DOW vs NUE: Correlation
Dow Inc. (DOW) and Nucor (NUE) show a moderate relationship: their 3-year correlation of weekly returns is 0.36.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DOW and NUE?
Over the past 3 years, DOW and NUE moved with a correlation of 0.36, which is moderate. The past 12 months show a weaker link (0.18) than the 3-year average (0.36). Over 5 years the correlation is 0.44, and the annualized covariance of weekly returns is 424.3 %².
Within DOW's tracked universe of 32 assets, NUE comes in at #19 by 3-year correlation. The last year tells two different stories: NUE led by 41.1 percentage points, +29.0% for DOW against +70.1% for NUE. The rolling one-year correlation moved between 0.23 and 0.71 over the past three years, a moderate range.
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.
DOW vs NUE: side by side
| DOW (Dow Inc.) | NUE (Nucor) | |
|---|---|---|
| 1-year return | +29.0% | +70.1% |
| 5-year return | -38.4% | +124.6% |
| Volatility (ann.) | 35.2% | 33.3% |
| Beta vs S&P 500 | 0.62 | 1.08 |
| Max drawdown (3Y) | -62.2% | -47.8% |
| Market cap | $21.9B | $57.3B |
| P/E (trailing) | – | 20.1 |
| Dividend yield | 4.62% | 0.88% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | DOW | NUE |
|---|---|---|
| 2022 | -6.6% | +17.4% |
| 2023 | +14.7% | +33.8% |
| 2024 | -22.8% | -32.0% |
| 2025 | -37.4% | +42.0% |
| 2026 | +32.6% | +55.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DOW and NUE good diversifiers for each other?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between DOW and NUE?
As of 2026-08-27, the correlation of weekly returns between DOW and NUE is 0.36 over 3 years, 0.18 over 1 year and 0.44 over 5 years.
Is NUE a good diversifier for DOW?
A fair diversifier. At 0.36, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.36 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/dow-vs-nue.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/dow-vs-nue/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DOW correlations · NUE correlations
