Correlation Between HudBay Minerals and EQB

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Can any of the company-specific risk be diversified away by investing in both HudBay Minerals and EQB at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining HudBay Minerals and EQB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HudBay Minerals and EQB Inc, you can compare the effects of market volatilities on HudBay Minerals and EQB and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in HudBay Minerals with a short position of EQB. Check out your portfolio center. Please also check ongoing floating volatility patterns of HudBay Minerals and EQB.

Diversification Opportunities for HudBay Minerals and EQB

-0.69
  Correlation Coefficient
 EQB

Excellent diversification

The 3 months correlation between HudBay and EQB is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding HudBay Minerals and EQB Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EQB Inc and HudBay Minerals is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on HudBay Minerals are associated (or correlated) with EQB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EQB Inc has no effect on the direction of HudBay Minerals i.e., HudBay Minerals and EQB go up and down completely randomly.

Pair Corralation between HudBay Minerals and EQB

Assuming the 90 days trading horizon HudBay Minerals is expected to generate 3.42 times more return on investment than EQB. However, HudBay Minerals is 3.42 times more volatile than EQB Inc. It trades about -0.04 of its potential returns per unit of risk. EQB Inc is currently generating about -0.24 per unit of risk. If you would invest  2,306  in HudBay Minerals on August 19, 2025 and sell it today you would lose (94.00) from holding HudBay Minerals or give up 4.08% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

HudBay Minerals  vs.  EQB Inc

 Performance 
       Timeline  
HudBay Minerals 

Risk-Adjusted Performance

Solid

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in HudBay Minerals are ranked lower than 17 (%) of all global equities and portfolios over the last 90 days. In spite of very unfluctuating primary indicators, HudBay Minerals displayed solid returns over the last few months and may actually be approaching a breakup point.
EQB Inc 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days EQB Inc has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's fundamental drivers remain very healthy which may send shares a bit higher in December 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

HudBay Minerals and EQB Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with HudBay Minerals and EQB

The main advantage of trading using opposite HudBay Minerals and EQB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HudBay Minerals position performs unexpectedly, EQB can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in EQB will offset losses from the drop in EQB's long position.
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The idea behind HudBay Minerals and EQB Inc pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Bonds Directory module to find actively traded corporate debentures issued by US companies.

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