NUE vs SHW: Correlation
Measured on weekly returns over the past three years, Nucor (NUE) and Sherwin-Williams (SHW) carry a correlation of 0.43, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NUE and SHW?
On 3 years of weekly data the NUE/SHW correlation comes out at 0.43, moderate. The past 12 months show a weaker link (0.25) than the 3-year average (0.43). The 5-year figure is 0.38, and annualized covariance runs at 355.1 %².
Among the 34 assets we track against NUE, SHW ranks #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months NUE outperformed by 75.2 percentage points (+70.1% for NUE against -5.1% for SHW). The rolling one-year correlation moved between 0.19 and 0.67 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 SHW: side by side
| NUE (Nucor) | SHW (Sherwin-Williams) | |
|---|---|---|
| 1-year return | +70.1% | -5.1% |
| 5-year return | +124.6% | +18.3% |
| Volatility (ann.) | 33.3% | 24.6% |
| Beta vs S&P 500 | 1.08 | 0.79 |
| Max drawdown (3Y) | -47.8% | -25.7% |
| Market cap | $57.3B | $83.8B |
| P/E (trailing) | 20.1 | 31.8 |
| Dividend yield | 0.88% | 0.91% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | NUE | SHW |
|---|---|---|
| 2022 | +17.4% | -32.0% |
| 2023 | +33.8% | +32.7% |
| 2024 | -32.0% | +9.9% |
| 2025 | +42.0% | -3.8% |
| 2026 | +55.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NUE and SHW good diversifiers for each other?
Reasonably. At 0.43, NUE and SHW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between NUE and SHW?
The NUE/SHW correlation stands at 0.43 on a 3-year window (1 year: 0.25, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is SHW a good diversifier for NUE?
Reasonably. At 0.43, NUE and SHW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.43 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/nue-vs-shw.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/nue-vs-shw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NUE correlations · SHW correlations
