Steel Dynamics Correlations

STLD Stock

USD 190.87 5.14 2.62%

The current 90-days correlation between Steel Dynamics and Nucor Corp is 0.83 (i.e., Very poor diversification). The correlation of Steel Dynamics is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Steel Dynamics Correlation With Market

Poor diversification

The correlation between Steel Dynamics and DJI is 0.79 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Steel Dynamics and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Steel Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Steel Dynamics. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For information on how to trade Steel Stock refer to our How to Trade Steel Stock guide.

Moving together with Steel Stock

0.82	BP60	ALMA METALS LTD	Pair Corr
0.64	AA	Alcoa Corp	Pair Corr
0.76	AG	First Majestic Silver Trending	Pair Corr
0.86	AP	Ampco Pittsburgh	Pair Corr
0.77	AU	AngloGold Ashanti plc	Pair Corr
0.92	MT	ArcelorMittal SA ADR	Pair Corr
0.68	OR	Osisko Gold Ro	Pair Corr
0.9	RS	Reliance Steel Aluminum	Pair Corr
0.74	TG	Tredegar	Pair Corr
0.84	TX	Ternium SA ADR	Pair Corr
0.97	WS	Worthington Steel	Pair Corr
0.87	VALE	Vale SA ADR Aggressive Push	Pair Corr
0.75	LY1	Lion One Metals Earnings Call This Week	Pair Corr
0.63	UJ0	WEST RED LAKE	Pair Corr
0.78	H6F	ARIZONA SONORAN PER	Pair Corr
0.77	DHR	Discovery Harbour	Pair Corr
0.66	ELY	Ely Gold Royalties	Pair Corr
0.75	WPM	Wheaton Precious Metals	Pair Corr

Moving against Steel Stock

0.61	0GC0	RIDGELINE MINERALS	Pair Corr
0.32	PEZ	PERENNIAL ENERGY	Pair Corr
0.84	R8R	REGENER8 Resources	Pair Corr
0.48	GML	Gateway Mining	Pair Corr
0.47	FHS	Freehill Mining	Pair Corr
0.36	DBO	Diablo Resources	Pair Corr

Related Correlations Analysis

	NUE	RS	PKX	PPG	MT	TECK	NTR	TX	AMRZ	KGC
NUE		0.97	0.82	0.93	0.89	0.9	0.91	0.95	0.64	0.79	NUE
RS	0.97		0.82	0.93	0.88	0.91	0.91	0.96	0.6	0.83	RS
PKX	0.82	0.82		0.9	0.93	0.88	0.9	0.88	0.64	0.81	PKX
PPG	0.93	0.93	0.9		0.97	0.93	0.9	0.9	0.74	0.73	PPG
MT	0.89	0.88	0.93	0.97		0.93	0.91	0.9	0.78	0.77	MT
TECK	0.9	0.91	0.88	0.93	0.93		0.92	0.94	0.72	0.84	TECK
NTR	0.91	0.91	0.9	0.9	0.91	0.92		0.94	0.66	0.87	NTR
TX	0.95	0.96	0.88	0.9	0.9	0.94	0.94		0.64	0.91	TX
AMRZ	0.64	0.6	0.64	0.74	0.78	0.72	0.66	0.64		0.55	AMRZ
KGC	0.79	0.83	0.81	0.73	0.77	0.84	0.87	0.91	0.55		KGC
	NUE	RS	PKX	PPG	MT	TECK	NTR	TX	AMRZ	KGC

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Risk-Adjusted Indicators

There is a big difference between Steel Stock performing well and Steel Dynamics Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Steel Dynamics' multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NUE	1.43	0.16	0.11	0.23	1.30	(1.55)	3.50	(2.45)	6.87
RS	1.16	0.21	0.13	0.37	1.09	(1.23)	3.17	(1.90)	7.14
PKX	1.91	0.44	0.13	(1.04)	1.90	(1.97)	5.01	(3.42)	18.39
PPG	1.12	0.34	0.29	0.42	0.71	(1.32)	3.24	(1.65)	8.50
MT	1.76	0.70	0.35	0.81	1.47	(2.20)	4.72	(2.23)	14.67
TECK	2.17	0.63	0.17	(3.15)	2.49	(2.31)	4.80	(4.33)	14.22
NTR	1.63	0.36	0.15	1.13	1.71	(1.78)	3.39	(2.66)	12.86
TX	1.27	0.24	0.12	1.02	1.26	(1.41)	2.69	(2.64)	7.28
AMRZ	1.75	0.35	0.23	0.28	1.39	(2.03)	3.79	(2.84)	13.30
KGC	2.40	0.51	0.11	0.70	3.54	(2.40)	6.22	(5.25)	22.39

Steel Dynamics Corporate Executives

Elected by the shareholders, the Steel Dynamics' board of directors comprises two types of representatives: Steel Dynamics inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Steel. The board's role is to monitor Steel Dynamics' management team and ensure that shareholders' interests are well served. Steel Dynamics' inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Steel Dynamics' outside directors are responsible for providing unbiased perspectives on the board's policies.

Theresa Wagler

CFO, Chief Accounting Officer and Executive VP

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