HL vs SCZM: Correlation
Measured on weekly returns over the past three years, Hecla Mining Company (HL) and Santacruz Silver Mining Ltd. (SCZM) carry a correlation of 0.67, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HL and SCZM?
Across a 3-year window, the weekly returns of HL and SCZM correlate at 0.67, strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.67 over 3. Stretching to 5 years gives 0.61, with an annualized covariance of 4331.2 %².
By 3-year correlation, SCZM places #8 of the 16 assets tracked against HL. The last year tells two different stories: HL led by 58.3 percentage points, +167.1% for HL against +108.8% for SCZM.
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.
HL vs SCZM: side by side
| HL (Hecla Mining Company) | SCZM (Santacruz Silver Mining Ltd.) | |
|---|---|---|
| 1-year return | +167.1% | +108.8% |
| 5-year return | +265.0% | +818.6% |
| Volatility (ann.) | 66.9% | 96.4% |
| Beta vs S&P 500 | 1.50 | 1.72 |
| Max drawdown (3Y) | -55.8% | -63.2% |
| Market cap | $14.4B | $0.9B |
| P/E (trailing) | 24.9 | 21.3 |
| Dividend yield | 0.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HL | SCZM |
|---|---|---|
| 2022 | +7.0% | +25.0% |
| 2023 | -13.0% | -38.3% |
| 2024 | +2.8% | +5.5% |
| 2025 | +291.8% | +1137.2% |
| 2026 | +11.7% | +3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HL and SCZM good diversifiers for each other?
To a limited degree. At 0.67 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 HL and SCZM?
As of 2026-08-27, the correlation of weekly returns between HL and SCZM is 0.67 over 3 years, 0.75 over 1 year and 0.61 over 5 years.
Is SCZM a good diversifier for HL?
To a limited degree. At 0.67 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 0.67 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/hl-vs-sczm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/hl-vs-sczm/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HL correlations · SCZM correlations
