Steel Dynamics Correlations

STLD Stock

USD 155.41 0.82 0.53%

The current 90-days correlation between Steel Dynamics and Nucor Corp is 0.7 (i.e., 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

Very weak diversification

The correlation between Steel Dynamics and DJI is 0.51 (i.e., Very weak 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 inflation.

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

Moving together with Steel Stock

0.92	AA	Alcoa Corp	Pair Corr
0.79	ATCOL	Atlas Corp	Pair Corr
0.84	SHG	Shinhan Financial	Pair Corr
0.87	AVAL	Grupo Aval	Pair Corr
0.88	BCH	Banco De Chile	Pair Corr
0.73	BK	Bank of New York	Pair Corr
0.82	PATH	Uipath Inc	Pair Corr
0.64	UEC	Uranium Energy Corp	Pair Corr
0.67	XOM	Exxon Mobil Corp Aggressive Push	Pair Corr
0.91	INTC	Intel	Pair Corr
0.82	CSCO	Cisco Systems Aggressive Push	Pair Corr
0.7	DD	Dupont De Nemours	Pair Corr
0.77	BAC	Bank of America	Pair Corr
0.95	CAT	Caterpillar	Pair Corr

Moving against Steel Stock

0.89	GCMGW	GCM Grosvenor	Pair Corr
0.75	ADVWW	Advantage Solutions	Pair Corr
0.62	PCTTW	PureCycle Technologies	Pair Corr
0.59	MAPSW	WM Technology	Pair Corr
0.9	T	ATT Inc Aggressive Push	Pair Corr
0.77	PG	Procter Gamble	Pair Corr
0.75	HD	Home Depot Earnings Call This Week	Pair Corr
0.72	DIS	Walt Disney	Pair Corr
0.47	MCD	McDonalds	Pair Corr
0.33	CVX	Chevron Corp	Pair Corr

Related Correlations Analysis

	NUE	RS	PKX	PPG	MT	TECK	NTR	TX	AMRZ	KGC
NUE		0.31	0.72	0.08	-0.18	-0.38	-0.28	-0.11	0.5	-0.49	NUE
RS	0.31		0.02	0.83	-0.82	-0.67	-0.25	-0.67	0.73	-0.67	RS
PKX	0.72	0.02		0.03	0.01	-0.25	-0.42	-0.02	0.31	-0.4	PKX
PPG	0.08	0.83	0.03		-0.83	-0.75	-0.14	-0.77	0.5	-0.73	PPG
MT	-0.18	-0.82	0.01	-0.83		0.83	0.39	0.89	-0.59	0.78	MT
TECK	-0.38	-0.67	-0.25	-0.75	0.83		0.25	0.85	-0.4	0.89	TECK
NTR	-0.28	-0.25	-0.42	-0.14	0.39	0.25		0.3	-0.54	0.38	NTR
TX	-0.11	-0.67	-0.02	-0.77	0.89	0.85	0.3		-0.34	0.81	TX
AMRZ	0.5	0.73	0.31	0.5	-0.59	-0.4	-0.54	-0.34		-0.47	AMRZ
KGC	-0.49	-0.67	-0.4	-0.73	0.78	0.89	0.38	0.81	-0.47		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	+ 0.89	MT
KGC	+ 0.89	TECK
TX	+ 0.85	TECK
PPG	+ 0.83	RS
TECK	+ 0.83	MT
KGC	+ 0.81	TX

High negative correlations

MT	- 0.83	PPG
MT	- 0.82	RS
TX	- 0.77	PPG
TECK	- 0.75	PPG
KGC	- 0.73	PPG
KGC	- 0.67	RS

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	1.47	(0.04)	(0.01)	0.04	1.85	(1.58)	3.27	(3.00)	9.21
RS	0.89	(0.18)	0.00	(0.10)	0.00	0.00	1.77	(1.97)	5.64
PKX	1.58	(0.09)	(0.03)	0.00	1.84	(1.87)	3.33	(2.36)	10.17
PPG	1.05	(0.27)	0.00	(0.19)	0.00	0.00	1.88	(2.12)	8.67
MT	1.46	0.17	0.10	0.21	1.71	(1.59)	3.14	(2.75)	12.02
TECK	2.06	0.28	0.17	0.23	1.81	(2.66)	5.84	(3.72)	15.91
NTR	1.27	0.06	0.01	0.22	1.71	(1.23)	2.94	(2.94)	9.27
TX	1.29	0.16	0.09	0.22	1.45	(1.36)	2.65	(2.44)	8.99
AMRZ	1.38	(0.16)	0.00	(0.06)	0.00	0.00	3.23	(2.94)	7.13
KGC	2.17	0.47	0.11	1.33	3.13	(2.15)	5.15	(4.78)	16.77

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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