HBM vs SCCO: Which Is the Better Buy in 2026?

Same yardstick, side by side (as of August 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.

Reading it: HBM is the cheaper of the two on forward earnings, but cheaper is not the same as better. Pair the valuation with growth (how far the forward P/E sits below the trailing P/E) and risk (beta) before you decide.

The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. HBM and SCCO share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.

This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined HBM and SCCO exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.

Hudbay Minerals (NYSE and TSX: HBM) is a Canada-based critical minerals company focused primarily on copper, complemented by meaningful gold plus by-product zinc, silver and molybdenum. Its operating base consists of three long-life mines: the Constancia mine in Cusco, Peru, the Snow Lake operations in Manitoba, Canada, and the Copper Mountain mine in British Columbia, Canada, which it acquired in 2023. The company also holds a growth pipeline that includes the Copper World project in Arizona, the Mason project in Nevada, the Llaguen project in Peru, and expansion and exploration opportunities near its existing mines.

Full HBM guide

Southern Copper (SCCO) is one of the largest integrated copper producers in the world, with operations concentrated in Peru and Mexico. The company mines, smelts, and refines copper and produces meaningful byproduct volumes of molybdenum, zinc, silver, and other metals, which help offset costs. Southern Copper is known for very large, long-life ore reserves and among the lowest cash costs in the industry, a structural advantage that lets it stay profitable across much of the commodity cycle. It is majority owned by Grupo Mexico, a large Mexican mining and infrastructure conglomerate, which influences capital allocation and strategy. The investment case is closely tied to the price of copper, a metal central to electrification, electric vehicles, renewable power, grid buildout, and construction. Southern Copper pursues a pipeline of expansion and greenfield projects to grow output over time, though large mining projects carry permitting, environmental, and social-license risk, particularly in Peru. Headquartered in Phoenix, Arizona, with primary operations in Latin America, SCCO is a high-dividend, commodity-leveraged miner whose results rise and fall with copper prices.

Full SCCO guide

Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.

• HBM drivers: Copper price leverage; Production growth pipeline.
• SCCO drivers: Low-cost, long-life reserves; Leverage to the copper demand thesis.

A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: Hudbay is highly exposed to copper price volatility, and a downturn in the copper cycle would compress margins quickly given its copper concentration. For SCCO, southern Copper's earnings and dividend swing with the price of copper, a volatile commodity sensitive to global growth, China demand, and the dollar, so a copper downturn hits results directly.

Growth-minded investors who believe the theme has years to run tend to accept the richer multiple for more upside; value-minded investors lean toward the cheaper forward earnings and steadier profile. Pick HBM if you believe its drivers more; SCCO if you believe its. Many investors hold both, but since they share themes, that is a concentrated bet, not diversification. Decide deliberately and check overlap. For the full detail, see the HBM and SCCO guides.

HBM. As of July 2026 Hudbay is trading as a profitable mid-tier producer after a record first quarter, with revenue, adjusted EBITDA and adjusted net earnings all reaching quarterly highs. Its valuation and earnings are unusually sensitive to the copper price because copper is the dominant revenue driver, so trailing figures can shift quickly with the metal cycle. These are approximate values referenced to July 2026 and should be checked against the latest filings.

SCCO. Southern Copper's valuation moves with the copper price and the commodity cycle, and its dividend can vary with earnings rather than being fixed. The market often awards it a premium to peers for its low costs and long-life reserves, while applying a discount for political and concentration risk in Peru and Mexico and the Grupo Mexico ownership structure. Figures are approximate and move with copper prices and results; verify current revenue, P/E, and yield.

Headline figures (approximate, July 2026): HBM shows q1 2026 revenue ~$757M (record), revenue (ttm) ~$2.7B, q1 2026 adjusted ebitda ~$422M (record), q1 2026 net income ~$192M; SCCO shows revenue (ttm) ~$11 billion-plus, varies with copper price (verify), profitability Profitable; margins swing with copper prices, cash cost position Among the lowest in the copper industry, p/e (ttm) ~20x to ~30x, varies with cycle (verify).

HBM and SCCO are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined HBM and SCCO exposure against your real portfolio. It is not an investment adviser.