Hudbay Minerals (HBM)
Market Price (2/10/2026): $25.56 | Market Cap: $10.1 BilSector: Materials | Industry: Copper
Hudbay Minerals (HBM)
Market Price (2/10/2026): $25.56Market Cap: $10.1 BilSector: MaterialsIndustry: Copper
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% | Trading close to highsDist 52W High is -4.3%, Dist 3Y High is -4.3% | Stock price has recently run up significantly6M Rtn6 month market price return is 172%, 12M Rtn12 month market price return is 178% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Battery Storage & Grid Modernization, Solar Energy Generation, and Wind Energy Development. | Weak revenue growthRev Chg QQuarterly Revenue Change % is -29% | |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 83% | ||
| Key risksHBM key risks include [1] execution delays and cost overruns at its major copper projects, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 36%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 15% |
| Megatrend and thematic driversMegatrends include Renewable Energy Transition. Themes include Battery Storage & Grid Modernization, Solar Energy Generation, and Wind Energy Development. |
| Trading close to highsDist 52W High is -4.3%, Dist 3Y High is -4.3% |
| Stock price has recently run up significantly6M Rtn6 month market price return is 172%, 12M Rtn12 month market price return is 178% |
| Weak revenue growthRev Chg QQuarterly Revenue Change % is -29% |
| Valuation getting more expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is 83% |
| Key risksHBM key risks include [1] execution delays and cost overruns at its major copper projects, Show more. |
Qualitative Assessment
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Hudbay Minerals (HBM) stock has gained about 60% since 10/31/2025 because of the following key factors:
1. Hudbay Achieved 2025 Consolidated Production Guidance and Showed Strong Q4 Performance.
On January 16, 2026, Hudbay Minerals announced preliminary production results for the fourth quarter and full year 2025, confirming that the company successfully met its consolidated copper and gold production guidance for the year. This achievement demonstrated operational resilience, especially in Peru, where the efficient mining of the high-grade Pampacancha satellite deposit led to gold production exceeding the top end of the 2025 guidance range.
2. Strategic $600 Million Investment Bolstered Financial Position for Copper World Project.
Hudbay announced the closing of a significant $600 million strategic investment from Mitsubishi Corporation on January 12, 2026, for a 30% joint venture interest in its Copper World project. This transaction substantially strengthened Hudbay's financial liquidity, increasing pro-forma cash and cash equivalents to approximately $992 million as of December 31, 2025, and boosting total pro-forma liquidity to over $1.4 billion. This enhanced financial flexibility is crucial for advancing the Copper World project, a key growth initiative for the company.
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1. Hudbay Achieved 2025 Consolidated Production Guidance and Showed Strong Q4 Performance.
On January 16, 2026, Hudbay Minerals announced preliminary production results for the fourth quarter and full year 2025, confirming that the company successfully met its consolidated copper and gold production guidance for the year. This achievement demonstrated operational resilience, especially in Peru, where the efficient mining of the high-grade Pampacancha satellite deposit led to gold production exceeding the top end of the 2025 guidance range.
2. Strategic $600 Million Investment Bolstered Financial Position for Copper World Project.
Hudbay announced the closing of a significant $600 million strategic investment from Mitsubishi Corporation on January 12, 2026, for a 30% joint venture interest in its Copper World project. This transaction substantially strengthened Hudbay's financial liquidity, increasing pro-forma cash and cash equivalents to approximately $992 million as of December 31, 2025, and boosting total pro-forma liquidity to over $1.4 billion. This enhanced financial flexibility is crucial for advancing the Copper World project, a key growth initiative for the company.
