ARCO vs SID: Correlation
Measured on weekly returns over the past three years, Arcos Dorados Holdings Inc. Class A Shares (ARCO) and Companhia Siderurgica Nacional S.A. (SID) carry a correlation of 0.50, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARCO and SID?
Across a 3-year window, the weekly returns of ARCO and SID correlate at 0.50, moderate. The relationship has been stable: the 1-year correlation (0.58) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 755.9 %².
In ARCO's tracked universe of 10 assets, SID sits right near the top at #3. Their recent paths diverged sharply: over the last 12 months ARCO outperformed by 41.7 percentage points (+18.0% for ARCO against -23.7% for SID). One caveat on sizing: SID is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ARCO vs SID: side by side
| ARCO (Arcos Dorados Holdings Inc. Class A Shares) | SID (Companhia Siderurgica Nacional S.A.) | |
|---|---|---|
| 1-year return | +18.0% | -23.7% |
| 5-year return | +59.4% | -77.7% |
| Volatility (ann.) | 30.6% | 49.3% |
| Beta vs S&P 500 | 0.59 | 1.22 |
| Max drawdown (3Y) | -47.9% | -76.0% |
| Market cap | $1.7B | $1.4B |
| P/E (trailing) | 6.5 | – |
| Dividend yield | 3.50% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARCO | SID |
|---|---|---|
| 2022 | +46.3% | -29.7% |
| 2023 | +54.9% | +69.2% |
| 2024 | -41.0% | -59.6% |
| 2025 | +4.1% | +11.1% |
| 2026 | +10.0% | -33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARCO and SID good diversifiers for each other?
Only partially. A correlation of 0.50 means ARCO and SID 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 ARCO and SID?
As of 2026-08-27, the correlation of weekly returns between ARCO and SID is 0.50 over 3 years, 0.58 over 1 year and 0.41 over 5 years.
Is SID a good diversifier for ARCO?
Only partially. A correlation of 0.50 means ARCO and SID share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.50 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/arco-vs-sid.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/arco-vs-sid/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ARCO correlations · SID correlations
