United States Correlations

X Stock

USD 40.90 0.16 0.39%

The current 90-days correlation between United States Steel and Nucor Corp is 0.45 (i.e., Very weak diversification). The correlation of United States 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. If the correlation is 0, the equities are not correlated; they are entirely random.

United States Correlation With Market

Modest diversification

The correlation between United States Steel and DJI is 0.26 (i.e., Modest diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding United States Steel and DJI in the same portfolio, assuming nothing else is changed.

Check out Your Current Watchlist to better understand how to build diversified portfolios, which includes a position in United States Steel. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in interest.

Moving together with United Stock

0.86	AGI	Alamos Gold	Pair Corr
0.87	HMY	Harmony Gold Mining	Pair Corr
0.69	IAG	IAMGold	Pair Corr
0.9	KGC	Kinross Gold Aggressive Push	Pair Corr
0.81	NGD	New Gold	Pair Corr
0.91	AU	AngloGold Ashanti plc	Pair Corr
0.62	CX	Cemex SAB de	Pair Corr
0.73	DC	Dakota Gold Corp	Pair Corr
0.65	HL	Hecla Mining	Pair Corr
0.9	MP	MP Materials Corp	Pair Corr
0.72	MT	ArcelorMittal SA ADR	Pair Corr
0.65	NB	NioCorp Developments	Pair Corr
0.86	NC	NACCO Industries	Pair Corr
0.65	RS	Reliance Steel Aluminum	Pair Corr
0.75	VALE	Vale SA ADR Aggressive Push	Pair Corr

Moving against United Stock

0.76	IE	Ivanhoe Electric Buyout Trend	Pair Corr
0.72	NX	Quanex Building Products	Pair Corr
0.6	EU	enCore Energy Corp	Pair Corr
0.56	FF	FutureFuel Corp	Pair Corr
0.48	AA	Alcoa Corp	Pair Corr
0.43	CE	Celanese	Pair Corr
0.33	CF	CF Industries Holdings	Pair Corr
0.31	CC	Chemours Potential Growth	Pair Corr
0.31	NG	NovaGold Resources Earnings Call This Week	Pair Corr
0.84	NEXA	Nexa Resources SA	Pair Corr
0.68	WS	Worthington Steel	Pair Corr
0.58	HYMCW	Hycroft Mining Holding	Pair Corr
0.57	TT	Trane Technologies plc	Pair Corr
0.47	ELBM	Electra Battery Materials Buyout Trend	Pair Corr
0.46	MTRN	Materion	Pair Corr
0.45	METC	Ramaco Resources	Pair Corr
0.4	MEOH	Methanex	Pair Corr

Related Correlations Analysis

	NUE	STLD	MT	GGB	CLF	RS	CMC	PKX	TX	SID
NUE		0.94	0.68	0.0	0.75	0.82	-0.06	0.13	0.39	0.31	NUE
STLD	0.94		0.51	0.0	0.82	0.88	0.1	0.0	0.23	0.24	STLD
MT	0.68	0.51		0.08	0.14	0.42	-0.49	0.65	0.74	0.5	MT
GGB	0.0	0.0	0.08		0.04	0.07	0.52	0.02	0.31	0.67	GGB
CLF	0.75	0.82	0.14	0.04		0.71	0.4	-0.29	-0.02	0.09	CLF
RS	0.82	0.88	0.42	0.07	0.71		0.24	0.08	0.16	0.24	RS
CMC	-0.06	0.1	-0.49	0.52	0.4	0.24		-0.52	-0.4	0.07	CMC
PKX	0.13	0.0	0.65	0.02	-0.29	0.08	-0.52		0.68	0.41	PKX
TX	0.39	0.23	0.74	0.31	-0.02	0.16	-0.4	0.68		0.75	TX
SID	0.31	0.24	0.5	0.67	0.09	0.24	0.07	0.41	0.75		SID
	NUE	STLD	MT	GGB	CLF	RS	CMC	PKX	TX	SID

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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

STLD	+ 0.94	NUE
RS	+ 0.88	STLD
RS	+ 0.82	NUE
CLF	+ 0.82	STLD
CLF	+ 0.75	NUE
SID	+ 0.75	TX

High negative correlations

PKX	- 0.52	CMC
CMC	- 0.49	MT
TX	- 0.4	CMC
PKX	- 0.29	CLF
CMC	- 0.06	NUE
TX	- 0.02	CLF

Risk-Adjusted Indicators

There is a big difference between United Stock performing well and United States 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 United States' 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	1.57	0.05	0.00	(0.02)	0.00	0.00	3.76	(3.37)	10.83
STLD	1.55	0.09	0.05	0.02	1.79	(1.73)	4.13	(3.16)	10.47
MT	2.07	0.44	0.23	0.77	1.76	(2.59)	6.03	(3.17)	16.40
GGB	1.74	(0.06)	0.00	(0.13)	0.00	0.00	3.96	(3.56)	10.97
CLF	3.00	0.07	0.00	(0.03)	0.00	0.00	7.86	(6.14)	28.73
RS	1.19	(0.02)	0.00	(0.10)	0.00	0.00	2.41	(2.69)	5.82
CMC	1.79	(0.21)	0.00	(0.23)	0.00	0.00	3.82	(3.76)	10.89
PKX	1.86	0.24	0.10	0.24	2.32	(1.89)	4.76	(3.76)	11.46
TX	1.37	0.06	0.07	0.46	1.60	(1.47)	2.58	(2.74)	7.48
SID	2.53	0.11	0.04	0.09	2.97	(3.17)	7.19	(4.55)	16.53

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