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Stock Movement Drivers
Fundamental Drivers
The 61.9% change in HBM stock from 10/31/2025 to 2/9/2026 was primarily driven by a 70.5% change in the company's Net Income Margin (%).| (LTM values as of) | 10312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 16.00 | 25.91 | 61.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,202 | 2,063 | -6.3% |
| Net Income Margin (%) | 13.1% | 22.4% | 70.5% |
| P/E Multiple | 21.9 | 22.2 | 1.5% |
| Shares Outstanding (Mil) | 395 | 396 | -0.2% |
| Cumulative Contribution | 61.9% |
Market Drivers
10/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| HBM | 61.9% | |
| Market (SPY) | 1.7% | 36.3% |
| Sector (XLB) | 21.8% | 49.7% |
Fundamental Drivers
The 179.7% change in HBM stock from 7/31/2025 to 2/9/2026 was primarily driven by a 202.3% change in the company's Net Income Margin (%).| (LTM values as of) | 7312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 9.26 | 25.91 | 179.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,091 | 2,063 | -1.3% |
| Net Income Margin (%) | 7.4% | 22.4% | 202.3% |
| P/E Multiple | 23.6 | 22.2 | -6.0% |
| Shares Outstanding (Mil) | 395 | 396 | -0.2% |
| Cumulative Contribution | 179.7% |
Market Drivers
7/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| HBM | 179.7% | |
| Market (SPY) | 10.1% | 36.3% |
| Sector (XLB) | 19.5% | 45.6% |
Fundamental Drivers
The 213.9% change in HBM stock from 1/31/2025 to 2/9/2026 was primarily driven by a 428.9% change in the company's Net Income Margin (%).| (LTM values as of) | 1312025 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 8.25 | 25.91 | 213.9% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 2,038 | 2,063 | 1.2% |
| Net Income Margin (%) | 4.2% | 22.4% | 428.9% |
| P/E Multiple | 37.7 | 22.2 | -41.0% |
| Shares Outstanding (Mil) | 394 | 396 | -0.5% |
| Cumulative Contribution | 213.9% |
Market Drivers
1/31/2025 to 2/9/2026| Return | Correlation | |
|---|---|---|
| HBM | 213.9% | |
| Market (SPY) | 16.3% | 50.7% |
| Sector (XLB) | 19.3% | 55.6% |
Fundamental Drivers
The 349.8% change in HBM stock from 1/31/2023 to 2/9/2026 was primarily driven by a 352.8% change in the company's Net Income Margin (%).| (LTM values as of) | 1312023 | 2092026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.76 | 25.91 | 349.8% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 1,565 | 2,063 | 31.8% |
| Net Income Margin (%) | 4.9% | 22.4% | 352.8% |
| P/E Multiple | 19.5 | 22.2 | 13.9% |
| Shares Outstanding (Mil) | 262 | 396 | -33.8% |
| Cumulative Contribution | 349.8% |
Market Drivers
1/31/2023 to 2/9/2026| Return | Correlation | |
|---|---|---|
| HBM | 349.8% | |
| Market (SPY) | 77.1% | 46.5% |
| Sector (XLB) | 30.1% | 57.0% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| HBM Return | 4% | -30% | 9% | 47% | 146% | 25% | 258% |
| Peers Return | 55% | 6% | 12% | -4% | 64% | 30% | 277% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 1% | 85% |
Monthly Win Rates [3] | |||||||
| HBM Win Rate | 58% | 25% | 50% | 50% | 75% | 100% | |
| Peers Win Rate | 55% | 55% | 55% | 43% | 67% | 100% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| HBM Max Drawdown | -24% | -56% | -19% | -8% | -25% | 0% | |
| Peers Max Drawdown | -4% | -26% | -15% | -16% | -19% | 0% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -1% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: FCX, TECK, SCCO, GOLD, NEM.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 2/9/2026 (YTD)
How Low Can It Go
| Event | HBM | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -65.6% | -25.4% |
| % Gain to Breakeven | 190.3% | 34.1% |
| Time to Breakeven | 670 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -67.2% | -33.9% |
| % Gain to Breakeven | 205.1% | 51.3% |
| Time to Breakeven | 147 days | 148 days |
| 2018 Correction | ||
| % Loss | -70.0% | -19.8% |
| % Gain to Breakeven | 233.9% | 24.7% |
| Time to Breakeven | 1,722 days | 120 days |
| 2008 Global Financial Crisis | ||
| % Loss | -46.3% | -56.8% |
| % Gain to Breakeven | 86.1% | 131.3% |
| Time to Breakeven | 43 days | 1,480 days |
Compare to FCX, TECK, SCCO, GOLD, NEM
In The Past
Hudbay Minerals's stock fell -65.6% during the 2022 Inflation Shock from a high on 5/11/2021. A -65.6% loss requires a 190.3% gain to breakeven.
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About Hudbay Minerals (HBM)
Hudbay Minerals Inc., a diversified mining company, together with its subsidiaries, focuses on the discovery, production, and marketing of base and precious metals in North and South America. It produces copper concentrates containing copper, gold, and silver; silver/gold doré; molybdenum concentrates; and zinc metals. The company owns three polymetallic mines, four ore concentrators, and a zinc production facility in northern Manitoba and Saskatchewan, Canada, as well as in Cusco, Peru; and copper projects in Arizona and Nevada, the United States. HudBay Minerals Inc. was founded in 1927 and is headquartered in Toronto, Canada.
