GGB vs LND: Correlation
Measured on weekly returns over the past three years, Gerdau S.A. (GGB) and Brasilagro Brazilian Agric Real Estate Co Sponsored ADR (LND) carry a correlation of 0.34, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and LND?
On 3 years of weekly data the GGB/LND correlation comes out at 0.34, moderate. Recent behaviour matches the longer record: 0.27 over 1 year against 0.34 over 3. The 5-year figure is 0.34, and annualized covariance runs at 245.3 %².
Out of 13 assets tracked against GGB, LND lands near the bottom at #10. The last year tells two different stories: GGB led by 62.3 percentage points, +57.2% for GGB against -5.1% for LND. Risk is not evenly split, since GGB carries 1.7 times the volatility of the other side.
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.
GGB vs LND: side by side
| GGB (Gerdau S.A.) | LND (Brasilagro Brazilian Agric Real Estate Co Sponsored ADR) | |
|---|---|---|
| 1-year return | +57.2% | -5.1% |
| 5-year return | +55.7% | +2.5% |
| Volatility (ann.) | 34.9% | 20.6% |
| Beta vs S&P 500 | 1.02 | 0.07 |
| Max drawdown (3Y) | -44.2% | -32.5% |
| Market cap | $9.2B | – |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | 20.30% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGB | LND |
|---|---|---|
| 2022 | +28.4% | +23.6% |
| 2023 | -1.9% | +3.9% |
| 2024 | -25.9% | -27.2% |
| 2025 | +30.9% | -0.8% |
| 2026 | +30.4% | +3.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and LND good diversifiers for each other?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GGB and LND?
The GGB/LND correlation stands at 0.34 on a 3-year window (1 year: 0.27, 5 years: 0.34), computed from weekly returns as of 2026-08-27.
Is LND a good diversifier for GGB?
A fair diversifier. At 0.34, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.34 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.
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Related comparisons
Hubs: GGB correlations · LND correlations
