CLF vs STLD: Correlation
Measured on weekly returns over the past three years, Cleveland-Cliffs Inc. (CLF) and Steel Dynamics (STLD) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CLF and STLD?
On 3 years of weekly data the CLF/STLD correlation comes out at 0.63, strong. The relationship has been stable: the 1-year correlation (0.57) sits close to the 3-year figure. The 5-year figure is 0.69, and annualized covariance runs at 1348.2 %².
Few assets follow CLF as closely as STLD, which ranks #2 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with STLD ahead by 70.2 points (+9.6% versus +79.8%). Note the risk asymmetry: CLF runs 1.8 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 STLD: side by side
| CLF (Cleveland-Cliffs Inc.) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +9.6% | +79.8% |
| 5-year return | -50.7% | +262.0% |
| Volatility (ann.) | 61.7% | 34.5% |
| Beta vs S&P 500 | 1.74 | 1.13 |
| Max drawdown (3Y) | -74.5% | -28.7% |
| Market cap | $6.7B | $33.8B |
| P/E (trailing) | – | 21.4 |
| Dividend yield | 0.00% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | CLF | STLD |
|---|---|---|
| 2022 | -26.0% | +60.1% |
| 2023 | +26.8% | +22.8% |
| 2024 | -54.0% | -2.0% |
| 2025 | +41.3% | +50.7% |
| 2026 | -10.9% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CLF and STLD good diversifiers for each other?
To a limited degree. At 0.63 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 STLD?
The CLF/STLD correlation stands at 0.63 on a 3-year window (1 year: 0.57, 5 years: 0.69), computed from weekly returns as of 2026-08-27.
Is STLD a good diversifier for CLF?
To a limited degree. At 0.63 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 0.63 mean?
A reading of 0.63 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-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/clf-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CLF correlations · STLD correlations