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A smaller, Americas-focused Freeport-McMoRan.
The copper-focused version of a major gold miner like Barrick Gold.
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- Copper: A highly conductive base metal essential for electrical wiring, construction, and industrial applications.
- Zinc: A base metal primarily used for galvanizing steel to prevent corrosion, and in various alloys.
- Gold: A precious metal valued for its use in jewelry, investment, and as a component in electronics.
- Silver: A precious metal utilized in jewelry, investment, industrial applications, and photography due to its high conductivity.
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Hudbay Minerals (HBM) Major Customers
Hudbay Minerals (HBM) is a mining company that extracts and processes various base and precious metals. As such, it sells its products primarily to other companies in the industrial supply chain, rather than directly to individual consumers. Hudbay Minerals does not publicly disclose the names of its specific major customer companies. This is a common practice for producers of commodities like mineral concentrates and doré, due to the competitive nature of the market and the often diversified customer base. Their sales are typically made through a combination of long-term contracts and spot sales to a variety of industrial buyers globally. Based on their public filings, Hudbay's customers primarily fall into the following categories: * **Smelters:** These companies purchase Hudbay's copper concentrates and zinc concentrates for further processing to extract the refined metals. Smelters are located across various regions, including Asia, Europe, and North America. * **Precious Metal Refiners:** These companies purchase Hudbay's doré (a gold and silver alloy) for refining into pure gold and silver. * **Commodity Traders:** These firms act as intermediaries, buying concentrates and other products from Hudbay and then selling them to smelters or other industrial end-users.AI Analysis | Feedback
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Peter Kukielski President and Chief Executive Officer
- Has over 30 years of extensive global experience within the base metals, precious metals and bulk materials sectors.
- Previously served as President and Chief Executive Officer of Nevsun Resources Ltd. from May 2017 until its acquisition in December 2018.
- From 2013 to 2017, he was Chief Executive Officer of Anemka Resources, a private company backed by Warburg Pincus, formed to invest in global mining assets.
Eugene Lei Chief Financial Officer
- Appointed Chief Financial Officer in October 2022, providing strategic financial and capital markets leadership.
- Has over 20 years of global mining investment banking, finance and corporate development experience.
- Prior to joining Hudbay in 2012, he was Managing Director, Mining at Macquarie Capital Markets, acting as an advisor on numerous global mining transactions and structuring equity and debt capital markets financings.
Andre Lauzon Chief Operating Officer
- Appointed Chief Operating Officer in January 2022, leading Hudbay's international operating teams and responsible for business development, technical services, exploration and corporate social responsibility.
Robert Carter Senior Vice President, Canada
- Appointed Senior Vice President, Canada as of June 2025.
- As leader of the Canadian operations, he is responsible for the strategic oversight of Hudbay's business activities in Manitoba and British Columbia.
- He has over 25 years of mining industry experience in technical, operational and senior leadership roles, with the majority of those years at Hudbay.
Mark Gupta Senior Vice President, Corporate Development and Strategy
- Joined Hudbay in 2014 and was appointed Senior Vice President, Corporate Development and Strategy in 2025.
- In this role, he is responsible for optimizing Hudbay's portfolio of assets through acquisitions, divestitures, investments and partnerships, as well as leading the company's corporate strategy function.
- He has over 15 years of experience in the mining industry across investment banking, corporate development, capital planning and operations strategy.
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The key risks for Hudbay Minerals (HBM) are:
- Commodity Price Volatility: As a copper-focused critical minerals company, Hudbay Minerals is significantly exposed to fluctuations in commodity prices, particularly for copper and gold. Such volatility can directly impact the company's revenue and overall financial performance.
- Execution and Cost Overruns at Major Projects: The company faces risks associated with the execution of its large-scale copper projects, such as Copper World. The potential for cost overruns and delays in permitting or project development could have a substantial and long-term negative impact on the business.
- Geopolitical Factors and Operational Disruptions: Hudbay Minerals operates in various regions, including Canada, Peru, and the United States. Geopolitical factors in these operating regions, along with potential operational disruptions such as natural disasters (e.g., wildfires) or other unforeseen interruptions, can affect production levels and increase operating costs.
