Relative Intelligence · Metals & Mining
How ArcelorMittal (MT) compares with the whole market and its popular alternatives
Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on MT alone. It places MT (ArcelorMittal S.A.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where MT stands in the market, and of the alternatives worth a closer look.
Period covered: MT's full trading record, from August 1997 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.
Data as of October 20, 2026. Full tables and charts read best on a larger screen.
On this page12 sections
Key findings
- Right nowThe slide is MT's own: it is 74.2% below its high, against 1.3% for the S&P 500. Over the past 3 months, MT fell 3.9% while the S&P 500 rose 3.9%. At a glance ↓
- Stock or market?The weakness is MT's own: it fell 3.9% over the past 3 months while the materials sector ETF XLB (State Street Materials Select Sector SPDR ETF) rose 2.9%. The S&P 500 rose 3.9%. Its metals & mining peers did not move as one over the past 3 months: NUE (Nucor) rose 13.6%, while CSTM (Constellium) fell 7.3%.
- Past 1 to 3 yearsMT has run far ahead of the market, rising 65.5% over the past year against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (207% against 89.3%). MT lagged its metals & mining peers in 2023, then moved up the pack in 2025. By year ↓
- Long termMT turned $10,000 into $35,500 over the past decade, against $42,100 in the S&P 500. Even so, the past 5 years have been the better stretch: MT rose 107% against 81.7% for the S&P 500, after trailing over the decade. Growth of $10,000 ↓
- In a crashAcross seven sell-offs, MT has typically fallen 2.5 times as far as the S&P 500. Crash tests ↓
- DiversificationMT is more of the same, not a cushion: a correlation of 0.61 with the S&P 500 over 5 years and 0.62 with the total US market, more closely than 92% of stocks worth at least $300 million. Market capture ↓
- Better options
- Nearby categories and themes
- MOG-A (Moog, aerospace & defense) and RTX (aerospace & defense) earned more than MT with less volatility over the past 5 years. MOG-A returned 36.6% a year at 32.0% volatility, against 15.6% a year at 39.6%.
- Whole market
- 296 of the 3,633 stocks and funds worth at least $500 million earned more than MT with less volatility over the past 5 years, among them AAPL (Apple), GOOG (Alphabet) and LLY (Eli Lilly and Company).
How much would $10,000 in MT have grown?
This chart tracks a hypothetical $10,000 investment in MT over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of MT over the same span and MT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.
- $10,000 invested in MT at the end of September 1997 would have grown to $10,522 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- All eight other investments on the chart ended ahead of MT, and RS finished highest, at $621,583.
Choose a period
From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 977 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of MT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- RS$621,583+6,116% total · +15.3% a year
- STLD$598,980+5,890% total · +15.2% a year
- BHP$430,670+4,207% total · +13.9% a year
- NUE$361,333+3,513% total · +13.2% a year
- CMC$292,965+2,830% total · +12.4% a year
- RIO$271,382+2,614% total · +12.1% a year
- SPY (S&P 500)$132,907+1,229% total · +9.3% a year
- PKX$50,824+408% total · +5.8% a year
- CLF$29,999+200% total · +3.9% a year
- MT$10,522+5.2% total · +0.2% a year
From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 563 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of MT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.
- HCC$41,879+319% total · +33.2% a year
- STLD$40,782+308% total · +32.5% a year
- AMR$35,586+256% total · +28.9% a year
- RS$29,255+193% total · +23.9% a year
- NUE$25,527+155% total · +20.6% a year
- BHP$24,178+142% total · +19.3% a year
- MT$23,760+138% total · +18.9% a year
- CMC$21,828+118% total · +16.9% a year
- SPY (S&P 500)$19,000+90.0% total · +13.7% a year
- TX$18,420+84.2% total · +13.0% a year
MT at a glance
This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.
- MT is still 74.2% below its all-time high.
- MT's deepest decline since it began trading in 1997 was 97.4%, from June 2008 to March 2020. It has not yet climbed back to that peak.
- Over 28 full calendar years, MT's best was 2004, when it returned 336%, and its worst was 2000, when it lost 85.9%. It lost money in 14 of those years.
The company
- Market value
- $48B
- Industry
- Steel
- Price history from
- August 1997
Returns
- Past 1 year
- +65.5%total return
- Past 3 years
- +207%+45.4% a year
- Past 5 years
- +107%+15.6% a year
- Past 10 years
- +255%+13.5% a year
- Best calendar year
- +336%2004
- Worst calendar year
- −85.9%2000
- Losing years
- 14 of 28full calendar years
Risk
- Volatility
- 39.6%typical yearly swing, 5 years
- Sharpe ratio
- 0.56return per unit of risk, 5 years
- Worst decline ever
- −97.4%Jun 2008 to Mar 2020
- From its all-time high
- −74.2%below the peak
MT against the whole market
Where MT ranks among every stock and fund, and what across the market has done better.
How does MT rank among all stocks?
This section ranks MT on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how MT stacks up against its peers, these rankings show where it stands in the market as a whole.
- MT's worst decline of the past 10 years ranks in the bottom 23% of the 2,187 stocks worth at least $300 million, where the top fell the least.
- MT's 1-year return ranks in the top 11% of the 3,287 stocks worth at least $300 million with 1 year of history.
Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.
| Measure | MT | Rank | Standing |
|---|---|---|---|
| 1-year return | +65.5% | 362 of 3,287 | top 11% |
| 3-year return | +207% | 378 of 3,017 | top 13% |
| 5-year return | +107% | 646 of 2,893 | top 22% |
| 10-year return | +255% | 700 of 2,202 | top 32% |
| Volatility, 5 years | 39.6% | 1,447 of 2,893 | top 50% |
| Sharpe ratio, 5 years | 0.56 | 761 of 2,893 | top 26% |
| Worst decline, past 10 years | −81.1% | 1,676 of 2,187 | bottom 24% |
What has beaten MT on both return and risk?
Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). MT sits where the dashed lines cross. Anything in the green box above and to the left earned more than MT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.
- 238 stocks and 58 ETFs worth at least $500 million sit in the green region: each earned more than MT over the past 5 years with smaller price swings. That is 8% of the 3,633 screened.
- Among those with at least half MT's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 38% less than MT's 39.6%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.56 for MT. PBR-A earned the most, 51.8% a year, while still swinging less than MT (37.5% against 39.6%).
- Among MT's popular alternatives, RS and NUE are in the region. RS earned 24.8% a year against 15.6% a year for MT, at 28.1% volatility, 29% less than MT's 39.6%.
Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to MT; faint dots are 90 more of the 296 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.
- Popular alternatives
- Same and neighboring categories, and shared themes
- The whole market
- Others in the green region
Is there a better investment than MT?
Investments that beat MT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.
- Among MT's popular alternatives, NUE and RS earned more than MT with less volatility over the past 5 years. NUE returned 21.7% a year at 37.4% volatility, against 15.6% a year at 39.6%.
- Looking beyond its popular alternatives, MOG-A (aerospace & defense) and RTX (aerospace & defense) earned more than MT with less volatility over the past 5 years. MOG-A returned 36.6% a year at 32.0% volatility, against 15.6% a year at 39.6%.
- Across the whole market, 296 of the 3,633 stocks and funds worth at least $500 million earned more than MT with less volatility over the past 5 years, among them AAPL, GOOG and LLY.
How this works
The table below lists investments that beat MT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks MT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than MT follows the table.
Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than MT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× MT's volatility counts as better.
