CMC vs STLD: Correlation
Commercial Metals Company (CMC) and Steel Dynamics (STLD) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CMC and STLD?
Over the past 3 years, CMC and STLD moved with a correlation of 0.75, which is strong. Recent behaviour matches the longer record: 0.78 over 1 year against 0.75 over 3. Over 5 years the correlation is 0.75, and the annualized covariance of weekly returns is 860.3 %².
STLD is one of the assets that tracks CMC most closely: it ranks #2 out of the 19 assets we track against CMC. Their recent paths diverged sharply: over the last 12 months STLD outperformed by 57.8 percentage points (+22.0% for CMC against +79.8% for STLD).
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 STLD: side by side
| CMC (Commercial Metals Company) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +22.0% | +79.8% |
| 5-year return | +119.5% | +262.0% |
| Volatility (ann.) | 33.3% | 34.5% |
| Beta vs S&P 500 | 1.26 | 1.13 |
| Max drawdown (3Y) | -37.6% | -28.7% |
| Market cap | – | $33.8B |
| P/E (trailing) | 12.9 | 21.4 |
| Dividend yield | 1.08% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | CMC | STLD |
|---|---|---|
| 2022 | +35.0% | +60.1% |
| 2023 | +5.0% | +22.8% |
| 2024 | +0.4% | -2.0% |
| 2025 | +41.5% | +50.7% |
| 2026 | +0.2% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CMC and STLD good diversifiers for each other?
To a limited degree. At 0.75 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 STLD?
As of 2026-08-27, the correlation of weekly returns between CMC and STLD is 0.75 over 3 years, 0.78 over 1 year and 0.75 over 5 years.
Is STLD a good diversifier for CMC?
To a limited degree. At 0.75 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 0.75 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cmc-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cmc-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CMC correlations · STLD correlations