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```html- Increased stringency and enforcement of Environmental, Social, and Governance (ESG) standards and the necessity of maintaining a strong Social License to Operate (SLO). Failure to meet rapidly evolving expectations from investors, regulators, and local communities regarding environmental stewardship (e.g., carbon footprint, water management, biodiversity impact), social responsibility (e.g., Indigenous relations, labor practices, community consent), and corporate governance can lead to significant project delays or cancellations, increased financing costs, difficulty in securing permits, and even loss of market access. This fundamentally threatens the traditional mining model by elevating non-financial risks to critical project viability.
- Accelerated advancements and adoption of metal recycling and "urban mining" technologies. As processes for efficiently and economically recovering valuable metals from electronic waste, industrial scrap, and other end-of-life products improve and gain scale, this growing supply of "secondary" metals could increasingly compete with and potentially reduce the long-term demand for newly mined "primary" metals. This shift towards a more circular economy could exert downward pressure on commodity prices and challenge the economic viability of future mining projects.
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Hudbay Minerals' main products and their estimated global addressable market sizes are as follows:
- Copper: The global copper market size was estimated at USD 241.88 billion in 2024. Other estimates for the global copper market size in 2024 include USD 333.15 billion and USD 362.28 billion. The market is projected to reach USD 339.95 billion by 2030, USD 548.20 billion by 2034, or USD 59.51 billion by 2034.
- Gold: The global gold market was valued at USD 291.68 billion in 2024. It is projected to reach USD 400 billion by the end of 2030 or USD 457.91 billion by 2032.
- Zinc: The global zinc market was estimated at USD 36.26 billion in 2024. Other estimates for the global zinc market size in 2024 include USD 27.2 billion and USD 23.36 billion. The market is projected to reach USD 54.11 billion by 2032, USD 48.51 billion by 2032, or USD 42.46 billion by 2035.
- Silver: The global silver market size was valued at USD 87.12 billion in 2024. Another estimate for the global silver market in 2024 is USD 22.50 billion. It is projected to grow to USD 202.07 billion by 2033 or USD 34.94 billion by 2034.
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Expected Drivers of Future Revenue Growth for Hudbay Minerals (HBM)
- Increased Copper Production from Existing Operations: Hudbay Minerals anticipates a significant increase in consolidated copper production over the next three years, with an expected average of 153,000 tonnes per year, representing a 16% increase from 2023. This growth is primarily driven by stable operations at its three long-life mines in the Americas. Specifically, the company expects average annual copper production of 44,000 tonnes from Copper Mountain over the next three years, including a substantial 60,000 tonnes in 2027, marking a 127% increase from 2024, partly due to full ownership and optimization efforts at the mine. The Constancia operations are also expected to average approximately 88,000 tonnes of copper annually over the next three years.
- Continued Strong Gold Production: The company forecasts average annual consolidated gold production of 272,500 ounces over the next three years, reflecting robust production in Manitoba and contributions from high-grade gold zones at Pampacancha in Peru. Annual gold production from Snow Lake is expected to average over 193,000 ounces over the next three years. The high-grade Pampacancha satellite deposit is expected to contribute to higher copper and gold production until the third quarter of 2025.
- Advancement of the Copper World Project: The Copper World project in Arizona is identified as a significant long-term growth driver. Hudbay continues to de-risk this project, with remaining state-level permits expected in 2024, and a construction sanctioning decision anticipated in 2026. Once in production, Copper World is expected to increase Hudbay's consolidated copper production by more than 50% from current levels.
- Mill Improvement Projects and Operational Efficiencies: Hudbay is implementing brownfield mill improvement projects in British Columbia and Peru, which are expected to increase mill throughput levels starting in 2026. At Constancia, engineering studies for the construction of a pebble crusher are advancing, commencing in late 2025, which is expected to further increase throughput levels starting in the second half of 2026. These efforts, along with continuous operational improvement and cost control across business units, are anticipated to enhance production and margins.
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Share Repurchases
- Hudbay Minerals received approval for a Normal Course Issuer Bid (NCIB) to repurchase up to 19,751,983 shares, representing 5% of its outstanding shares, over a 12-month period from May 30, 2025, to May 29, 2026.
- This NCIB marks the company's first-time share buyback program in recent years, driven by management's belief that the market price of its shares may not fully reflect their intrinsic value.
- The share repurchases will be funded through the company's cash and cash equivalents, along with cash flow generated from operations.
