MLM vs STLD: Correlation
Measured on weekly returns over the past three years, Martin Marietta Materials (MLM) and Steel Dynamics (STLD) carry a correlation of 0.45, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MLM and STLD?
Across a 3-year window, the weekly returns of MLM and STLD correlate at 0.45, moderate. The link has loosened recently: the 1-year correlation (0.32) runs below the 3-year figure (0.45). Stretching to 5 years gives 0.48, with an annualized covariance of 373.0 %².
By 3-year correlation, STLD places #24 of the 36 assets tracked against MLM. The last year tells two different stories: STLD led by 93.6 percentage points, -13.8% for MLM against +79.8% for STLD. The rolling one-year correlation moved between 0.29 and 0.66 over the past three years, a moderate range.
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.
MLM vs STLD: side by side
| MLM (Martin Marietta Materials) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | -13.8% | +79.8% |
| 5-year return | +42.4% | +262.0% |
| Volatility (ann.) | 23.9% | 34.5% |
| Beta vs S&P 500 | 0.85 | 1.13 |
| Max drawdown (3Y) | -26.8% | -28.7% |
| Market cap | $37.5B | $33.8B |
| P/E (trailing) | 34.4 | 21.4 |
| Dividend yield | 0.62% | 0.87% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | MLM | STLD |
|---|---|---|
| 2022 | -22.7% | +60.1% |
| 2023 | +48.6% | +22.8% |
| 2024 | +4.1% | -2.0% |
| 2025 | +21.3% | +50.7% |
| 2026 | -14.9% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MLM and STLD good diversifiers for each other?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MLM and STLD?
As of 2026-08-27, the correlation of weekly returns between MLM and STLD is 0.45 over 3 years, 0.32 over 1 year and 0.48 over 5 years.
Is STLD a good diversifier for MLM?
A fair diversifier. At 0.45, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.45 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/mlm-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mlm-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MLM correlations · STLD correlations
