NUE vs PPG: Correlation
How closely do Nucor (NUE) and PPG Industries (PPG) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and PPG?
Across a 3-year window, the weekly returns of NUE and PPG correlate at 0.44, moderate. The past 12 months show a weaker link (0.28) than the 3-year average (0.44). Stretching to 5 years gives 0.43, with an annualized covariance of 371.9 %².
By 3-year correlation, PPG places #18 of the 34 assets tracked against NUE. Their recent paths diverged sharply: over the last 12 months NUE outperformed by 66.3 percentage points (+70.1% for NUE against +3.8% for PPG). Across three years, the rolling one-year figure varied moderately, from 0.30 to 0.69.
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 PPG: side by side
| NUE (Nucor) | PPG (PPG Industries) | |
|---|---|---|
| 1-year return | +70.1% | +3.8% |
| 5-year return | +124.6% | -22.0% |
| Volatility (ann.) | 33.3% | 25.5% |
| Beta vs S&P 500 | 1.08 | 0.90 |
| Max drawdown (3Y) | -47.8% | -37.4% |
| Market cap | $57.3B | $25.2B |
| P/E (trailing) | 20.1 | 16.4 |
| Dividend yield | 0.88% | 2.48% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | NUE | PPG |
|---|---|---|
| 2022 | +17.4% | -25.7% |
| 2023 | +33.8% | +21.2% |
| 2024 | -32.0% | -18.5% |
| 2025 | +42.0% | -12.0% |
| 2026 | +55.6% | +12.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUE and PPG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NUE and PPG?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.28 over the last year and 0.43 over 5 years.
Is PPG a good diversifier for NUE?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 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
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Related comparisons
Hubs: NUE correlations · PPG correlations
