GGB vs. UNP

Last updated Jun 3, 2026

GGB (Gerdau S.A.) and UNP (Union Pacific Corporation) are both stocks. GGB operates in Steel (Basic Materials), while UNP operates in Railroads (Industrials). Over the past 10 years, GGB returned 19.17%/yr vs 14.35%/yr for UNP. At a 0.35 correlation, their price movements are largely independent.

Performance

GGB vs. UNP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gerdau S.A. (GGB) and Union Pacific Corporation (UNP). 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 higher than UNP's 15.62% return. Over the past 10 years, GGB has outperformed UNP with an annualized return of 19.17%, while UNP has yielded a comparatively lower 14.35% 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%

UNP

• 1D: 0.45%
• 1M: -0.10%
• YTD: 15.62%
• 6M: 15.83%
• 1Y: 23.66%
• 3Y*: 12.53%
• 5Y*: 5.67%
• 10Y*: 14.35%

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

GGB vs. UNP - 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%
UNP Union Pacific Corporation	15.62%	3.86%	-5.10%	21.61%	-15.93%	23.31%	17.64%	33.70%	5.26%	32.30%

Correlation

The correlation between GGB and UNP is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.19
Correlation (3Y) Calculated over the trailing 3-year period	0.26
Correlation (5Y) Calculated over the trailing 5-year period	0.29
Correlation (10Y) Calculated over the trailing 10-year period	0.33
Correlation (All Time) Calculated using the full available price history since Mar 11, 1999	0.35

The correlation between GGB and UNP shifts across timeframes, from 0.19 (1 year) to 0.35 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap GGB : $9.70B UNP : $157.11B
EPS GGB : $0.82 UNP : $9.29
PE Ratio GGB : 5.95 UNP : 28.50
PS Ratio GGB : 0.14 UNP : 8.50
PB Ratio GGB : 0.18 UNP : 8.09K
Total Revenue (TTM) GGB : $69.20B UNP : $18.49B
Gross Profit (TTM) GGB : $8.31B UNP : $8.47B
EBITDA (TTM) GGB : $8.02B UNP : $9.89B

Return for Risk

GGB vs. UNP — 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

UNP

UNP Risk / Return Rank: 71
UNP Sharpe Ratio Rank: 74
UNP Sortino Ratio Rank: 69
UNP Omega Ratio Rank: 68
UNP Calmar Ratio Rank: 72
UNP Martin Ratio Rank: 73

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. UNP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gerdau S.A. (GGB) and Union Pacific Corporation (UNP). 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	UNP	Difference
Sharpe ratio Return per unit of total volatility	2.41	1.12	+1.29
Sortino ratio Return per unit of downside risk	3.13	1.69	+1.44
Omega ratio Gain probability vs. loss probability	1.37	1.22	+0.16
Calmar ratio Return relative to maximum drawdown	3.27	1.80	+1.47
Martin ratio Return relative to average drawdown	10.63	4.40	+6.22
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. UNP - Sharpe Ratio Comparison

The current GGB Sharpe Ratio is 2.41, which is higher than the UNP Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of GGB and UNP, 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	UNP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.41	1.12	+1.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.18	0.25	-0.07
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	0.57	-0.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.42	-0.12

Drawdowns

GGB vs. UNP - Drawdown Comparison

The maximum GGB drawdown since its inception was -96.39%, which is greater than UNP's maximum drawdown of -67.49%. Use the drawdown chart below to compare losses from any high point for GGB and UNP.

Drawdown Indicators

	GGB	UNP	Difference
Max Drawdown Largest peak-to-trough decline	-96.39%	-67.49%	-28.90%
Max Drawdown (1Y) Largest decline over 1 year	-28.28%	-12.28%	-16.00%
Max Drawdown (3Y) Largest decline over 3 years	-51.23%	-17.75%	-33.48%
Max Drawdown (5Y) Largest decline over 5 years	-51.23%	-31.83%	-19.40%
Max Drawdown (10Y) Largest decline over 10 years	-67.55%	-38.72%	-28.83%
Current Drawdown Current decline from peak	-55.98%	-4.77%	-51.21%
Average Drawdown Average peak-to-trough decline	-52.32%	-17.08%	-35.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.70%	5.02%	+3.68%

Volatility

GGB vs. UNP - Volatility Comparison

Gerdau S.A. (GGB) has a higher volatility of 12.58% compared to Union Pacific Corporation (UNP) at 7.52%. This indicates that GGB's price experiences larger fluctuations and is considered to be riskier than UNP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GGB	UNP	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.58%	7.52%	+5.06%
Volatility (6M) Calculated over the trailing 6-month period	25.97%	17.02%	+8.95%
Volatility (1Y) Calculated over the trailing 1-year period	34.53%	21.32%	+13.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.97%	22.75%	+16.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.04%	25.30%	+21.74%

Dividends

GGB vs. UNP - Dividend Comparison

GGB's dividend yield for the trailing twelve months is around 2.64%, more than UNP's 2.09% 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%
UNP Union Pacific Corporation	2.09%	2.35%	2.32%	2.12%	2.45%	1.70%	1.86%	2.05%	2.21%	1.85%	2.17%	2.81%

Financials

GGB vs. UNP - Profitability Comparison

The chart below illustrates the profitability comparison between Gerdau S.A. and Union Pacific Corporation 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%.

UNP - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Union Pacific Corporation reported a gross profit of 4.35M and revenue of 6.22M. Therefore, the gross margin over that period was 69.9%.

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%.

UNP - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Union Pacific Corporation reported an operating income of 2.46M and revenue of 6.22M, resulting in an operating margin of 39.5%.

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%.

UNP - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Union Pacific Corporation reported a net income of 1.70M and revenue of 6.22M, resulting in a net margin of 27.4%.

Frequently Asked Questions

Can I hold both GGB and UNP in my portfolio?

GGB and UNP have a correlation of 0.19, 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 UNP?

GGB has higher volatility (12.58%) compared to UNP (7.52%). In terms of maximum drawdown, GGB dropped -96.39% vs UNP's -67.49%.

Which has better risk-adjusted returns?

GGB currently has the higher Sharpe Ratio (2.41 vs 1.12), 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.