
| Beta vs S&P 500 | 1.73 | 0.70 |
| Max drawdown (3Y) | -41.1% | -34.8% |
| Market cap | $13.5B | $34.9B |
| P/E (trailing) | 18.4 | 65.8 |
| Dividend yield | 0.07% | 1.66% |
| Sector / category | US Listed | Communication Services |
Year-by-year returns
| Year | HBM | TKO |
|---|---|---|
| 2022 | -29.9% | +39.9% |
| 2023 | +9.2% | +23.9% |
| 2024 | +47.0% | +74.2% |
| 2025 | +145.3% | +48.9% |
| 2026 | +53.0% | -11.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and TKO good diversifiers for each other?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HBM and TKO?
The HBM/TKO correlation stands at 0.38 on a 3-year window (1 year: 0.31, 5 years: 0.30), computed from weekly returns as of 2026-08-27.
Is TKO a good diversifier for HBM?
A fair diversifier. At 0.38, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hbm-vs-tko.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbm-vs-tko/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HBM correlations · TKO correlations
