CLF vs MTUS: Correlation
Measured on weekly returns over the past three years, Cleveland-Cliffs Inc. (CLF) and Metallus Inc. (MTUS) 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 CLF and MTUS?
Over the past 3 years, CLF and MTUS moved with a correlation of 0.50, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.35 versus 0.50 over 3 years. Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 1243.6 %².
Among the 11 assets we track against CLF, MTUS ranks #5 by 3-year correlation. Over the last 12 months MTUS came out ahead by 10.6 percentage points (+9.6% against +20.2%). One caveat on sizing: CLF is 1.5 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.
CLF vs MTUS: side by side
| CLF (Cleveland-Cliffs Inc.) | MTUS (Metallus Inc.) | |
|---|---|---|
| 1-year return | +9.6% | +20.2% |
| 5-year return | -50.7% | +40.6% |
| Volatility (ann.) | 61.7% | 40.3% |
| Beta vs S&P 500 | 1.74 | 1.20 |
| Max drawdown (3Y) | -74.5% | -52.7% |
| Market cap | $6.7B | $0.8B |
| P/E (trailing) | – | 99.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CLF | MTUS |
|---|---|---|
| 2022 | -26.0% | +10.1% |
| 2023 | +26.8% | +29.1% |
| 2024 | -54.0% | -39.7% |
| 2025 | +41.3% | +21.4% |
| 2026 | -10.9% | +16.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and MTUS good diversifiers for each other?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CLF and MTUS?
The CLF/MTUS correlation stands at 0.50 on a 3-year window (1 year: 0.35, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MTUS a good diversifier for CLF?
To a limited degree. At 0.50 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/clf-vs-mtus.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/clf-vs-mtus/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CLF correlations · MTUS correlations
