CLF vs NUE: Correlation
Cleveland-Cliffs Inc. (CLF) and Nucor (NUE) show a strong relationship: their 3-year correlation of weekly returns is 0.68.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and NUE?
Across a 3-year window, the weekly returns of CLF and NUE correlate at 0.68, strong. Lately the two have drifted apart, with the 1-year correlation at 0.55 versus 0.68 over 3 years. Stretching to 5 years gives 0.73, with an annualized covariance of 1402.5 %².
In CLF's tracked universe of 11 assets, NUE sits right near the top at #1. Correlation aside, the last 12 months split them widely, with NUE ahead by 60.5 points (+9.6% versus +70.1%). One caveat on sizing: CLF is 1.9 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 NUE: side by side
| CLF (Cleveland-Cliffs Inc.) | NUE (Nucor) | |
|---|---|---|
| 1-year return | +9.6% | +70.1% |
| 5-year return | -50.7% | +124.6% |
| Volatility (ann.) | 61.7% | 33.3% |
| Beta vs S&P 500 | 1.74 | 1.08 |
| Max drawdown (3Y) | -74.5% | -47.8% |
| Market cap | $6.7B | $57.3B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 0.00% | 0.88% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | CLF | NUE |
|---|---|---|
| 2022 | -26.0% | +17.4% |
| 2023 | +26.8% | +33.8% |
| 2024 | -54.0% | -32.0% |
| 2025 | +41.3% | +42.0% |
| 2026 | -10.9% | +55.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and NUE good diversifiers for each other?
Only partially. A correlation of 0.68 means CLF and NUE 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 CLF and NUE?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.55 over the last year and 0.73 over 5 years.
Is NUE a good diversifier for CLF?
Only partially. A correlation of 0.68 means CLF and NUE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.68 mean?
On the −1 to +1 scale, 0.68 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-nue.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clf-vs-nue/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLF correlations · NUE correlations
