IEX vs STLD: Correlation
Measured on weekly returns over the past three years, IDEX Corporation (IEX) and Steel Dynamics (STLD) 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 IEX and STLD?
Over the past 3 years, IEX and STLD moved with a correlation of 0.59, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.59 over 3 years. Over 5 years the correlation is 0.50, and the annualized covariance of weekly returns is 478.7 %².
Among the 40 assets we track against IEX, STLD ranks #20 by 3-year correlation. Correlation aside, the last 12 months split them widely, with STLD ahead by 36.8 points (+43.0% versus +79.8%). Across three years, the rolling one-year figure varied moderately, from 0.42 to 0.76.
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.
IEX vs STLD: side by side
| IEX (IDEX Corporation) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +43.0% | +79.8% |
| 5-year return | +10.5% | +262.0% |
| Volatility (ann.) | 23.3% | 34.5% |
| Beta vs S&P 500 | 0.89 | 1.13 |
| Max drawdown (3Y) | -34.6% | -28.7% |
| Market cap | $17.2B | $33.8B |
| P/E (trailing) | 33.8 | 21.4 |
| Dividend yield | 1.23% | 0.87% |
| Sector / category | Industrials | Materials |
Year-by-year returns
| Year | IEX | STLD |
|---|---|---|
| 2022 | -2.2% | +60.1% |
| 2023 | -3.8% | +22.8% |
| 2024 | -2.4% | -2.0% |
| 2025 | -13.7% | +50.7% |
| 2026 | +32.9% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IEX and STLD good diversifiers for each other?
To a limited degree. At 0.59 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 IEX and STLD?
Using weekly returns as of 2026-08-27: 0.59 over 3 years, with 0.41 over the last year and 0.50 over 5 years.
Is STLD a good diversifier for IEX?
To a limited degree. At 0.59 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 0.59 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/iex-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iex-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IEX correlations · STLD correlations
