PKG vs STLD: Correlation
Measured on weekly returns over the past three years, Packaging Corporation of America (PKG) and Steel Dynamics (STLD) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PKG and STLD?
Across a 3-year window, the weekly returns of PKG and STLD correlate at 0.44, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.32 versus 0.44 over 3 years. Stretching to 5 years gives 0.50, with an annualized covariance of 359.0 %².
Within PKG's tracked universe of 32 assets, STLD comes in at #19 by 3-year correlation. Correlation aside, the last 12 months split them widely, with STLD ahead by 61.3 points (+18.5% versus +79.8%). On a rolling one-year basis the correlation drifted between 0.33 and 0.67, a moderate band.
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.
PKG vs STLD: side by side
| PKG (Packaging Corporation of America) | STLD (Steel Dynamics) | |
|---|---|---|
| 1-year return | +18.5% | +79.8% |
| 5-year return | +86.8% | +262.0% |
| Volatility (ann.) | 23.5% | 34.5% |
| Beta vs S&P 500 | 0.52 | 1.13 |
| Max drawdown (3Y) | -28.4% | -28.7% |
| Market cap | $21.7B | $33.8B |
| P/E (trailing) | 31.6 | 21.4 |
| Dividend yield | 2.13% | 0.87% |
| Sector / category | Materials | Materials |
Year-by-year returns
| Year | PKG | STLD |
|---|---|---|
| 2022 | -2.6% | +60.1% |
| 2023 | +31.9% | +22.8% |
| 2024 | +41.7% | -2.0% |
| 2025 | -6.1% | +50.7% |
| 2026 | +19.6% | +39.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PKG and STLD good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PKG and STLD?
As of 2026-08-27, the correlation of weekly returns between PKG and STLD is 0.44 over 3 years, 0.32 over 1 year and 0.50 over 5 years.
Is STLD a good diversifier for PKG?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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/pkg-vs-stld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pkg-vs-stld/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: PKG correlations · STLD correlations