These figures cover the past 5 years. Green marks a better figure than MT's.
| Investment | Why it is better | Past 5 years | Downside | Long run | Fit | ||||
|---|---|---|---|---|---|---|---|---|---|
| Annual return?higher is better | Volatility?lower is calmer | Sharpe?return per unit of risk | Worst decline?past 10 years | 10Y returntotal | Corr. with MT?lower diversifies more | Expenseper year | |||
| MTArcelorMittal S.A. · this page | +15.6% | 39.6% | 0.56 | −81.1% | +255% | 1.00 | — | ||
 SPYState Street SPDR S&P 500 ETF · S&P 500 | +12.7% | 17.1% | 0.79 | −33.7% | +321% | 0.61 | 0.09% | ||
| Popular alternativesbest 6 shownThe investments people most often weigh against MT. 9 of 17 passed at least one test. | |||||||||
 NUENucor Corporation · Metals & Mining | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +21.7% | 37.4% | 0.72 | −57.2% | +569% | 0.60 | — | |
RSReliance Steel & Aluminum Co. · Metals & Mining | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.50 | — | |
STLDSteel Dynamics, Inc. · Metals & Mining | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +32.2% | 38.0% | 0.93 | −68.5% | +1,018% | 0.65 | — | |
 BHPBHP Group Limited · Metals & Mining | Similar return, lower volatilityHigher return in most periodsSmaller losses in recent crashes | +16.6% | 31.4% | 0.65 | −44.3% | +398% | 0.67 | — | |
HCCWarrior Met Coal, Inc. · Metals & Mining | Higher Sharpe, smaller worst decline | +29.5% | 48.5% | 0.78 | −64.8% | — | 0.38 | — | |
 RIORio Tinto Group · Metals & Mining | Smaller losses in recent crashes | +12.2% | 29.0% | 0.54 | −37.5% | +464% | 0.67 | — | |
| Same and neighboring categories, and shared themesbest 6 shownEverything else in Metals & Mining and the categories next to it (Gold Mining, Aerospace & Defense, Silver, Gold), plus MT's specific themes. 46 of 80 passed at least one test. | |||||||||
 SCCOSouthern Copper Corporation · Metals & Mining | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +32.0% | 40.7% | 0.89 | −55.3% | +1,017% | 0.68 | — | |
MOG-AMoog Inc. · Aerospace & Defense | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods | +36.6% | 32.0% | 1.14 | −63.7% | +595% | 0.46 | — | |
 RTXRTX Corporation · Aerospace & Defense | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +18.6% | 24.3% | 0.83 | −52.0% | +317% | 0.34 | — | |
ESLTElbit Systems Ltd. · Aerospace & Defense | Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +39.8% | 34.6% | 1.15 | −35.4% | +765% | 0.22 | — | |
ATIATI Inc. · Metals & Mining | On the frontierHigher return, similar volatilityHigher return in most periods | +61.8% | 42.9% | 1.34 | −82.4% | +929% | 0.45 | — | |
PPAInvesco Aerospace & Defense ETF · Aerospace & Defense | Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes | +16.3% | 18.9% | 0.90 | −43.9% | +344% | 0.58 | 0.58% | |
| The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 806 of 3,537 passed at least one test. | |||||||||
 CAHCardinal Health, Inc. · Health Care Distribution | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.28 | — | |
 AAPLApple Inc. · Computer Hardware | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.36 | — | |
 LLYEli Lilly and Company · Pharmaceuticals | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.13 | — | |
 JPMJPMorgan Chase & Co. · Banks | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.45 | — | |
DXJWisdomTree Japan Hedged Equity Fund · International Equity | On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.50 | 0.48% | |
 VGTVanguard Information Technology ETF · Technology Equity | Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.41 | 0.09% | |
 PANWPalo Alto Networks, Inc. · Cybersecurity | Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +31.9% | 43.4% | 0.86 | −48.0% | +1,274% | 0.09 | — | |
 CTASCintas Corporation · Business Services | Similar return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes | +16.5% | 23.1% | 0.78 | −48.4% | +808% | 0.50 | — | |
What these numbers mean for MT
- Annual return
- MT returned 15.6% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $20,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
- Volatility
- MT's volatility over the past 5 years was 39.6%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MT's return lands within 39.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
- Sharpe ratio
- MT's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so MT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
- Worst decline
- MT's worst fall from a peak to a low over the past 10 years was 81.1%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 81.1% fall takes a 429% gain. Guide: Market crash risk and tail risk →
- Correlation
- Over the past 5 years, MT's monthly returns had a correlation of 0.61 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MT instead: the lower it is, the more that option would diversify a MT holding. Guide: Correlation and diversification →
Show all 296 stocks and funds worth at least $500 million that earned more than MT with less volatility
Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.
| # | Investment | Found in | Annual return | Volatility | Sharpe | Worst decline | 10Y return | Corr. with MT | Expense |
|---|---|---|---|---|---|---|---|---|---|
| 1 | CAHCardinal Health, Inc. · Health Care Distribution | Whole market | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.28 | — |
| 2 | AAPLApple Inc. · Computer Hardware | Whole market | +18.5% | 28.0% | 0.75 | −38.5% | +1,168% | 0.36 | — |
| 3 | LLYEli Lilly and Company · Pharmaceuticals | Whole market | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.13 | — |
| 4 | JPMJPMorgan Chase & Co. · Banks | Whole market | +17.3% | 24.3% | 0.78 | −43.6% | +537% | 0.45 | — |
| 5 |  ABBVAbbVie Inc. · Pharmaceuticals | Whole market | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.23 | — |
| 6 | DXJWisdomTree Japan Hedged Equity Fund · International Equity | Whole market | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.50 | 0.48% |
| 7 |  MUFGMitsubishi UFJ Financial Group, Inc. · Banks | Whole market | +33.2% | 29.4% | 1.13 | −54.9% | +483% | 0.36 | — |
| 8 |  CSCOCisco Systems, Inc. · Communications Equipment | Whole market | +16.8% | 26.1% | 0.73 | −42.0% | +374% | 0.48 | — |
| 9 |  MCKMcKesson Corporation · Health Care Distribution | Whole market | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.25 | — |
| 10 |  APHAmphenol Corporation · Electronic Components | Whole market | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.34 | — |
