HMY vs SBSW: Correlation
Harmony Gold Mining Company Limited (HMY) and D/B/A Sibanye-Stillwater Limited (SBSW) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HMY and SBSW?
Across a 3-year window, the weekly returns of HMY and SBSW correlate at 0.72, strong. The past 12 months show a tighter link (0.85) than the 3-year average (0.72). Stretching to 5 years gives 0.70, with an annualized covariance of 3006.4 %².
By 3-year correlation, SBSW places #6 of the 11 assets tracked against HMY. The trailing year gives SBSW the advantage: +46.1% versus +60.5%, a 14.4-point spread.
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.
HMY vs SBSW: side by side
| HMY (Harmony Gold Mining Company Limited) | SBSW (D/B/A Sibanye-Stillwater Limited) | |
|---|---|---|
| 1-year return | +46.1% | +60.5% |
| 5-year return | +492.0% | -6.1% |
| Volatility (ann.) | 63.5% | 65.8% |
| Beta vs S&P 500 | 1.18 | 1.28 |
| Max drawdown (3Y) | -48.8% | -61.0% |
| Market cap | – | $8.9B |
| P/E (trailing) | 13.9 | – |
| Dividend yield | 0.00% | 10.84% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HMY | SBSW |
|---|---|---|
| 2022 | -16.4% | -9.6% |
| 2023 | +82.5% | -46.6% |
| 2024 | +35.4% | -39.2% |
| 2025 | +144.2% | +331.8% |
| 2026 | +7.7% | -11.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HMY and SBSW good diversifiers for each other?
To a limited degree. At 0.72 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 HMY and SBSW?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.85 over the last year and 0.70 over 5 years.
Is SBSW a good diversifier for HMY?
To a limited degree. At 0.72 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 0.72 mean?
On the −1 to +1 scale, 0.72 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/hmy-vs-sbsw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hmy-vs-sbsw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HMY correlations · SBSW correlations
