SLX vs. ATI
SLX (VanEck Vectors Steel ETF) is Materials fund tracking the NYSE Arca Steel Index, while ATI (Allegheny Technologies Incorporated) is a stock. Over the past 10 years, SLX returned 19.73%/yr vs 30.06%/yr for ATI. A 0.73 correlation means they provide meaningful diversification when combined.
Performance
SLX vs. ATI - Performance Comparison
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Returns By Period
In the year-to-date period, SLX achieves a 32.29% return, which is significantly lower than ATI's 56.80% return. Over the past 10 years, SLX has underperformed ATI with an annualized return of 19.73%, while ATI has yielded a comparatively higher 30.06% annualized return.
SLX
- 1D
- -1.15%
- 1M
- 9.68%
- YTD
- 32.29%
- 6M
- 36.55%
- 1Y
- 77.34%
- 3Y*
- 26.67%
- 5Y*
- 16.14%
- 10Y*
- 19.73%
ATI
- 1D
- 0.82%
- 1M
- 16.93%
- YTD
- 56.80%
- 6M
- 82.92%
- 1Y
- 119.65%
- 3Y*
- 66.79%
- 5Y*
- 49.79%
- 10Y*
- 30.06%
SLX vs. ATI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SLX VanEck Vectors Steel ETF | 32.29% | 47.45% | -17.94% | 31.25% | 14.28% | 27.69% | 20.57% | 12.01% | -19.27% | 24.59% |
ATI Allegheny Technologies Incorporated | 56.80% | 108.50% | 21.05% | 52.28% | 87.45% | -5.01% | -18.83% | -5.10% | -9.82% | 51.54% |
Correlation
The correlation between SLX and ATI 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 | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.65 |
Correlation (All Time) Calculated using the full available price history since Oct 18, 2006 | 0.73 |
Over the past year, the correlation between SLX and ATI has dropped to 0.52 - well below their long-term average of 0.73, suggesting their price drivers have been diverging.
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Return for Risk
SLX vs. ATI — Risk / Return Rank
SLX
ATI
SLX vs. ATI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for VanEck Vectors Steel ETF (SLX) and Allegheny Technologies Incorporated (ATI). 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.
| SLX | ATI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.36 | ||
| Sortino ratioReturn per unit of downside risk | +0.92 | ||
| Omega ratioGain probability vs. loss probability | 1.52 | 1.48 | +0.04 |
| Calmar ratioReturn relative to maximum drawdown | 4.76 | 4.75 | 0.00 |
| Martin ratioReturn relative to average drawdown | 16.63 | 11.87 | +4.76 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| SLX | ATI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 3.25 | 2.89 | +0.36 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.59 | 1.17 | -0.58 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.64 | 0.59 | +0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.22 | 0.12 | +0.10 |
Drawdowns
SLX vs. ATI - Drawdown Comparison
The maximum SLX drawdown since its inception was -82.14%, smaller than the maximum ATI drawdown of -94.72%. Use the drawdown chart below to compare losses from any high point for SLX and ATI.
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Drawdown Indicators
| SLX | ATI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.14% | -94.72% | +12.58% |
Max Drawdown (1Y)Largest decline over 1 year | -16.35% | -25.31% | +8.96% |
Max Drawdown (3Y)Largest decline over 3 years | -27.39% | -38.02% | +10.63% |
Max Drawdown (5Y)Largest decline over 5 years | -33.62% | -43.08% | +9.46% |
Max Drawdown (10Y)Largest decline over 10 years | -61.64% | -82.43% | +20.79% |
Current DrawdownCurrent decline from peak | -1.15% | 0.00% | -1.15% |
Average DrawdownAverage peak-to-trough decline | -38.73% | -60.67% | +21.94% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.67% | 10.12% | -5.45% |
Volatility
SLX vs. ATI - Volatility Comparison
The current volatility for VanEck Vectors Steel ETF (SLX) is 7.87%, while Allegheny Technologies Incorporated (ATI) has a volatility of 11.93%. This indicates that SLX experiences smaller price fluctuations and is considered to be less risky than ATI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SLX | ATI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.87% | 11.93% | -4.06% |
Volatility (6M)Calculated over the trailing 6-month period | 17.92% | 28.86% | -10.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.92% | 41.62% | -17.70% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.72% | 42.95% | -15.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.02% | 51.50% | -20.48% |
Dividends
SLX vs. ATI - Dividend Comparison
SLX's dividend yield for the trailing twelve months is around 1.17%, while ATI has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ATI Allegheny Technologies Incorporated | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 1.51% | 5.51% |
SLX VanEck Vectors Steel ETF | 1.17% | 1.55% | 3.56% | 2.80% | 4.97% | 7.07% | 1.87% | 3.44% | 6.26% | 2.50% | 1.06% | 5.35% |
Frequently Asked Questions
SLX and ATI 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.
ATI has higher volatility (11.93%) compared to SLX (7.87%). In terms of maximum drawdown, SLX dropped -82.14% vs ATI's -94.72%.
SLX currently has the higher Sharpe Ratio (3.25 vs 2.89), 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.
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