CF vs MLM: Correlation
How closely do CF Industries (CF) and Martin Marietta Materials (MLM) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CF and MLM?
Over the past 3 years, CF and MLM moved with a correlation of -0.23, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.53 versus -0.23 over 3 years. Over 5 years the correlation is -0.02, and the annualized covariance of weekly returns is -178.0 %².
By 3-year correlation, MLM places #43 of the 50 assets tracked against CF. The last year tells two different stories: CF led by 62.4 percentage points, +48.6% for CF against -13.8% for MLM. Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from -0.54 to 0.26.
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.
CF vs MLM: side by side
| CF (CF Industries) | MLM (Martin Marietta Materials) | |
|---|---|---|
| 1-year return | +48.6% | -13.8% |
| 5-year return | +211.5% | +42.4% |
| Volatility (ann.) | 32.8% | 23.9% |
| Beta vs S&P 500 | -0.20 | 0.85 |
| Max drawdown (3Y) | -29.2% | -26.8% |
| Market cap | $19.0B | $37.5B |
| P/E (trailing) | 9.3 | 34.4 |
| Dividend yield | 1.59% | 0.62% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | CF | MLM |
|---|---|---|
| 2022 | +22.3% | -22.7% |
| 2023 | -4.7% | +48.6% |
| 2024 | +10.1% | +4.1% |
| 2025 | -7.2% | +21.3% |
| 2026 | +64.9% | -14.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CF and MLM good diversifiers for each other?
Yes. With a correlation of -0.23, CF and MLM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between CF and MLM?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.53 over the last year and -0.02 over 5 years.
Is MLM a good diversifier for CF?
Yes. With a correlation of -0.23, CF and MLM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.23 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/cf-vs-mlm.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cf-vs-mlm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CF correlations · MLM correlations
