GGB vs SID: Correlation
Measured on weekly returns over the past three years, Gerdau S.A. (GGB) and Companhia Siderurgica Nacional S.A. (SID) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GGB and SID?
Over the past 3 years, GGB and SID moved with a correlation of 0.59, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.59 over 3. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 1016.9 %².
SID is one of the assets that tracks GGB most closely: it ranks #1 out of the 13 assets we track against GGB. Their recent paths diverged sharply: over the last 12 months GGB outperformed by 80.9 percentage points (+57.2% for GGB against -23.7% for SID).
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 SID: side by side
| GGB (Gerdau S.A.) | SID (Companhia Siderurgica Nacional S.A.) | |
|---|---|---|
| 1-year return | +57.2% | -23.7% |
| 5-year return | +55.7% | -77.7% |
| Volatility (ann.) | 34.9% | 49.3% |
| Beta vs S&P 500 | 1.02 | 1.22 |
| Max drawdown (3Y) | -44.2% | -76.0% |
| Market cap | $9.2B | $1.4B |
| P/E (trailing) | 21.4 | – |
| Dividend yield | 17.71% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GGB | SID |
|---|---|---|
| 2022 | +28.4% | -29.7% |
| 2023 | -1.9% | +69.2% |
| 2024 | -25.9% | -59.6% |
| 2025 | +30.9% | +11.1% |
| 2026 | +30.4% | -33.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GGB and SID good diversifiers for each other?
Only partially. A correlation of 0.59 means GGB and SID share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GGB and SID?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.59 over the last year and 0.69 over 5 years.
Is SID a good diversifier for GGB?
Only partially. A correlation of 0.59 means GGB and SID share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 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-sid.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ggb-vs-sid/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: GGB correlations · SID correlations
