KALU vs STLD: Correlation
Measured on weekly returns over the past three years, Kaiser Aluminum Corporation (KALU) and Steel Dynamics (STLD) carry a correlation of 0.61, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KALU and STLD?
On 3 years of weekly data the KALU/STLD correlation comes out at 0.61, strong. Recent behaviour matches the longer record: 0.65 over 1 year against 0.61 over 3. The 5-year figure is 0.61, and annualized covariance runs at 987.9 %².
Among the 17 assets we track against KALU, STLD ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with KALU ahead by 24.0 points (+103.8% versus +79.8%).
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.
KALU vs STLD: side by side
| KALU (Kaiser Aluminum Corporation) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +103.8% | +79.8% |
| 5-year return | +51.7% | +262.0% |
| Volatility (ann.) | 46.6% | 34.5% |
| Beta vs S&P 500 | 1.72 | 1.13 |
| Max drawdown (3Y) | -48.9% | -28.7% |
| Market cap | $2.6B | $33.8B |
| P/E (trailing) | 11.6 | 21.4 |
| Dividend yield | 1.98% | 0.87% |
| Sector / category | US Listed | Materials |
Year-by-year returns
| Year | KALU | STLD |
|---|---|---|
| 2022 | -16.2% | +60.1% |
| 2023 | -2.1% | +22.8% |
| 2024 | +2.7% | -2.0% |
| 2025 | +70.1% | +50.7% |
| 2026 | +38.5% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KALU and STLD good diversifiers for each other?
To a limited degree. At 0.61 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 KALU and STLD?
Using weekly returns as of 2026-08-27: 0.61 over 3 years, with 0.65 over the last year and 0.61 over 5 years.
Is STLD a good diversifier for KALU?
To a limited degree. At 0.61 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 0.61 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/kalu-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/kalu-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: KALU correlations · STLD correlations
