GGB vs MT: Correlation
Measured on weekly returns over the past three years, Gerdau S.A. (GGB) and Arcelor Mittal NY Registry Shares NEW (MT) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and MT?
Across a 3-year window, the weekly returns of GGB and MT correlate at 0.55, moderate. Recent behaviour matches the longer record: 0.64 over 1 year against 0.55 over 3. Stretching to 5 years gives 0.54, with an annualized covariance of 719.8 %².
Few assets follow GGB as closely as MT, which ranks #3 of 13 tracked partners. Their recent paths diverged sharply: over the last 12 months MT outperformed by 73.0 percentage points (+57.2% for GGB against +130.2% for MT).
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 MT: side by side
| GGB (Gerdau S.A.) | MT (Arcelor Mittal NY Registry Shares NEW) | |
|---|---|---|
| 1-year return | +57.2% | +130.2% |
| 5-year return | +55.7% | +134.6% |
| Volatility (ann.) | 34.9% | 37.2% |
| Beta vs S&P 500 | 1.02 | 1.19 |
| Max drawdown (3Y) | -44.2% | -30.8% |
| Market cap | $9.2B | $56.3B |
| P/E (trailing) | 21.4 | 31.4 |
| Dividend yield | 17.71% | 0.81% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGB | MT |
|---|---|---|
| 2022 | +28.4% | -16.4% |
| 2023 | -1.9% | +10.3% |
| 2024 | -25.9% | -16.9% |
| 2025 | +30.9% | +100.1% |
| 2026 | +30.4% | +64.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and MT good diversifiers for each other?
To a limited degree. At 0.55 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 GGB and MT?
The GGB/MT correlation stands at 0.55 on a 3-year window (1 year: 0.64, 5 years: 0.54), computed from weekly returns as of 2026-08-27.
Is MT a good diversifier for GGB?
To a limited degree. At 0.55 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 0.55 mean?
A reading of 0.55 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ggb-vs-mt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ggb-vs-mt/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GGB correlations · MT correlations