| 11 |  SANBanco Santander, S.A. · Banks | Whole market | +31.7% | 33.9% | 0.99 | −73.8% | +332% | 0.61 | — |
| 12 |  AMGNAmgen Inc. · Biotechnology | Whole market | +19.6% | 24.9% | 0.85 | −24.9% | +266% | 0.47 | — |
| 13 |  BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks | Whole market | +38.7% | 33.3% | 1.16 | −69.6% | +542% | 0.61 | — |
| 14 |  MFGMizuho Financial Group, Inc. · Banks | Whole market | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.37 | — |
| 15 |  PSXPhillips 66 · Oil & Gas | Whole market | +33.2% | 32.9% | 1.04 | −64.2% | +430% | 0.43 | — |
| 16 | VGTVanguard Information Technology ETF · Technology Equity | Whole market | +18.4% | 26.0% | 0.78 | −35.1% | +779% | 0.41 | 0.09% |
| 17 |  SMFGSumitomo Mitsui Financial Group, Inc. · Banks | Whole market | +33.7% | 29.4% | 1.14 | −47.6% | +474% | 0.38 | — |
| 18 |  ADIAnalog Devices, Inc. · Semiconductors | Whole market | +19.5% | 34.1% | 0.69 | −33.6% | +652% | 0.56 | — |
| 19 |  PGRThe Progressive Corporation · Property & Casualty Insurance | Whole market | +21.3% | 25.6% | 0.89 | −30.3% | +816% | 0.20 | — |
| 20 |  VRTXVertex Pharmaceuticals Incorporated · Biotechnology | Whole market | +22.6% | 29.1% | 0.85 | −41.6% | +521% | 0.21 | — |
| 21 |  CMCanadian Imperial Bank of Commerce · Banks | Whole market | +19.2% | 21.6% | 0.93 | −47.3% | +395% | 0.58 | — |
| 22 |  TRVThe Travelers Companies, Inc. · Property & Casualty Insurance | Whole market | +22.4% | 22.3% | 1.02 | −46.3% | +347% | 0.45 | — |
| 23 |  MARMarriott International, Inc. · Hotels & Resorts | Whole market | +22.0% | 28.6% | 0.84 | −61.3% | +544% | 0.59 | — |
| 24 |  EEni S.p.A. · Integrated Oil & Gas | Whole market | +23.0% | 25.6% | 0.94 | −61.4% | +278% | 0.48 | — |
| 25 |  INGING Groep N.V. · Banks | Whole market | +24.7% | 31.1% | 0.87 | −74.4% | +339% | 0.56 | — |
| 26 |  CORCencora, Inc. · Health Care Distribution | Whole market | +24.2% | 22.8% | 1.07 | −32.4% | +406% | 0.45 | — |
| 27 |  MFCManulife Financial Corporation · Life Insurance | Whole market | +22.6% | 24.0% | 0.97 | −57.5% | +373% | 0.52 | — |
| 28 |  GWWW.W. Grainger, Inc. · Industrial Distribution | Whole market | +26.3% | 24.9% | 1.07 | −41.6% | +654% | 0.40 | — |
| 29 |  EQNREquinor ASA · Integrated Oil & Gas | Whole market | +19.2% | 34.4% | 0.69 | −66.8% | +416% | 0.20 | — |
| 30 |  HLTHilton Worldwide Holdings Inc. · Hotels & Resorts | Whole market | +21.0% | 26.8% | 0.85 | −50.8% | +694% | 0.55 | — |
| 31 |  MNSTMonster Beverage Corporation · Food & Beverages | Whole market | +17.2% | 24.9% | 0.77 | −30.4% | +285% | 0.48 | — |
| 32 |  SMHVanEck Semiconductor ETF · Semiconductors | Whole market | +33.4% | 36.9% | 0.97 | −45.3% | +1,665% | 0.37 | 0.35% |
| 33 |  AFLAflac Incorporated · Life Insurance | Whole market | +19.0% | 20.8% | 0.95 | −54.9% | +335% | 0.45 | — |
| 34 |  JCIJohnson Controls International plc · Building Products | Whole market | +17.4% | 29.1% | 0.70 | −46.4% | +426% | 0.50 | — |
| 35 |  PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas | Whole market | +51.8% | 37.5% | 1.31 | −71.7% | +768% | 0.19 | — |
| 36 |  ROSTRoss Stores, Inc. · Specialty Retail | Whole market | +18.1% | 29.5% | 0.71 | −51.4% | +312% | 0.45 | — |
| 37 |  LNGCheniere Energy, Inc. · Oil & Gas | Whole market | +23.4% | 30.2% | 0.85 | −57.5% | +616% | 0.01 | — |
| 38 |  CCEPCoca-Cola Europacific Partners PLC · Food & Beverages | Whole market | +19.7% | 23.2% | 0.90 | −48.8% | +292% | 0.51 | — |
| 39 |  ALLThe Allstate Corporation · Property & Casualty Insurance | Whole market | +17.0% | 26.2% | 0.73 | −41.4% | +356% | 0.25 | — |
| 40 | BAPCredicorp Ltd. · Banks | Whole market | +30.8% | 30.3% | 1.04 | −59.2% | +298% | 0.43 | — |
| 41 |  KBKB Financial Group Inc. · Banks | Whole market | +25.3% | 34.4% | 0.83 | −64.1% | +390% | 0.55 | — |
| 42 | NWGNatWest Group plc · Banks | Whole market | +27.7% | 34.1% | 0.89 | −67.4% | +495% | 0.48 | — |
| 43 | CBOECboe Global Markets, Inc. · Capital Markets | Whole market | +21.5% | 25.1% | 0.91 | −43.2% | +463% | 0.45 | — |
| 44 |  IXORIX Corporation · Diversified Financials | Whole market | +17.9% | 25.4% | 0.78 | −42.5% | +284% | 0.64 | — |
| 45 | ACGLArch Capital Group Ltd. · Property & Casualty Insurance | Whole market | +20.1% | 24.5% | 0.87 | −53.8% | +309% | 0.22 | — |
| 46 |  NTAPNetApp, Inc. · Computer Hardware | Whole market | +20.9% | 35.3% | 0.71 | −58.1% | +691% | 0.38 | — |
| 47 | WRBW. R. Berkley Corporation · Property & Casualty Insurance | Whole market | +18.9% | 22.9% | 0.87 | −45.3% | +443% | 0.27 | — |
| 48 | IHGInterContinental Hotels Group PLC · Hotels & Resorts | Whole market | +21.4% | 26.6% | 0.86 | −59.3% | +383% | 0.52 | — |
| 49 |  MPLXMPLX Lp · Oil & Gas Midstream | Whole market | +23.5% | 18.8% | 1.22 | −75.2% | +350% | 0.46 | — |
| 50 | FFIVF5, Inc. · Cybersecurity | Whole market | +17.1% | 30.8% | 0.67 | −54.6% | +287% | 0.25 | — |
| 51 | SNXTD Synnex Corp · Technology Distribution | Whole market | +20.3% | 30.4% | 0.76 | −55.8% | +430% | 0.45 | — |
| 52 | AITApplied Industrial Technologies, Inc. · Industrial Distribution | Whole market | +28.5% | 30.3% | 0.98 | −59.3% | +742% | 0.39 | — |
| 53 | EXELExelixis, Inc. · Biotechnology | Whole market | +24.4% | 35.8% | 0.79 | −57.2% | +448% | 0.21 | — |
| 54 | EWTiShares MSCI Taiwan ETF · International Equity | Whole market | +20.4% | 24.2% | 0.89 | −38.9% | +468% | 0.49 | 0.59% |
| 55 | EHCEncompass Health Corporation · Health Care Facilities | Whole market | +18.4% | 26.8% | 0.77 | −39.5% | +340% | 0.45 | — |
| 56 | FCFSFirstCash Holdings, Inc · Consumer Finance | Whole market | +20.6% | 30.5% | 0.77 | −50.2% | +422% | 0.42 | — |
| 57 | NHCNational HealthCare Corporation · Medical - Care Facilities | Whole market | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.27 | — |
| 58 | RSPTInvesco S&P 500 Equal Weight Technology ETF · Technology Equity | Whole market | +16.9% | 25.1% | 0.75 | −33.7% | +572% | 0.54 | 0.40% |
| 59 | CNOCNO Financial Group, Inc. · Life Insurance | Whole market | +18.8% | 28.1% | 0.76 | −63.8% | +342% | 0.43 | — |
| 60 | VIRTVirtu Financial, Inc. · Capital Markets | Whole market | +20.8% | 33.8% | 0.73 | −56.2% | +545% | 0.12 | — |
| 61 | NUENucor Corporation · Metals & Mining | Popular alternative | +21.7% | 37.4% | 0.72 | −57.2% | +569% | 0.60 | — |
| 62 | RSReliance Steel & Aluminum Co. · Metals & Mining | Popular alternative | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.50 | — |
| 63 | NICNicolet Bankshares, Inc. · Banks - Regional | Whole market | +19.0% | 30.1% | 0.73 | −44.3% | +344% | 0.30 | — |
