CMC vs GGB: Correlation
Commercial Metals Company (CMC) and Gerdau S.A. (GGB) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and GGB?
Across a 3-year window, the weekly returns of CMC and GGB correlate at 0.56, moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.56 over 3. Stretching to 5 years gives 0.52, with an annualized covariance of 653.9 %².
Among the 19 assets we track against CMC, GGB ranks #10 by 3-year correlation. The last year tells two different stories: GGB led by 35.2 percentage points, +22.0% for CMC against +57.2% for GGB.
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.
CMC vs GGB: side by side
| CMC (Commercial Metals Company) | GGB (Gerdau S.A.) | |
|---|---|---|
| 1-year return | +22.0% | +57.2% |
| 5-year return | +119.5% | +55.7% |
| Volatility (ann.) | 33.3% | 34.9% |
| Beta vs S&P 500 | 1.26 | 1.02 |
| Max drawdown (3Y) | -37.6% | -44.2% |
| Market cap | – | $9.2B |
| P/E (trailing) | 12.9 | 21.4 |
| Dividend yield | 1.08% | 17.71% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CMC | GGB |
|---|---|---|
| 2022 | +35.0% | +28.4% |
| 2023 | +5.0% | -1.9% |
| 2024 | +0.4% | -25.9% |
| 2025 | +41.5% | +30.9% |
| 2026 | +0.2% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and GGB good diversifiers for each other?
To a limited degree. At 0.56 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 CMC and GGB?
The CMC/GGB correlation stands at 0.56 on a 3-year window (1 year: 0.57, 5 years: 0.52), computed from weekly returns as of 2026-08-27.
Is GGB a good diversifier for CMC?
To a limited degree. At 0.56 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 0.56 mean?
On the −1 to +1 scale, 0.56 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/cmc-vs-ggb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cmc-vs-ggb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CMC correlations · GGB correlations
