Steel Dynamics Correlations

STLD Stock

USD 176.06 6.61 3.90%

The current 90-days correlation between Steel Dynamics and Nucor Corp is 0.84 (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 0.64 (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

0.87	B	Barrick Mining Symbol Change	Pair Corr
0.88	AA	Alcoa Corp	Pair Corr
0.74	RS	Reliance Steel Aluminum	Pair Corr
0.71	SA	Seabridge Gold	Pair Corr
0.92	WS	Worthington Steel	Pair Corr
0.66	AGI	Alamos Gold	Pair Corr
0.61	EXK	Endeavour Silver Corp	Pair Corr
0.61	FSM	Fortuna Silver Mines	Pair Corr
0.94	ZEUS	Olympic Steel	Pair Corr
0.73	AAUC	Allied Gold	Pair Corr
0.87	ARMN	Aris Mining	Pair Corr
0.77	ATCOL	Atlas Corp	Pair Corr
0.68	FINN	First National	Pair Corr
0.65	HYMTF	Hyundai Motor	Pair Corr
0.61	KB	KB Financial Group	Pair Corr
0.84	CASXF	Casa Minerals	Pair Corr
0.85	DGWPF	Drgerwerk AG	Pair Corr
0.9	NAUFF	NevGold Corp	Pair Corr
0.68	DB	Deutsche Bank AG	Pair Corr
0.92	FTV	Fortive Corp	Pair Corr
0.9	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.86	MRK	Merck Company	Pair Corr

Moving against Steel Stock

0.82	PCTTW	PureCycle Technologies	Pair Corr
0.77	ADVWW	Advantage Solutions	Pair Corr
0.74	MAPSW	WM Technology	Pair Corr
0.68	SKM	SK Telecom	Pair Corr
0.62	CTDD	Qwest Corp 6	Pair Corr
0.51	CTBB	Qwest Corp NT	Pair Corr
0.42	TKURF	Tokyu REIT	Pair Corr
0.74	HD	Home Depot	Pair Corr
0.7	MSFT	Microsoft	Pair Corr
0.69	PG	Procter Gamble	Pair Corr
0.62	HPQ	HP Inc	Pair Corr

Related Correlations Analysis

	NUE	RS	PKX	PPG	MT	TECK	NTR	TX	AMRZ	KGC
NUE		0.72	0.55	0.27	0.9	0.5	0.51	0.89	0.87	0.71	NUE
RS	0.72		0.13	0.7	0.78	0.78	0.73	0.75	0.86	0.68	RS
PKX	0.55	0.13		-0.06	0.35	0.02	-0.14	0.39	0.45	0.06	PKX
PPG	0.27	0.7	-0.06		0.49	0.65	0.64	0.45	0.46	0.46	PPG
MT	0.9	0.78	0.35	0.49		0.62	0.75	0.93	0.86	0.87	MT
TECK	0.5	0.78	0.02	0.65	0.62		0.72	0.6	0.7	0.67	TECK
NTR	0.51	0.73	-0.14	0.64	0.75	0.72		0.73	0.6	0.77	NTR
TX	0.89	0.75	0.39	0.45	0.93	0.6	0.73		0.83	0.8	TX
AMRZ	0.87	0.86	0.45	0.46	0.86	0.7	0.6	0.83		0.7	AMRZ
KGC	0.71	0.68	0.06	0.46	0.87	0.67	0.77	0.8	0.7		KGC
	NUE	RS	PKX	PPG	MT	TECK	NTR	TX	AMRZ	KGC

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

TX	+ 0.93	MT
MT	+ 0.9	NUE
TX	+ 0.89	NUE
AMRZ	+ 0.87	NUE
KGC	+ 0.87	MT
AMRZ	+ 0.86	RS

High negative correlations

NTR	- 0.14	PKX
PPG	- 0.06	PKX

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	1.48	0.26	0.19	0.22	1.25	(1.68)	3.86	(2.75)	8.47
RS	0.98	0.02	0.02	0.08	1.00	(1.04)	2.47	(1.59)	5.44
PKX	1.68	0.09	0.04	0.14	1.93	(1.83)	4.64	(3.37)	10.17
PPG	1.01	(0.05)	(0.04)	0.00	1.49	(1.05)	2.16	(1.95)	8.02
MT	1.50	0.36	0.21	0.34	1.41	(1.77)	3.96	(2.23)	12.02
TECK	1.80	0.06	0.04	0.09	2.22	(1.86)	3.33	(4.20)	11.09
NTR	1.50	0.09	0.04	0.18	1.93	(1.44)	3.39	(3.38)	9.51
TX	1.33	0.15	0.10	0.17	1.40	(1.54)	3.19	(2.64)	8.99
AMRZ	1.43	0.12	0.10	0.14	1.36	(1.74)	3.46	(2.41)	8.15
KGC	2.25	0.18	0.05	0.22	3.49	(2.10)	5.17	(5.02)	16.75

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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