| 64 |  RYRoyal Bank of Canada · Banks | Whole market | +17.3% | 18.2% | 0.97 | −40.0% | +352% | 0.57 | — |
| 65 |  PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas | Whole market | +50.3% | 37.5% | 1.28 | −75.3% | +674% | 0.18 | — |
| 66 | OFGOFG Bancorp · Banks - Regional | Whole market | +19.5% | 28.7% | 0.77 | −61.2% | +580% | 0.38 | — |
| 67 |  WELLWelltower Inc. · Healthcare REITs | Whole market | +26.0% | 23.8% | 1.09 | −63.3% | +379% | 0.45 | — |
| 68 |  VLOValero Energy Corporation · Oil & Gas | Whole market | +44.2% | 36.9% | 1.18 | −71.9% | +1,061% | 0.42 | — |
| 69 | XNTKState Street SPDR NYSE Technology ETF · Technology | Whole market | +16.9% | 29.3% | 0.68 | −48.3% | +728% | 0.38 | 0.35% |
| 70 | BFCBank First Corporation · Banks - Regional | Whole market | +19.0% | 27.3% | 0.78 | −39.8% | +496% | 0.16 | — |
| 71 | DMLPDorchester Minerals, L.P. · Oil & Gas Exploration & Production | Whole market | +21.1% | 29.1% | 0.81 | −56.8% | +435% | 0.49 | — |
| 72 | NWPXNWPX Infrastructure, Inc. · Construction Materials | Whole market | +32.5% | 36.2% | 0.96 | −46.5% | +682% | 0.33 | — |
| 73 | DBJPXtrackers MSCI Japan Hedged Equity ETF · International | Whole market | +20.9% | 19.2% | 1.09 | −31.3% | +348% | 0.46 | 0.45% |
| 74 | SENEASeneca Foods Corporation · Packaged Foods | Whole market | +25.2% | 36.4% | 0.81 | −51.3% | +455% | 0.18 | — |
| 75 |  COPConocoPhillips · Exploration & Production | Whole market | +18.2% | 32.6% | 0.68 | −70.7% | +379% | 0.31 | — |
| 76 | SBRSabine Royalty Trust · Oil & Gas Midstream | Whole market | +21.4% | 31.6% | 0.78 | −50.7% | +340% | 0.33 | — |
| 77 | EPUiShares MSCI Peru and Global Exposure ETF · International | Whole market | +29.5% | 24.9% | 1.17 | −51.0% | +275% | 0.72 | 0.59% |
| 78 |  SUSuncor Energy Inc. · Integrated Oil & Gas | Whole market | +33.1% | 32.5% | 1.05 | −73.5% | +295% | 0.39 | — |
| 79 |  GOOGAlphabet Inc. · Internet Services | Whole market | +19.0% | 32.0% | 0.71 | −44.6% | +752% | 0.28 | — |
| 80 | FBIZFirst Business Financial Services, Inc. · Banks - Regional | Whole market | +23.1% | 29.4% | 0.85 | −50.2% | +307% | 0.32 | — |
| 81 | UNTYUnity Bancorp, Inc. · Banks - Regional | Whole market | +18.3% | 29.6% | 0.72 | −60.0% | +444% | 0.25 | — |
| 82 |  WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery | Whole market | +25.6% | 26.2% | 1.00 | −64.1% | +264% | 0.59 | — |
| 83 |  WMTWalmart Inc. · Discount Retail | Whole market | +20.8% | 22.6% | 0.96 | −25.7% | +508% | 0.25 | — |
| 84 | CIBGrupo Cibest S.A. · Banks | Whole market | +32.9% | 32.9% | 1.03 | −70.4% | +345% | 0.43 | — |
| 85 | SPMOInvesco S&P 500 Momentum ETF · US Momentum Equity | Whole market | +18.7% | 20.8% | 0.93 | −30.9% | +499% | 0.39 | 0.13% |
| 86 |  HSBCHSBC Holdings plc · Banks | Whole market | +33.1% | 25.9% | 1.24 | −62.3% | +319% | 0.58 | — |
| 87 | CLHClean Harbors, Inc. · Environmental Services | Whole market | +23.1% | 28.6% | 0.88 | −64.5% | +588% | 0.35 | — |
| 88 |  CATCaterpillar Inc. · Industrial Machinery | Whole market | +31.1% | 31.9% | 1.01 | −43.4% | +936% | 0.43 | — |
| 89 |  COSTCostco Wholesale Corporation · Discount Retail | Whole market | +17.4% | 22.9% | 0.82 | −31.4% | +685% | 0.31 | — |
| 90 |  MPCMarathon Petroleum Corporation · Oil & Gas | Whole market | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.37 | — |
| 91 | PAGPenske Automotive Group, Inc. · Specialty Retail | Whole market | +18.3% | 31.9% | 0.69 | −60.0% | +528% | 0.48 | — |
| 92 | MSGSMadison Square Garden Sports Corp. · Entertainment | Whole market | +18.4% | 25.6% | 0.79 | −41.6% | +432% | 0.45 | — |
| 93 |  GSThe Goldman Sachs Group, Inc. · Capital Markets | Whole market | +19.6% | 28.6% | 0.77 | −48.8% | +521% | 0.54 | — |
| 94 |  IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage | Whole market | +35.4% | 35.4% | 1.04 | −55.1% | +935% | 0.34 | — |
| 95 | VCTRVictory Capital Holdings, Inc. · Asset Management | Whole market | +28.1% | 35.0% | 0.89 | −45.2% | — | 0.46 | — |
| 96 |  TJXThe TJX Companies, Inc. · Specialty Retail | Whole market | +19.9% | 22.3% | 0.93 | −42.5% | +361% | 0.37 | — |
| 97 |  UBSUBS Group AG · Banks | Whole market | +25.4% | 30.4% | 0.90 | −59.8% | +374% | 0.54 | — |
| 98 |  PHParker-Hannifin Corporation · Industrial Machinery | Whole market | +27.4% | 28.8% | 0.99 | −54.7% | +789% | 0.44 | — |
| 99 | MOG-AMoog Inc. · Aerospace & Defense | Same or nearby category | +36.6% | 32.0% | 1.14 | −63.7% | +595% | 0.46 | — |
| 100 | QTUMDefiance Quantum ETF · Technology | Whole market | +22.8% | 28.1% | 0.87 | −38.5% | — | 0.43 | 0.40% |
MT against its popular alternatives
The investments people most often weigh against MT, compared period by period and year by year.
How do MT's risk and return compare with its alternatives?
This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at MT, which divides the map into what did better or worse on each measure.
- Five of the 17 popular alternatives, led by STLD, RS and NUE, were both more rewarding and calmer than MT over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, MT returned 15.6% a year, more than the S&P 500's 12.7%, with higher volatility (39.6% against 17.1%).
Green points earned more than MT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.
All figures
| Investment | Annual return | Volatility |
|---|---|---|
| STLD Steel Dynamics, Inc. | +32.2% | 38.0% |
| HCC Warrior Met Coal, Inc. | +29.5% | 48.5% |
| RS Reliance Steel & Aluminum Co. | +24.8% | 28.1% |
| AMR Alpha Metallurgical Resources, Inc. | +21.9% | 58.3% |
| NUE Nucor Corporation | +21.8% | 37.4% |
| BHP BHP Group Limited | +16.6% | 31.4% |
| CMC Commercial Metals Company | +16.4% | 35.8% |
| MT This pageArcelorMittal S.A. | +15.6% | 39.6% |
| GGB Gerdau S.A. | +14.1% | 38.6% |
| TX Ternium S.A. | +13.7% | 34.8% |
| SPY S&P 500State Street SPDR S&P 500 ETF | +12.7% | 17.1% |
| SXC SunCoke Energy, Inc. | +12.4% | 39.3% |
| RIO Rio Tinto Group | +12.2% | 29.0% |
| VALE Vale S.A. | +7.4% | 35.0% |
| CSTM Constellium SE | +7.2% | 46.6% |
| PKX POSCO Holdings Inc. | 0.0% | 41.0% |
| CLF Cleveland-Cliffs Inc. | −8.8% | 60.2% |
| ASTL Algoma Steel Group Inc. | −17.6% | 53.0% |
| SID Companhia Siderúrgica Nacional | −17.7% | 54.5% |
Has MT consistently beaten its popular alternatives?
This section compares MT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than MT helps separate lasting outperformance from a single strong stretch.
- Four of the 18 popular alternatives, led by STLD, NUE and RS, outperformed MT in at least 3 of 5 short-term and 2 of 3 long-term timeframes.
