HBM vs VXZ: Correlation
Measured on weekly returns over the past three years, Hudbay Minerals Inc. (HBM) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.40, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HBM and VXZ?
Over the past 3 years, HBM and VXZ moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.44 over 1 year against -0.40 over 3. Over 5 years the correlation is -0.40, and the annualized covariance of weekly returns is -547.0 %².
Out of 19 assets tracked against HBM, VXZ lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with HBM ahead by 178.2 points (+162.1% versus -16.1%). Note the risk asymmetry: HBM runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXZ: side by side
| HBM (Hudbay Minerals Inc.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +162.1% | -16.1% |
| 5-year return | +401.3% | -53.1% |
| Volatility (ann.) | 53.7% | 25.6% |
| Beta vs S&P 500 | 1.73 | -1.31 |
| Max drawdown (3Y) | -41.1% | -36.4% |
| Market cap | $13.5B | – |
| P/E (trailing) | 18.4 | – |
| Dividend yield | 0.07% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HBM | VXZ |
|---|---|---|
| 2022 | -29.9% | +0.5% |
| 2023 | +9.2% | -44.0% |
| 2024 | +47.0% | -12.7% |
| 2025 | +145.3% | +5.7% |
| 2026 | +53.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HBM and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between HBM and VXZ?
The HBM/VXZ correlation stands at -0.40 on a 3-year window (1 year: -0.44, 5 years: -0.40), computed from weekly returns as of 2026-08-27.
Is VXZ a good diversifier for HBM?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hbm-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HBM correlations · VXZ correlations
