STLD vs. CF

Last updated Jun 3, 2026

STLD (Steel Dynamics, Inc.) and CF (CF Industries Holdings, Inc.) are both stocks. Both are in the Basic Materials sector — STLD in Steel, CF in Agricultural Inputs. Over the past 10 years, STLD returned 29.38%/yr vs 17.96%/yr for CF. At a 0.41 correlation, their price movements are largely independent.

Performance

STLD vs. CF - Performance Comparison

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

Returns By Period

In the year-to-date period, STLD achieves a 60.67% return, which is significantly higher than CF's 48.11% return. Over the past 10 years, STLD has outperformed CF with an annualized return of 29.38%, while CF has yielded a comparatively lower 17.96% annualized return.

STLD

• 1D: 3.75%
• 1M: 18.38%
• YTD: 60.67%
• 6M: 62.89%
• 1Y: 102.70%
• 3Y*: 42.63%
• 5Y*: 35.49%
• 10Y*: 29.38%

CF

• 1D: 0.16%
• 1M: -7.13%
• YTD: 48.11%
• 6M: 45.06%
• 1Y: 24.68%
• 3Y*: 24.55%
• 5Y*: 18.05%
• 10Y*: 17.96%

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

STLD vs. CF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
STLD Steel Dynamics, Inc.	60.67%	50.70%	-1.99%	22.75%	60.14%	71.42%	12.46%	16.78%	-29.02%	23.34%
CF CF Industries Holdings, Inc.	48.11%	-7.17%	10.08%	-4.75%	22.29%	87.18%	-15.76%	12.73%	5.13%	40.24%

Correlation

The correlation between STLD and CF is -0.03, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.03
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.27
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Aug 12, 2005	0.41

The correlation between STLD and CF shifts across timeframes, from -0.03 (1 year) to 0.41 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap STLD : $39.30B CF : $17.53B
EPS STLD : $9.33 CF : $11.08
PE Ratio STLD : 29.08 CF : 10.25
PS Ratio STLD : 2.10 CF : 2.43
PB Ratio STLD : 4.29 CF : 2.12
Total Revenue (TTM) STLD : $19.01B CF : $7.41B
Gross Profit (TTM) STLD : $2.66B CF : $2.99B
EBITDA (TTM) STLD : $2.23B CF : $2.60B

Return for Risk

STLD vs. CF — Risk / Return Rank

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

STLD

STLD Risk / Return Rank: 93
STLD Sharpe Ratio Rank: 94
STLD Sortino Ratio Rank: 93
STLD Omega Ratio Rank: 91
STLD Calmar Ratio Rank: 93
STLD Martin Ratio Rank: 95

CF

CF Risk / Return Rank: 58
CF Sharpe Ratio Rank: 60
CF Sortino Ratio Rank: 55
CF Omega Ratio Rank: 54
CF Calmar Ratio Rank: 63
CF Martin Ratio Rank: 60

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.

STLD vs. CF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Steel Dynamics, Inc. (STLD) and CF Industries Holdings, Inc. (CF). 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.

	STLD	CF	Difference
Sharpe ratio Return per unit of total volatility	3.11	0.59	+2.51
Sortino ratio Return per unit of downside risk	3.79	1.11	+2.68
Omega ratio Gain probability vs. loss probability	1.45	1.14	+0.31
Calmar ratio Return relative to maximum drawdown	6.08	1.12	+4.96
Martin ratio Return relative to average drawdown	20.16	2.00	+18.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STLD vs. CF - Sharpe Ratio Comparison

The current STLD Sharpe Ratio is 3.11, which is higher than the CF Sharpe Ratio of 0.59. The chart below compares the historical Sharpe Ratios of STLD and CF, 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

	STLD	CF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.11	0.59	+2.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	0.48	+0.46
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.45	+0.30
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.47	-0.11

Drawdowns

STLD vs. CF - Drawdown Comparison

The maximum STLD drawdown since its inception was -87.05%, which is greater than CF's maximum drawdown of -76.73%. Use the drawdown chart below to compare losses from any high point for STLD and CF.

Drawdown Indicators

	STLD	CF	Difference
Max Drawdown Largest peak-to-trough decline	-87.05%	-76.73%	-10.32%
Max Drawdown (1Y) Largest decline over 1 year	-20.33%	-24.87%	+4.54%
Max Drawdown (3Y) Largest decline over 3 years	-28.66%	-29.16%	+0.50%
Max Drawdown (5Y) Largest decline over 5 years	-32.20%	-48.36%	+16.16%
Max Drawdown (10Y) Largest decline over 10 years	-68.46%	-60.74%	-7.72%
Current Drawdown Current decline from peak	0.00%	-17.19%	+17.19%
Average Drawdown Average peak-to-trough decline	-33.30%	-24.94%	-8.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.13%	13.88%	-7.75%

Volatility

STLD vs. CF - Volatility Comparison

The current volatility for Steel Dynamics, Inc. (STLD) is 9.94%, while CF Industries Holdings, Inc. (CF) has a volatility of 14.97%. This indicates that STLD experiences smaller price fluctuations and is considered to be less risky than CF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	STLD	CF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.94%	14.97%	-5.03%
Volatility (6M) Calculated over the trailing 6-month period	24.86%	35.02%	-10.16%
Volatility (1Y) Calculated over the trailing 1-year period	34.69%	41.86%	-7.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.04%	38.15%	-0.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.32%	40.41%	-1.09%

Dividends

STLD vs. CF - Dividend Comparison

STLD's dividend yield for the trailing twelve months is around 0.75%, less than CF's 1.76% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CF CF Industries Holdings, Inc.	1.76%	2.59%	2.34%	2.01%	1.76%	1.70%	3.10%	2.51%	2.76%	2.82%	3.81%	2.94%
STLD Steel Dynamics, Inc.	0.75%	1.18%	1.61%	1.44%	1.39%	1.68%	2.71%	2.82%	2.50%	1.44%	1.57%	3.08%

Financials

STLD vs. CF - Profitability Comparison

The chart below illustrates the profitability comparison between Steel Dynamics, Inc. and CF Industries Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

CF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, CF Industries Holdings, Inc. reported a gross profit of 746.00M and revenue of 1.99B. Therefore, the gross margin over that period was 37.6%.

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%.

CF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, CF Industries Holdings, Inc. reported an operating income of 6.00M and revenue of 1.99B, resulting in an operating margin of 0.3%.

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%.

CF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, CF Industries Holdings, Inc. reported a net income of 615.00M and revenue of 1.99B, resulting in a net margin of 31.0%.

Frequently Asked Questions

Can I hold both STLD and CF in my portfolio?

STLD and CF have a correlation of -0.03, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, STLD or CF?

CF has higher volatility (14.97%) compared to STLD (9.94%). In terms of maximum drawdown, STLD dropped -87.05% vs CF's -76.73%.

Which has better risk-adjusted returns?

STLD currently has the higher Sharpe Ratio (3.11 vs 0.59), 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.