- RS, STLD and HCC earned more for the risk they took than MT (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
A green cell means the alternative earned more than MT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.
| Investment | Periods outperformed | Short term | Long term | Risk · 5 years | Fund | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 1M | 3M | 6M | YTD | 1Y | 3Y | 5Y | 10Y | Volatilitylower is calmer | Sharpehigher is better | Worst declinepast 10 years | Expense | Assets | Overlapsame sectors | ||
| MT ArcelorMittal S.A. (this page) | — | −12.9% | −3.9% | +1.7% | +34.8% | +65.5% | +207% | +107% | +255% | 39.6% | 0.56 | −81.1% | — | $48B | — |
| STLD QualifiedSteel Dynamics, Inc. | 5/5 short2/3 long | +6.5% | +6.3% | +17.3% | +39.9% | +68.9% | +157% | +304% | +1,018% | 38.0% | 0.93 | −68.5% | — | $35B | — |
| NUE QualifiedNucor Corporation | 5/5 short2/3 long | +8.1% | +13.6% | +29.9% | +55.6% | +93.7% | +92.9% | +167% | +569% | 37.4% | 0.72 | −57.2% | — | $59B | — |
| RS QualifiedReliance Steel & Aluminum Co. | 4/5 short2/3 long | +8.5% | +9.2% | +25.2% | +42.5% | +52.1% | +77.7% | +203% | +626% | 28.1% | 0.93 | −40.8% | — | $21B | — |
| BHP QualifiedBHP Group Limited | 4/5 short2/3 long | −4.9% | +3.9% | +5.1% | +38.1% | +50.2% | +71.0% | +115% | +398% | 31.4% | 0.65 | −44.3% | — | $208B | — |
| CMC SteelCommercial Metals Company | 2/5 short2/3 long | +1.0% | −1.3% | −4.0% | −9.1% | +11.6% | +66.8% | +113% | +367% | 35.8% | 0.60 | −53.8% | — | $7.2B | — |
| AMR CoalAlpha Metallurgical Resources, Inc. | 2/5 short2/3 long | −9.5% | +10.5% | −18.6% | −21.8% | −1.4% | −27.5% | +170% | +264% | 58.3% | 0.63 | −97.4% | — | $2.0B | — |
| TX SteelTernium S.A. | 5/5 short1/3 long | +5.0% | +34.1% | +42.9% | +57.0% | +73.7% | +101% | +89.6% | +393% | 34.8% | 0.54 | −74.9% | — | $12B | — |
| RIO Industrial MaterialsRio Tinto Group | 2/5 short1/3 long | −9.2% | +1.1% | −9.7% | +10.6% | +30.1% | +69.2% | +77.9% | +464% | 29.0% | 0.54 | −37.5% | — | $143B | — |
| HCC CoalWarrior Met Coal, Inc. | 2/5 short1/3 long | −4.9% | +6.6% | −4.0% | −5.8% | +25.1% | +84.6% | +264% | — | 48.5% | 0.78 | −64.8% | — | $4.4B | — |
| CSTM AluminumConstellium SE | 1/5 short1/3 long | +1.0% | −7.3% | −14.9% | +30.3% | +61.5% | +61.7% | +41.9% | +340% | 46.6% | 0.39 | −72.3% | — | $3.5B | — |
| VALE Industrial MaterialsVale S.A. | 1/5 short1/3 long | −8.0% | −5.5% | −24.9% | +1.0% | +23.6% | +37.8% | +42.6% | +334% | 35.0% | 0.38 | −57.6% | — | $55B | — |
| GGB SteelGerdau S.A. | 4/5 short0/3 long | +4.8% | +12.9% | +24.5% | +41.6% | +59.3% | +65.3% | +93.4% | +225% | 38.6% | 0.54 | −67.4% | — | $10B | — |
| SXC SteelSunCoke Energy, Inc. | 4/5 short0/3 long | +3.3% | +18.9% | +57.7% | +39.7% | +25.0% | +21.9% | +79.7% | +52.3% | 39.3% | 0.50 | −81.4% | — | $833M | — |
| CLF SteelCleveland-Cliffs Inc. | 3/5 short0/3 long | +13.1% | +52.0% | +40.3% | +0.4% | −15.6% | −6.4% | −37.1% | +137% | 60.2% | 0.14 | −82.4% | — | $7.8B | — |
| WS SteelWorthington Steel, Inc. | 3/5 short0/3 long | +23.7% | +17.6% | +16.6% | +18.9% | +34.0% | — | — | — | — | — | −51.0% | — | $2.1B | — |
| PKX SteelPOSCO Holdings Inc. | 2/5 short0/3 long | −3.2% | +11.6% | −15.3% | +6.8% | +9.4% | −27.2% | −0.2% | +49.2% | 41.0% | 0.20 | −69.6% | — | $17B | — |
| SID SteelCompanhia Siderúrgica Nacional | 2/5 short0/3 long | −0.9% | +14.9% | −15.9% | −28.0% | −29.7% | −36.6% | −62.3% | −34.8% | 54.5% | -0.09 | −86.5% | — | $1.5B | — |
| ASTL SteelAlgoma Steel Group Inc. | 2/5 short0/3 long | −3.7% | +10.8% | −12.4% | +4.8% | +3.0% | −34.0% | −62.0% | — | 53.0% | -0.10 | −73.4% | — | $434M | — |
How did MT do year by year?
This table shows each investment's total return in every full calendar year since 1998, along with where MT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with MT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.
- Ranked against its popular alternatives each year, MT finished in the top quarter in six of 28 years and in the bottom quarter in 11. In 2025, it ranked 1 of 19.
- MT finished ahead of the S&P 500 in 13 of its 28 full calendar years.
- Among its popular alternatives, STLD came out ahead of MT most often, in 19 of the 28 years both traded.
Newest year first. Green marks a year in which the fund came out ahead of MT; gray means the two finished within a fraction of a point. The rank row places MT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.
