CNI vs. STLD

Last updated Jun 9, 2026

CNI (Canadian National Railway Company) and STLD (Steel Dynamics, Inc.) are both stocks. CNI operates in Railroads (Industrials), while STLD operates in Steel (Basic Materials). Over the past 10 years, CNI returned 9.46%/yr vs 28.87%/yr for STLD. At a 0.37 correlation, their price movements are largely independent.

Performance

CNI vs. STLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canadian National Railway Company (CNI) and Steel Dynamics, Inc. (STLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CNI achieves a 22.98% return, which is significantly lower than STLD's 58.17% return. Over the past 10 years, CNI has underperformed STLD with an annualized return of 9.46%, while STLD has yielded a comparatively higher 28.87% annualized return.

CNI

• 1D: 0.36%
• 1M: 8.21%
• YTD: 22.98%
• 6M: 24.55%
• 1Y: 18.14%
• 3Y*: 4.05%
• 5Y*: 3.84%
• 10Y*: 9.46%

STLD

• 1D: -0.48%
• 1M: 13.65%
• YTD: 58.17%
• 6M: 61.80%
• 1Y: 102.77%
• 3Y*: 41.16%
• 5Y*: 34.95%
• 10Y*: 28.87%

*Multi-year figures are annualized to reflect compound growth (CAGR)

CNI vs. STLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CNI Canadian National Railway Company	22.98%	-0.10%	-17.51%	7.84%	-1.86%	13.70%	23.66%	24.26%	-8.49%	25.03%
STLD Steel Dynamics, Inc.	58.17%	50.70%	-1.99%	22.75%	60.14%	71.42%	12.46%	16.78%	-29.02%	23.34%

Correlation

The correlation between CNI and STLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.37
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Nov 27, 1996	0.37

Fundamentals

Market Cap CNI : $73.92B STLD : $38.69B
EPS CNI : $7.60 STLD : $9.33
PE Ratio CNI : 15.90 STLD : 28.63
PS Ratio CNI : 4.33 STLD : 2.07
PB Ratio CNI : 3.44 STLD : 4.22
Total Revenue (TTM) CNI : $17.29B STLD : $19.01B
Gross Profit (TTM) CNI : $7.64B STLD : $2.66B
EBITDA (TTM) CNI : $8.60B STLD : $2.23B

Return for Risk

CNI vs. STLD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CNI

CNI Risk / Return Rank: 64
CNI Sharpe Ratio Rank: 69
CNI Sortino Ratio Rank: 60
CNI Omega Ratio Rank: 61
CNI Calmar Ratio Rank: 67
CNI Martin Ratio Rank: 64

STLD

STLD Risk / Return Rank: 94
STLD Sharpe Ratio Rank: 96
STLD Sortino Ratio Rank: 94
STLD Omega Ratio Rank: 92
STLD Calmar Ratio Rank: 92
STLD Martin Ratio Rank: 94

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CNI vs. STLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canadian National Railway Company (CNI) and Steel Dynamics, Inc. (STLD). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	CNI	STLD	Difference
Sharpe ratio: Return per unit of total volatility	0.83	3.11	-2.27
Sortino ratio: Return per unit of downside risk	1.21	3.78	-2.57
Omega ratio: Gain probability vs. loss probability	1.16	1.45	-0.29
Calmar ratio: Return relative to maximum drawdown	1.29	5.08	-3.80
Martin ratio: Return relative to average drawdown	2.37	17.05	-14.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CNI vs. STLD - Sharpe Ratio Comparison

The current CNI Sharpe Ratio is 0.83, which is lower than the STLD Sharpe Ratio of 3.11. The chart below compares the historical Sharpe Ratios of CNI and STLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CNI	STLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.83	3.11	-2.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.17	0.92	-0.75
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.42	0.74	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.35	+0.24

Drawdowns

CNI vs. STLD - Drawdown Comparison

The maximum CNI drawdown since its inception was -46.66%, smaller than the maximum STLD drawdown of -87.05%. Use the drawdown chart below to compare losses from any high point for CNI and STLD.

Drawdown Indicators

	CNI	STLD	Difference
Max Drawdown Largest peak-to-trough decline	-46.66%	-87.05%	+40.39%
Max Drawdown (1Y) Largest decline over 1 year	-14.15%	-20.33%	+6.18%
Max Drawdown (3Y) Largest decline over 3 years	-29.14%	-28.66%	-0.48%
Max Drawdown (5Y) Largest decline over 5 years	-29.14%	-32.20%	+3.06%
Max Drawdown (10Y) Largest decline over 10 years	-29.15%	-68.46%	+39.31%
Current Drawdown Current decline from peak	-4.61%	-3.49%	-1.12%
Average Drawdown Average peak-to-trough decline	-9.50%	-33.29%	+23.79%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.68%	6.05%	+1.63%

Volatility

CNI vs. STLD - Volatility Comparison

The current volatility for Canadian National Railway Company (CNI) is 4.06%, while Steel Dynamics, Inc. (STLD) has a volatility of 9.30%. This indicates that CNI experiences smaller price fluctuations and is considered to be less risky than STLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CNI	STLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.06%	9.30%	-5.24%
Volatility (6M) Calculated over the trailing 6-month period	17.25%	24.94%	-7.69%
Volatility (1Y) Calculated over the trailing 1-year period	21.95%	33.34%	-11.39%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.38%	38.03%	-15.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.69%	39.31%	-16.62%

Dividends

CNI vs. STLD - Dividend Comparison

CNI's dividend yield for the trailing twelve months is around 2.16%, more than STLD's 0.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CNI Canadian National Railway Company	2.16%	2.58%	2.43%	1.85%	1.41%	1.61%	1.59%	1.79%	2.01%	2.00%	2.23%	2.24%
STLD Steel Dynamics, Inc.	0.76%	1.18%	1.61%	1.44%	1.39%	1.68%	2.71%	2.82%	2.50%	1.44%	1.57%	3.08%

Financials

CNI vs. STLD - Profitability Comparison

The chart below illustrates the profitability comparison between Canadian National Railway Company and Steel Dynamics, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CNI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a gross profit of 1.88B and revenue of 4.39B. Therefore, the gross margin over that period was 42.8%.

STLD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Steel Dynamics, Inc. reported a gross profit of 763.22M and revenue of 5.20B. Therefore, the gross margin over that period was 14.7%.

CNI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported an operating income of 1.55B and revenue of 4.39B, resulting in an operating margin of 35.4%.

STLD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Steel Dynamics, Inc. reported an operating income of 538.00M and revenue of 5.20B, resulting in an operating margin of 10.3%.

CNI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Canadian National Railway Company reported a net income of 1.15B and revenue of 4.39B, resulting in a net margin of 26.2%.

STLD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Steel Dynamics, Inc. reported a net income of 403.44M and revenue of 5.20B, resulting in a net margin of 7.8%.

Frequently Asked Questions

Can I hold both CNI and STLD in my portfolio?

CNI and STLD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CNI or STLD?

STLD has higher volatility (9.30%) compared to CNI (4.06%). In terms of maximum drawdown, CNI dropped -46.66% vs STLD's -87.05%.

Which has better risk-adjusted returns?

STLD currently has the higher Sharpe Ratio (3.11 vs 0.83), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.