Share Issuance
- Hudbay completed an equity offering that contributed to a significant reduction in its net debt during 2024.
- The company reported equity issuance, net of share issuance costs, of $386.2 million for the six months ended June 30, 2024.
- For the six months ended June 30, 2025, share issuance, net of costs, amounted to $4.2 million.
Inbound Investments
- Mitsubishi Corporation agreed to a strategic investment of $600 million for a 30% interest in Copper World LLC, which owns the fully-permitted Copper World project in Arizona.
- The $600 million investment includes an initial cash payment of $420 million for the equity interest at closing and a subsequent $180 million matching contribution within 18 months.
- This partnership significantly reduces Hudbay's estimated remaining capital contributions for the Copper World project to approximately $200 million and defers Hudbay's first capital contribution until at least 2028.
Outbound Investments
- Hudbay completed the buyout of the remaining 25% interest in the Copper Mountain asset in March 2025, taking full control of its operations to optimize and ramp up production.
Capital Expenditures
- Hudbay projects total capital expenditures of $580 million for 2025, with a primary focus on the Copper World project and other growth initiatives. This includes $365 million for sustaining capital and $215 million for growth capital.
- Key growth capital projects for 2025 include $75 million for mill upgrades in British Columbia, $25 million for mill throughput improvements in Peru, and $110 million for Copper World feasibility studies and de-risking activities in Arizona.
- In 2024, total sustaining capital expenditures were $293.1 million, with growth capital expenditures for Peru and Manitoba totaling $7.8 million.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 63.88 |
| Mkt Cap | 59.8 |
| Rev LTM | 14,007 |
| Op Inc LTM | 3,721 |
| FCF LTM | 971 |
| FCF 3Y Avg | 824 |
| CFO LTM | 3,063 |
| CFO 3Y Avg | 3,393 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 19.6% |
| Rev Chg 3Y Avg | 9.5% |
| Rev Chg Q | 16.8% |
| QoQ Delta Rev Chg LTM | 4.1% |
| Op Mgn LTM | 25.6% |
| Op Mgn 3Y Avg | 21.6% |
| QoQ Delta Op Mgn LTM | 0.2% |
| CFO/Rev LTM | 30.1% |
| CFO/Rev 3Y Avg | 28.3% |
| FCF/Rev LTM | 10.8% |
| FCF/Rev 3Y Avg | 8.5% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 59.8 |
| P/S | 4.2 |
| P/EBIT | 14.0 |
| P/E | 33.3 |
| P/CFO | 14.4 |
| Total Yield | 4.1% |
| Dividend Yield | 0.9% |
| FCF Yield 3Y Avg | 3.5% |
| D/E | 0.1 |
| Net D/E | 0.1 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | 18.4% |
| 3M Rtn | 51.6% |
| 6M Rtn | 99.4% |
| 12M Rtn | 125.5% |
| 3Y Rtn | 156.9% |
| 1M Excs Rtn | 19.4% |
| 3M Excs Rtn | 54.7% |
| 6M Excs Rtn | 84.1% |
| 12M Excs Rtn | 114.6% |
| 3Y Excs Rtn | 49.3% |
Segment Financials
Revenue by Segment| $ Mil | 2024 | 2023 | 2022 | 2021 | 2020 |
|---|---|---|---|---|---|
| Copper | 1,066 | 838 | 873 | 564 | 786 |
| Gold | 463 | 325 | 247 | 181 | 120 |
| Molybdenum | 79 | 55 | 37 | 26 | 31 |
| Zinc | 77 | 223 | 301 | 264 | 285 |
| Amortization of deferred revenue - gold | 40 | 36 | 38 | 28 | 32 |
| Silver | 36 | 25 | 27 | 26 | 29 |
| Amortization of deferred revenue - silver | 33 | 36 | 34 | 39 | 60 |
| Pricing and volume adjustments | 6 | -14 | -9 | 9 | -12 |