| Investment | Years ahead of MT | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 | 2014 | 2013 | 2012 | 2011 | 2010 | 2009 | 2008 | 2007 | 2006 | 2005 | 2004 | 2003 | 2002 | 2001 | 2000 | 1999 | 1998 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MT This pageArcelorMittal S.A. | — | +100% | −16.9% | +10.2% | −16.6% | +40.3% | +30.6% | −14.2% | −35.8% | +47.5% | +73.1% | −61.2% | −37.6% | +3.8% | −0.5% | −51.2% | −15.3% | +89.3% | −67.5% | +85.7% | +62.0% | −31.3% | +336% | +303% | +25.8% | −22.2% | −85.9% | +108% | −63.9% |
| Rank among alternatives | Top quarter in 6 of 28 | 1 of 19 | 9 of 19 | 15 of 18 | 13 of 18 | 8 of 17 | 6 of 17 | 14 of 17 | 16 of 17 | 4 of 16 | 8 of 15 | 12 of 15 | 10 of 15 | 8 of 14 | 12 of 14 | 12 of 13 | 11 of 13 | 7 of 13 | 11 of 13 | 7 of 13 | 4 of 12 | 12 of 12 | 1 of 12 | 2 of 12 | 3 of 11 | 11 of 11 | 11 of 11 | 3 of 10 | 10 of 10 |
| SPY S&P 500State Street SPDR S&P 500 ETF | 15 of 28 | +17.7% | +24.9% | +26.2% | −18.2% | +28.7% | +18.3% | +31.2% | −4.6% | +21.7% | +12.0% | +1.2% | +13.5% | +32.3% | +16.0% | +1.9% | +15.1% | +26.4% | −36.8% | +5.1% | +15.9% | +4.8% | +10.7% | +28.2% | −21.6% | −11.7% | −9.8% | +20.4% | +28.7% |
| STLD Steel Dynamics, Inc. | 19 of 28 | +50.7% | −2.0% | +22.8% | +60.1% | +71.4% | +12.4% | +16.8% | −29.0% | +23.3% | +103% | −6.8% | +3.5% | +46.2% | +7.8% | −26.1% | +5.2% | +62.4% | −61.8% | +86.0% | +86.0% | −5.2% | +66.0% | +90.5% | +3.8% | +5.8% | −31.1% | +35.7% | −26.6% |
| NUE Nucor Corporation | 17 of 28 | +42.0% | −31.9% | +33.8% | +17.4% | +118% | −1.8% | +11.9% | −16.4% | +9.6% | +52.2% | −14.9% | −5.4% | +27.6% | +13.1% | −6.3% | −2.8% | +4.2% | −19.4% | +12.8% | +70.5% | +30.9% | +89.1% | +37.7% | −20.6% | +35.7% | −26.6% | +28.2% | −9.4% |
| RS Reliance Steel & Aluminum Co. | 17 of 28 | +9.1% | −2.3% | +40.3% | +27.1% | +37.8% | +2.4% | +72.2% | −15.1% | +10.5% | +40.5% | −2.9% | −17.5% | +24.3% | +29.5% | −3.7% | +19.3% | +119% | −62.8% | +38.6% | +29.6% | +58.1% | +18.1% | +61.4% | −19.9% | +6.9% | +6.6% | +28.6% | −6.7% |
| BHP BHP Group Limited | 15 of 28 | +28.9% | −24.6% | +16.4% | +29.4% | +2.0% | +25.3% | +24.6% | +10.5% | +33.8% | +41.9% | −38.1% | −27.9% | −9.8% | +14.9% | −22.0% | +24.5% | +85.2% | −37.4% | +79.4% | +21.2% | +42.0% | +34.3% | +62.6% | +50.4% | +8.7% | −16.6% | +91.5% | −18.9% |
| CMC Commercial Metals Company | 16 of 28 | +41.5% | +0.4% | +5.0% | +35.1% | +79.8% | −5.4% | +42.8% | −23.2% | −0.9% | +64.0% | −13.2% | −17.8% | +41.0% | +11.3% | −14.5% | +10.3% | +36.5% | −59.0% | +15.5% | +38.6% | +50.0% | +67.7% | +89.9% | −5.0% | +65.2% | −33.1% | +24.9% | −10.4% |
| AMR Alpha Metallurgical Resources, Inc. | 4 of 9 | −0.1% | −41.0% | +134% | +150% | +437% | +25.6% | −86.2% | +10.7% | +10.5% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| TX Ternium S.A. | 10 of 19 | +43.5% | −25.9% | +49.9% | −24.8% | +61.0% | +44.4% | −14.8% | −11.8% | +36.4% | +104% | −26.4% | −42.2% | +36.7% | +32.2% | −55.5% | +21.5% | +314% | −78.4% | +38.2% | — | — | — | — | — | — | — | — | — |
| RIO Rio Tinto Group | 18 of 28 | +44.5% | −15.4% | +11.1% | +18.4% | −0.4% | +36.2% | +37.5% | −2.9% | +44.9% | +39.2% | −33.4% | −15.3% | +0.6% | +22.4% | −30.5% | +35.3% | +195% | −78.5% | +102% | +23.6% | +57.1% | +9.7% | +45.6% | +5.1% | +12.6% | −20.9% | +115% | −8.9% |
| HCC Warrior Met Coal, Inc. | 5 of 8 | +63.5% | −9.8% | +81.6% | +41.0% | +21.8% | +2.4% | +1.8% | +70.2% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CSTM Constellium SE | 5 of 12 | +83.5% | −48.5% | +68.7% | −34.0% | +28.0% | +4.4% | +91.7% | −37.3% | +89.0% | −23.4% | −53.1% | −29.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| VALE Vale S.A. | 14 of 23 | +66.3% | −38.8% | +1.6% | +32.5% | −1.7% | +32.0% | +2.7% | +12.3% | +62.2% | +134% | −57.8% | −44.1% | −23.2% | +3.3% | −34.0% | +21.2% | +145% | −61.8% | +123% | +47.5% | +46.9% | +50.6% | +108% | — | — | — | — | — |
| GGB Gerdau S.A. | 11 of 26 | +32.7% | −25.9% | −2.1% | +28.4% | +18.2% | −3.1% | +32.8% | +3.2% | +18.5% | +164% | −65.2% | −53.8% | −11.7% | +17.0% | −43.0% | −15.8% | +160% | −52.6% | +86.5% | +54.8% | +47.9% | +83.5% | +213% | −3.0% | +17.4% | −31.3% | — | — |
| SXC SunCoke Energy, Inc. | 9 of 14 | −28.6% | +3.9% | +29.6% | +36.0% | +56.8% | −25.8% | −26.2% | −28.8% | +5.8% | +227% | −81.0% | −15.0% | +46.3% | +39.1% | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| CLF Cleveland-Cliffs Inc. | 14 of 28 | +41.3% | −54.0% | +26.8% | −26.0% | +49.5% | +77.3% | +12.8% | +6.6% | −14.2% | +431% | −77.8% | −71.7% | −30.4% | −35.3% | −19.2% | +70.8% | +81.5% | −48.8% | +110% | +10.7% | +71.9% | +104% | +157% | +8.8% | −13.3% | −26.3% | −19.3% | −9.3% |
| WS Worthington Steel, Inc. | 1 of 2 | +11.2% | +15.4% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
| PKX POSCO Holdings Inc. | 15 of 28 | +27.3% | −53.3% | +77.9% | −2.2% | −1.4% | +27.8% | −4.1% | −28.6% | +54.2% | +53.8% | −42.1% | −16.4% | −2.6% | +2.3% | −21.8% | −16.1% | +76.1% | −48.9% | +85.4% | +68.4% | +16.0% | +37.3% | +43.1% | +10.4% | +54.0% | −54.2% | +110% | −1.7% |
| SID Companhia Siderúrgica Nacional | 18 of 28 | +11.1% | −59.6% | +70.3% | −29.4% | −22.3% | +72.4% | +68.7% | −3.0% | −24.2% | +231% | −49.2% | −65.5% | +18.1% | −24.0% | −48.3% | +7.8% | +168% | −55.9% | +211% | +57.6% | +27.7% | +53.8% | +344% | +182% | −5.4% | −10.1% | +70.7% | +6.6% |
| ASTL Algoma Steel Group Inc. | 2 of 4 | −57.4% | −0.2% | +61.2% | −40.0% | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — | — |
Risk and diversification
How MT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.
What were MT's worst declines?
A drawdown is the decline from a peak to the lowest point before a new high. This section presents MT's five deepest drawdowns since it began trading in 1997, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.
- In all five of MT's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: MT fell 97.4% from June 2008 to March 2020, while the S&P 500 rose 117%.
- The slowest recovery came after MT fell 97.3% from March 1998 to October 2001; it did not regain that peak until September 2004, three years later.
Green means MT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.
| During | MT fell | S&P 500, same dates | Peak | Low | Time to the low | Back at the peak | Time to recover |
|---|---|---|---|---|---|---|---|
| 2008 financial crisis | −97.4% | +117% | Jun 2008 | Mar 2020 | 11.8 years | Not yet | — |
| Dot-com bust | −97.3% | +0.4% | Mar 1998 | Oct 2001 | 3.6 years | Sep 2004 | 2.9 years |
| No named crash | −47.8% | −1.2% | Feb 2005 | Jun 2005 | 4 months | May 2006 | 11 months |
| No named crash | −38.2% | +2.3% | Aug 1997 | Jan 1998 | 5 months | Mar 1998 | 2 months |
| No named crash | −32.8% | −3.6% | May 2006 | Jul 2006 | 2 months | Oct 2006 | 3 months |
How did MT do in stock market crashes?
This section measures how far MT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.
- MT fell further than the S&P 500 in nine of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when MT fell 68.8% and the S&P 500 fell 12.8%.
