GGB vs. RIO

Last updated Jun 3, 2026

GGB (Gerdau S.A.) and RIO (Rio Tinto Group) are both stocks. Both are in the Basic Materials sector — GGB in Steel, RIO in Other Industrial Metals & Mining. Over the past 10 years, GGB returned 19.17%/yr vs 22.81%/yr for RIO. At a 0.50 correlation, their price movements are largely independent.

Performance

GGB vs. RIO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gerdau S.A. (GGB) and Rio Tinto Group (RIO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GGB achieves a 34.27% return, which is significantly lower than RIO's 43.44% return. Over the past 10 years, GGB has underperformed RIO with an annualized return of 19.17%, while RIO has yielded a comparatively higher 22.81% annualized return.

GGB

• 1D: 7.24%
• 1M: 9.26%
• YTD: 34.27%
• 6M: 38.39%
• 1Y: 81.45%
• 3Y*: 9.79%
• 5Y*: 7.06%
• 10Y*: 19.17%

RIO

• 1D: 2.49%
• 1M: 11.03%
• YTD: 43.44%
• 6M: 58.69%
• 1Y: 97.34%
• 3Y*: 28.59%
• 5Y*: 12.79%
• 10Y*: 22.81%

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

GGB vs. RIO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GGB Gerdau S.A.	34.27%	32.78%	-25.80%	-1.92%	28.40%	18.51%	-3.34%	33.07%	2.53%	18.92%
RIO Rio Tinto Group	43.44%	44.47%	-15.36%	11.06%	18.48%	-3.67%	36.22%	33.18%	-2.93%	44.87%

Correlation

The correlation between GGB and RIO is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.56
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Mar 11, 1999	0.50

The correlation between GGB and RIO has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

Fundamentals

Market Cap GGB : $9.70B RIO : $182.96B
EPS GGB : $0.82 RIO : $13.11
PE Ratio GGB : 5.95 RIO : 8.52
PS Ratio GGB : 0.14 RIO : 1.64
PB Ratio GGB : 0.18 RIO : 2.94
Total Revenue (TTM) GGB : $69.20B RIO : $111.41B
Gross Profit (TTM) GGB : $8.31B RIO : $31.10B
EBITDA (TTM) GGB : $8.02B RIO : $40.42B

Return for Risk

GGB vs. RIO — Risk / Return Rank

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

GGB

GGB Risk / Return Rank: 87
GGB Sharpe Ratio Rank: 91
GGB Sortino Ratio Rank: 89
GGB Omega Ratio Rank: 85
GGB Calmar Ratio Rank: 83
GGB Martin Ratio Rank: 88

RIO

RIO Risk / Return Rank: 95
RIO Sharpe Ratio Rank: 96
RIO Sortino Ratio Rank: 94
RIO Omega Ratio Rank: 93
RIO Calmar Ratio Rank: 94
RIO Martin Ratio Rank: 97

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.

GGB vs. RIO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gerdau S.A. (GGB) and Rio Tinto Group (RIO). 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.

	GGB	RIO	Difference
Sharpe ratio Return per unit of total volatility	2.41	3.47	-1.07
Sortino ratio Return per unit of downside risk	3.13	3.99	-0.86
Omega ratio Gain probability vs. loss probability	1.37	1.52	-0.15
Calmar ratio Return relative to maximum drawdown	3.27	6.44	-3.17
Martin ratio Return relative to average drawdown	10.63	25.37	-14.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GGB vs. RIO - Sharpe Ratio Comparison

The current GGB Sharpe Ratio is 2.41, which is lower than the RIO Sharpe Ratio of 3.47. The chart below compares the historical Sharpe Ratios of GGB and RIO, 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

	GGB	RIO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	3.47	-1.07
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.44	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.75	-0.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.34	-0.03

Drawdowns

GGB vs. RIO - Drawdown Comparison

The maximum GGB drawdown since its inception was -96.39%, which is greater than RIO's maximum drawdown of -88.97%. Use the drawdown chart below to compare losses from any high point for GGB and RIO.

Drawdown Indicators

	GGB	RIO	Difference
Max Drawdown Largest peak-to-trough decline	-96.39%	-88.97%	-7.42%
Max Drawdown (1Y) Largest decline over 1 year	-28.28%	-15.19%	-13.09%
Max Drawdown (3Y) Largest decline over 3 years	-51.23%	-24.19%	-27.04%
Max Drawdown (5Y) Largest decline over 5 years	-51.23%	-35.25%	-15.98%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	-37.47%	-30.08%
Current Drawdown Current decline from peak	-55.98%	-0.33%	-55.65%
Average Drawdown Average peak-to-trough decline	-52.32%	-23.78%	-28.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.70%	3.86%	+4.84%

Volatility

GGB vs. RIO - Volatility Comparison

Gerdau S.A. (GGB) has a higher volatility of 12.58% compared to Rio Tinto Group (RIO) at 11.05%. This indicates that GGB's price experiences larger fluctuations and is considered to be riskier than RIO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGB	RIO	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.58%	11.05%	+1.53%
Volatility (6M) Calculated over the trailing 6-month period	25.97%	23.07%	+2.90%
Volatility (1Y) Calculated over the trailing 1-year period	34.53%	28.20%	+6.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.97%	29.13%	+9.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.04%	30.65%	+16.39%

Dividends

GGB vs. RIO - Dividend Comparison

GGB's dividend yield for the trailing twelve months is around 2.64%, less than RIO's 3.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GGB Gerdau S.A.	2.64%	3.05%	5.07%	6.63%	12.79%	11.48%	1.33%	1.48%	1.60%	0.34%	0.38%	4.15%
RIO Rio Tinto Group	3.60%	4.66%	7.40%	5.40%	10.48%	10.23%	5.13%	7.68%	6.32%	4.47%	3.93%	7.58%

Financials

GGB vs. RIO - Profitability Comparison

The chart below illustrates the profitability comparison between Gerdau S.A. and Rio Tinto Group over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

GGB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Gerdau S.A. reported a gross profit of 2.29B and revenue of 16.72B. Therefore, the gross margin over that period was 13.7%.

RIO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported a gross profit of 8.15B and revenue of 30.65B. Therefore, the gross margin over that period was 26.6%.

GGB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Gerdau S.A. reported an operating income of 1.75B and revenue of 16.72B, resulting in an operating margin of 10.5%.

RIO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported an operating income of 8.15B and revenue of 30.65B, resulting in an operating margin of 26.6%.

GGB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Gerdau S.A. reported a net income of 1.00B and revenue of 16.72B, resulting in a net margin of 6.0%.

RIO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Rio Tinto Group reported a net income of 5.42B and revenue of 30.65B, resulting in a net margin of 17.7%.

Frequently Asked Questions

Can I hold both GGB and RIO in my portfolio?

GGB and RIO have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GGB or RIO?

GGB has higher volatility (12.58%) compared to RIO (11.05%). In terms of maximum drawdown, GGB dropped -96.39% vs RIO's -88.97%.

Which has better risk-adjusted returns?

RIO currently has the higher Sharpe Ratio (3.47 vs 2.41), 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.