CSAN vs GGB: Correlation
Cosan S.A. (CSAN) and Gerdau S.A. (GGB) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSAN and GGB?
On 3 years of weekly data the CSAN/GGB correlation comes out at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.40) sits close to the 3-year figure. The 5-year figure is 0.51, and annualized covariance runs at 733.4 %².
In CSAN's tracked universe of 11 assets, GGB sits right near the top at #3. The last year tells two different stories: GGB led by 89.2 percentage points, -32.0% for CSAN 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.
CSAN vs GGB: side by side
| CSAN (Cosan S.A.) | GGB (Gerdau S.A.) | |
|---|---|---|
| 1-year return | -32.0% | +57.2% |
| 5-year return | -81.8% | +55.7% |
| Volatility (ann.) | 44.6% | 34.9% |
| Beta vs S&P 500 | 0.59 | 1.02 |
| Max drawdown (3Y) | -84.7% | -44.2% |
| Market cap | $2.8B | $9.2B |
| P/E (trailing) | – | 21.4 |
| Dividend yield | 0.00% | 17.71% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSAN | GGB |
|---|---|---|
| 2022 | -14.6% | +28.4% |
| 2023 | +23.2% | -1.9% |
| 2024 | -64.0% | -25.9% |
| 2025 | -27.4% | +30.9% |
| 2026 | -29.4% | +30.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSAN and GGB good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CSAN and GGB?
As of 2026-08-27, the correlation of weekly returns between CSAN and GGB is 0.47 over 3 years, 0.40 over 1 year and 0.51 over 5 years.
Is GGB a good diversifier for CSAN?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 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/csan-vs-ggb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/csan-vs-ggb/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSAN correlations · GGB correlations