- Among its popular alternatives, BHP held up best, falling less than MT in all ten crashes they both traded through.
Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than MT.
| Investment | Held up better | 2023 regional bank crisisMar 2023 | 2022 bear marketJan 2022 | Covid crashFeb 2020 | Late-2018 sell-offSep 2018 | February 2018 volatility shockFeb 2018 | 2015 China and oil sell-offAug 2015 | 2011 euro debt crisisJul 2011 | 2010 flash crashMay 2010 | 2008 financial crisisOct 2007 | Dot-com bustMar 2000 |
|---|---|---|---|---|---|---|---|---|---|---|---|
| MT This pageArcelorMittal S.A. | — | −8.8% | −46.1% | −58.7% | −38.4% | −7.1% | −68.8% | −53.8% | −2.0% | −85.1% | −94.9% |
| SPY S&P 500State Street SPDR S&P 500 ETF | 9 of 10 | −3.4% | −24.5% | −33.7% | −19.3% | −6.5% | −12.8% | −17.9% | −1.5% | −55.2% | −47.5% |
| STLD Steel Dynamics, Inc. | 8 of 10 | −11.7% | −30.6% | −47.8% | −37.1% | −3.6% | −25.6% | −43.0% | −0.7% | −87.1% | −41.6% |
| NUE Nucor Corporation | 9 of 10 | −10.3% | −40.8% | −41.5% | −23.5% | −6.0% | −24.3% | −23.9% | 0.0% | −68.3% | −44.8% |
| RS Reliance Steel & Aluminum Co. | 9 of 10 | −3.8% | −22.3% | −38.7% | −19.3% | −4.8% | −16.3% | −36.3% | −2.4% | −83.8% | −42.0% |
| BHP BHP Group Limited | 10 of 10 | −2.2% | −31.8% | −38.1% | −12.8% | −6.4% | −49.4% | −30.7% | 0.0% | −73.7% | −32.6% |
| CMC Commercial Metals Company | 9 of 10 | −11.4% | −28.7% | −45.2% | −26.2% | −4.7% | −22.6% | −41.0% | 0.0% | −83.8% | −29.5% |
| AMR Alpha Metallurgical Resources, Inc. | 3 of 5 | −10.3% | −40.0% | −58.6% | −21.8% | −4.4% | — | — | — | — | — |
| TX Ternium S.A. | 8 of 9 | −7.6% | −43.9% | −52.2% | −17.4% | −2.7% | −35.7% | −34.2% | 0.0% | −89.7% | — |
| RIO Rio Tinto Group | 9 of 10 | −2.6% | −35.3% | −30.0% | −13.2% | −5.3% | −43.9% | −41.3% | 0.0% | −89.0% | −33.9% |
| HCC Warrior Met Coal, Inc. | 5 of 5 | −7.9% | −35.7% | −43.5% | −28.6% | −2.5% | — | — | — | — | — |
| CSTM Constellium SE | 1 of 6 | −11.0% | −52.1% | −71.4% | −47.9% | −8.4% | −58.2% | — | — | — | — |
| VALE Vale S.A. | 9 of 9 | −3.1% | −41.4% | −45.5% | −20.9% | −5.3% | −61.1% | −33.4% | −0.8% | −79.5% | — |
| GGB Gerdau S.A. | 6 of 10 | −9.3% | −36.4% | −63.4% | −20.3% | −6.8% | −55.0% | −29.2% | −2.2% | −83.3% | −66.6% |
| SXC SunCoke Energy, Inc. | 6 of 7 | −7.9% | −39.4% | −52.9% | −34.2% | −5.8% | −80.9% | −43.9% | — | — | — |
| CLF Cleveland-Cliffs Inc. | 4 of 10 | −10.0% | −60.5% | −59.6% | −41.3% | −2.6% | −71.3% | −51.4% | 0.0% | −89.8% | −46.5% |
| PKX POSCO Holdings Inc. | 9 of 10 | −3.7% | −41.3% | −41.4% | −21.7% | −9.0% | −21.2% | −35.5% | 0.0% | −77.2% | −51.5% |
| SID Companhia Siderúrgica Nacional | 6 of 10 | −13.3% | −58.7% | −65.1% | −21.7% | −7.4% | −53.8% | −33.9% | −1.0% | −84.4% | −60.9% |
| ASTL Algoma Steel Group Inc. | 1 of 2 | −6.8% | −46.3% | — | — | — | — | — | — | — | — |
How closely does MT move with the S&P 500?
Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares MT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.
- Nine of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than MT's 0.76, led by RIO, RS and STLD.
- STLD took just 129% of the S&P 500's losses, against 209% for MT, while still keeping 150% of its gains.
- Over the past 10 years, MT captured 159% of the S&P 500's gains in rising months and 209% of its losses in falling months, with a beta of 1.77. It amplified the market's moves in both directions.
Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than MT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.
| Investment | Upside capture | Downside capture | Capture ratio | Beta |
|---|---|---|---|---|
| MT This pageArcelorMittal S.A. | 159% | 209% | 0.76 | 1.77 |
| RIO Rio Tinto Group | 98% | 72% | 1.35 | 0.63 |
| RS Reliance Steel & Aluminum Co. | 107% | 83% | 1.29 | 1.00 |
| STLD Steel Dynamics, Inc. | 150% | 129% | 1.16 | 1.48 |
| VALE Vale S.A. | 100% | 88% | 1.13 | 0.74 |
| BHP BHP Group Limited | 106% | 97% | 1.10 | 0.87 |
| AMR Alpha Metallurgical Resources, Inc. | 115% | 109% | 1.06 | 1.05 |
| TX Ternium S.A. | 134% | 150% | 0.90 | 1.36 |
| NUE Nucor Corporation | 154% | 176% | 0.87 | 1.65 |
| CMC Commercial Metals Company | 151% | 188% | 0.81 | 1.44 |
| GGB Gerdau S.A. | 138% | 182% | 0.76 | 1.54 |
| CSTM Constellium SE | 171% | 243% | 0.71 | 2.12 |
| SXC SunCoke Energy, Inc. | 70% | 105% | 0.67 | 1.07 |
| CLF Cleveland-Cliffs Inc. | 172% | 276% | 0.62 | 2.19 |
| PKX POSCO Holdings Inc. | 112% | 186% | 0.60 | 1.39 |
| SID Companhia Siderúrgica Nacional | 113% | 238% | 0.47 | 1.73 |
What diversifies MT?
Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with MT's. Because such investments tend not to fall at the same time, pairing MT with them can reduce a portfolio's overall swings.
- Moving a fifth of the money in MT into DBMF would have cut the portfolio's volatility by 20% over the past 5 years while keeping its annual return (+18.9% for MT alone, +18.9% for the mix).
- MCK made money in 11 of the 14 calendar years in which MT lost money.
- Among large ETFs, SMH, GLD and SPMO have moved largely independently of MT over the past 5 years, with correlations of 0.47 or lower, and each still earned a positive 5-year return.
Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which MT lost money. The last two columns show a portfolio that is 80% MT and 20% the other investment, rebalanced monthly.
