NUE vs PKG: Correlation
How closely do Nucor (NUE) and Packaging Corporation of America (PKG) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and PKG?
Over the past 3 years, NUE and PKG moved with a correlation of 0.40, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.29 versus 0.40 over 3 years. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 317.3 %².
Within NUE's tracked universe of 34 assets, PKG comes in at #21 by 3-year correlation. The last year tells two different stories: NUE led by 51.6 percentage points, +70.1% for NUE against +18.5% for PKG. The rolling one-year correlation moved between 0.27 and 0.74 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.
NUE vs PKG: side by side
| NUE (Nucor) | PKG (Packaging Corporation of America) | |
|---|---|---|
| 1-year return | +70.1% | +18.5% |
| 5-year return | +124.6% | +86.8% |
| Volatility (ann.) | 33.3% | 23.5% |
| Beta vs S&P 500 | 1.08 | 0.52 |
| Max drawdown (3Y) | -47.8% | -28.4% |
| Market cap | $57.3B | $21.7B |
| P/E (trailing) | 20.1 | 31.6 |
| Dividend yield | 0.88% | 2.13% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | NUE | PKG |
|---|---|---|
| 2022 | +17.4% | -2.6% |
| 2023 | +33.8% | +31.9% |
| 2024 | -32.0% | +41.7% |
| 2025 | +42.0% | -6.1% |
| 2026 | +55.6% | +19.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUE and PKG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NUE and PKG?
The NUE/PKG correlation stands at 0.40 on a 3-year window (1 year: 0.29, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is PKG a good diversifier for NUE?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nue-vs-pkg.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: NUE correlations · PKG correlations