| Amortization of deferred revenue - variable consideration adjustments - prior periods | 5 | 1 | 2 | 7 | -16 |
| Other | 0 | 5 | 7 | 6 | 5 |
| Treatment and refining charges | -114 | -69 | -55 | -57 | -83 |
| Total | 1,690 | 1,461 | 1,502 | 1,092 | 1,237 |
Price Behavior
Price Behavior
| Market Price | $25.91 | |
| Market Cap ($ Bil) | 10.3 | |
| First Trading Date | 01/07/2009 | |
| Distance from 52W High | -4.3% | |
| 50 Days | 200 Days | |
| DMA Price | $21.21 | $14.19 |
| DMA Trend | up | up |
| Distance from DMA | 22.2% | 82.6% |
| 3M | 1YR | |
| Volatility | 58.0% | 56.6% |
| Downside Capture | 122.84 | 114.42 |
| Upside Capture | 354.42 | 200.56 |
| Correlation (SPY) | 33.2% | 50.6% |
HBM Betas & Captures as of 1/31/2026
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | -1.59 | -0.48 | 1.62 | 1.65 | 1.47 | 1.54 |
| Up Beta | -3.37 | -1.00 | 1.31 | 1.07 | 1.43 | 1.30 |
| Down Beta | -5.30 | -3.64 | 0.07 | 0.47 | 1.43 | 1.63 |
| Up Capture | 394% | 384% | 462% | 581% | 366% | 804% |
| Bmk +ve Days | 11 | 22 | 34 | 71 | 142 | 430 |
| Stock +ve Days | 12 | 25 | 36 | 73 | 141 | 390 |
| Down Capture | 34% | -16% | 141% | 124% | 107% | 109% |
| Bmk -ve Days | 9 | 19 | 27 | 54 | 109 | 321 |
| Stock -ve Days | 8 | 16 | 25 | 52 | 109 | 348 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBM | |
|---|---|---|---|---|
| HBM | 190.6% | 56.5% | 2.09 | - |
| Sector ETF (XLB) | 18.6% | 20.8% | 0.72 | 55.7% |
| Equity (SPY) | 15.5% | 19.4% | 0.62 | 50.5% |
| Gold (GLD) | 78.8% | 24.9% | 2.30 | 45.2% |
| Commodities (DBC) | 9.9% | 16.6% | 0.40 | 39.6% |
| Real Estate (VNQ) | 4.8% | 16.5% | 0.11 | 26.0% |
| Bitcoin (BTCUSD) | -27.0% | 44.8% | -0.57 | 34.3% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBM | |
|---|---|---|---|---|
| HBM | 34.7% | 55.5% | 0.75 | - |
| Sector ETF (XLB) | 9.6% | 18.9% | 0.40 | 60.4% |
| Equity (SPY) | 14.2% | 17.0% | 0.67 | 47.1% |
| Gold (GLD) | 22.3% | 16.9% | 1.07 | 40.2% |
| Commodities (DBC) | 11.6% | 18.9% | 0.49 | 43.5% |
| Real Estate (VNQ) | 5.0% | 18.8% | 0.17 | 33.4% |
| Bitcoin (BTCUSD) | 14.7% | 58.0% | 0.47 | 25.5% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with HBM | |
|---|---|---|---|---|
| HBM | 29.9% | 60.8% | 0.69 | - |
| Sector ETF (XLB) | 12.5% | 20.7% | 0.54 | 56.7% |
| Equity (SPY) | 15.5% | 17.9% | 0.74 | 47.0% |
| Gold (GLD) | 15.8% | 15.5% | 0.85 | 26.1% |
| Commodities (DBC) | 8.3% | 17.6% | 0.39 | 44.1% |
| Real Estate (VNQ) | 6.0% | 20.7% | 0.25 | 31.5% |
| Bitcoin (BTCUSD) | 69.0% | 66.8% | 1.08 | 15.8% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Returns Analyses
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 09/30/2025 | 11/13/2025 | 6-K |
| 06/30/2025 | 08/14/2025 | 6-K |
| 03/31/2025 | 05/13/2025 | 6-K |
| 12/31/2024 | 03/27/2025 | 40-F |
| 09/30/2024 | 11/14/2024 | 6-K |
| 06/30/2024 | 08/13/2024 | 6-K |
| 03/31/2024 | 05/14/2024 | 6-K |
| 12/31/2023 | 03/28/2024 | 40-F |
| 09/30/2023 | 11/09/2023 | 6-K |
| 06/30/2023 | 08/09/2023 | 6-K |
| 03/31/2023 | 05/09/2023 | 6-K |
| 12/31/2022 | 03/31/2023 | 40-F |
| 09/30/2022 | 11/03/2022 | 6-K |
| 06/30/2022 | 08/09/2022 | 6-K |
| 03/31/2022 | 05/10/2022 | 6-K |
| 12/31/2021 | 03/29/2022 | 40-F |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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