ETFs
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2022 | 2019 | 2018 | 2015 | 2014 | 2012 | 2011 | 2010 | 2008 | 2005 | 2001 | 2000 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MT ArcelorMittal S.A. (this page) | 1.00 | +107% | 0.56 | −16.9% | −16.6% | −14.2% | −35.8% | −61.2% | −37.6% | −0.5% | −51.2% | −15.3% | −67.5% | −31.3% | −22.2% | −85.9% | −63.9% | 39.7% | +18.9% |
| SMH TechnologyVanEck Semiconductor ETF | 0.37 | +323% | 0.97 | +39.1% | −33.5% | +64.5% | −9.1% | −0.3% | +30.2% | +8.6% | +6.8% | +19.0% | −44.7% | +10.8% | −14.6% | — | — | 34.9% | +24.1% |
| GLD CommoditiesSPDR Gold Shares | 0.47 | +126% | 0.96 | +26.7% | −0.8% | +17.9% | −1.9% | −10.7% | −2.2% | +6.6% | +9.6% | +29.3% | +4.9% | +17.8% | — | — | — | 33.5% | +20.0% |
| SPMO Broad MarketInvesco S&P 500 Momentum ETF | 0.39 | +136% | 0.93 | +45.8% | −10.4% | +25.9% | −0.9% | — | — | — | — | — | — | — | — | — | — | 33.6% | +20.7% |
| XLE EnergyState Street Energy Select Sector SPDR ETF | 0.45 | +177% | 0.93 | +5.6% | +64.4% | +11.7% | −18.2% | −21.5% | −8.7% | +5.2% | +2.8% | +21.9% | −39.0% | +40.1% | −18.2% | +24.4% | — | 34.4% | +20.9% |
| EWT TechnologyiShares MSCI Taiwan ETF | 0.49 | +153% | 0.89 | +16.1% | −28.9% | +33.4% | −9.9% | −12.9% | +7.0% | +18.6% | −21.8% | +22.8% | −45.3% | +4.7% | +2.1% | — | — | 34.5% | +20.7% |
| AMLP EnergyAlerian MLP ETF | 0.48 | +111% | 0.89 | +22.8% | +25.5% | +6.0% | −12.6% | −25.7% | +4.8% | +1.9% | +10.2% | — | — | — | — | — | — | 33.7% | +19.9% |
| PTLC Broad MarketPacer Trendpilot US Large Cap ETF | 0.42 | +57.4% | 0.83 | +24.3% | −8.6% | +17.6% | +1.5% | — | — | — | — | — | — | — | — | — | — | 32.8% | +18.5% |
| DBMF AlternativesiMGP DBi Managed Futures Strategy ETF | -0.10 | +59.7% | 0.82 | +7.2% | +21.6% | — | — | — | — | — | — | — | — | — | — | — | — | 31.6% | +18.9% |
Stocks
| Investment | Correlation | 5Y return | Sharpe | 2024 | 2022 | 2019 | 2018 | 2015 | 2014 | 2012 | 2011 | 2010 | 2008 | 2005 | 2001 | 2000 | 1998 | 80/20 mix volatility | 80/20 mix annual return |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| MT ArcelorMittal S.A. (this page) | 1.00 | +107% | 0.56 | −16.9% | −16.6% | −14.2% | −35.8% | −61.2% | −37.6% | −0.5% | −51.2% | −15.3% | −67.5% | −31.3% | −22.2% | −85.9% | −63.9% | 39.7% | +18.9% |
| CAH Medical - DistributionCardinal Health, Inc. | 0.28 | +479% | 1.55 | +19.0% | +54.1% | +18.0% | −24.5% | +12.6% | +23.0% | +3.8% | +8.1% | +21.4% | −39.6% | +18.7% | −2.5% | +108% | +51.7% | 33.6% | +24.1% |
| CLS Hardware, Equipment & PartsCelestica Inc. | 0.14 | +3,143% | 1.47 | +215% | +1.3% | −5.7% | −16.3% | −6.0% | +12.9% | +11.2% | −24.4% | +2.8% | −20.5% | −25.2% | −25.6% | −2.3% | — | 35.3% | +37.6% |
| FIX Engineering & ConstructionComfort Systems USA, Inc. | 0.27 | +1,636% | 1.46 | +107% | +17.0% | +15.1% | +0.8% | +67.7% | −10.4% | +15.7% | −17.0% | +8.7% | −15.2% | +20.1% | +73.7% | −71.1% | −9.5% | 35.3% | +33.1% |
| MCK Medical - DistributionMcKesson Corporation | 0.25 | +413% | 1.44 | +23.7% | +51.8% | +26.7% | −28.4% | −4.5% | +29.3% | +25.6% | +11.8% | +13.8% | −40.4% | +64.9% | +4.9% | +61.2% | +46.9% | 33.4% | +23.6% |
| MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation | 0.37 | +690% | 1.41 | −4.0% | +86.6% | +6.0% | −8.2% | +17.4% | +0.4% | +94.3% | — | — | — | — | — | — | — | 34.6% | +25.9% |
Common questions
What was MT's worst drawdown?
MT's deepest decline since it began trading in 1997 was 97.4%, from June 2008 to March 2020. It has not yet climbed back to that peak.
What were MT's best and worst years?
Over 28 full calendar years, MT's best year was 2004, when it returned 336%. Its worst was 2000, with a return of -85.9%.
Is there a better investment than MT?
Among MT's popular alternatives, NUE and RS earned more than MT with less volatility over the past 5 years. NUE returned 21.7% a year at 37.4% volatility, against 15.6% a year at 39.6%. Looking beyond its popular alternatives, MOG-A (aerospace & defense) and RTX (aerospace & defense) earned more than MT with less volatility over the past 5 years. MOG-A returned 36.6% a year at 32.0% volatility, against 15.6% a year at 39.6%.
Is MT more volatile than the S&P 500?
Yes. MT's volatility over the past 5 years was 39.6%, 2.3 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, MT's return lands within 39.6% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.
What is MT's Sharpe ratio?
MT's Sharpe ratio over the past 5 years was 0.56, against 0.79 for the S&P 500, so MT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.
How correlated is MT with the S&P 500?
Over the past 5 years, MT's monthly returns had a correlation of 0.61 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against MT instead: the lower it is, the more that option would diversify a MT holding.
What are the best alternatives to MT?
Of the 18 popular alternatives we compared, four outperformed MT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: STLD, NUE and RS.
Did MT outperform the S&P 500?
MT finished ahead of the S&P 500 (SPY) in 13 of 28 full calendar years. In 2025, it returned +100%, against +17.7% for the index.
How did MT do in stock market crashes?
MT fell less than the S&P 500 (SPY) in none of the ten major crashes it has traded through, and further in nine. The clearest case was the 2015 China and oil sell-off, when MT fell 68.8% and the S&P 500 fell 12.8%.
What diversifies MT?
These had a low correlation with MT over the past 5 years and still earned a positive 5-year return: among large ETFs, SMH (correlation 0.37), GLD (correlation 0.47) and SPMO (correlation 0.39); among large stocks, CAH (correlation 0.28), CLS (correlation 0.14) and FIX (correlation 0.27). A correlation near zero means the two have moved largely independently.
How we measure
- Short-term periods are 1M, 3M, 6M, YTD, 1Y; long-term periods are 3Y, 5Y, 10Y. An investment outperformed in a period when its total return, with dividends reinvested, was higher than MT's. Returns within 0.5 points or 3% of MT's, whichever is larger, count as a tie.
- "Qualified" means outperforming in at least 3 of 5 short-term periods and 2 of 3 long-term periods. "All-weather" means outperforming in every long-term period and all but one short-term period.
- Popular alternatives are the funds and stocks most often compared with this one. We include only those that trade today, are not leveraged or inverse, and hold at least $200 million.
- Volatility is the annualized standard deviation of daily returns over 5 years, a measure of how much the price typically swings in a year. The Sharpe ratio is the return above cash for each unit of that volatility.
- A decline, or drawdown, runs from a peak to the lowest close before the next high. The worst decline ever uses all the price history we have; comparisons between funds use the past 10 years so that younger funds are judged on the same stretch.
- Sector overlap is the share of assets two funds hold in the same sectors. Correlation and the mixed-portfolio figures use monthly returns.
- Upside and downside capture follow Morningstar's definition: the compound monthly return in the months the S&P 500 rose (or fell), divided by the S&P 500's compound return in those months. Beta measures how strongly monthly returns have moved with the S&P 500. All three use the same window for every investment.
- Figures are computed from daily adjusted prices and update after each trading day. Past performance does not predict future results.
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