CLF vs CMC: Correlation
Measured on weekly returns over the past three years, Cleveland-Cliffs Inc. (CLF) and Commercial Metals Company (CMC) carry a correlation of 0.53, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and CMC?
Over the past 3 years, CLF and CMC moved with a correlation of 0.53, which is moderate. Recent behaviour matches the longer record: 0.52 over 1 year against 0.53 over 3. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 1098.2 %².
In CLF's tracked universe of 11 assets, CMC sits right near the top at #3. Over the last 12 months CMC came out ahead by 12.4 percentage points (+9.6% against +22.0%). Note the risk asymmetry: CLF runs 1.9 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
CLF vs CMC: side by side
| CLF (Cleveland-Cliffs Inc.) | CMC (Commercial Metals Company) | |
|---|---|---|
| 1-year return | +9.6% | +22.0% |
| 5-year return | -50.7% | +119.5% |
| Volatility (ann.) | 61.7% | 33.3% |
| Beta vs S&P 500 | 1.74 | 1.26 |
| Max drawdown (3Y) | -74.5% | -37.6% |
| Market cap | $6.7B | – |
| P/E (trailing) | – | 12.9 |
| Dividend yield | 0.00% | 1.08% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLF | CMC |
|---|---|---|
| 2022 | -26.0% | +35.0% |
| 2023 | +26.8% | +5.0% |
| 2024 | -54.0% | +0.4% |
| 2025 | +41.3% | +41.5% |
| 2026 | -10.9% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and CMC good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CLF and CMC?
As of 2026-08-27, the correlation of weekly returns between CLF and CMC is 0.53 over 3 years, 0.52 over 1 year and 0.58 over 5 years.
Is CMC a good diversifier for CLF?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
A reading of 0.53 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clf-vs-cmc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/clf-vs-cmc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLF correlations · CMC correlations
