AIT vs STLD: Correlation
How closely do Applied Industrial Technologies, Inc. (AIT) and Steel Dynamics (STLD) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AIT and STLD?
Across a 3-year window, the weekly returns of AIT and STLD correlate at 0.58, moderate. The past 12 months show a weaker link (0.47) than the 3-year average (0.58). Stretching to 5 years gives 0.51, with an annualized covariance of 523.4 %².
By 3-year correlation, STLD places #11 of the 26 assets tracked against AIT. Their recent paths diverged sharply: over the last 12 months STLD outperformed by 52.9 percentage points (+26.9% for AIT against +79.8% for STLD).
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.
AIT vs STLD: side by side
| AIT (Applied Industrial Technologies, Inc.) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +26.9% | +79.8% |
| 5-year return | +291.4% | +262.0% |
| Volatility (ann.) | 26.0% | 34.5% |
| Beta vs S&P 500 | 1.03 | 1.13 |
| Max drawdown (3Y) | -26.4% | -28.7% |
| Market cap | $12.4B | $33.8B |
| P/E (trailing) | 31.2 | 21.4 |
| Dividend yield | 0.57% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | AIT | STLD |
|---|---|---|
| 2022 | +24.2% | +60.1% |
| 2023 | +38.4% | +22.8% |
| 2024 | +39.7% | -2.0% |
| 2025 | +8.0% | +50.7% |
| 2026 | +32.4% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AIT and STLD good diversifiers for each other?
Only partially. A correlation of 0.58 means AIT and STLD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AIT and STLD?
The AIT/STLD correlation stands at 0.58 on a 3-year window (1 year: 0.47, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is STLD a good diversifier for AIT?
Only partially. A correlation of 0.58 means AIT and STLD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.58 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/ait-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ait-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AIT correlations · STLD correlations
