# How Nucor (NUE) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/nue
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on NUE alone. It places NUE (Nucor Corporation) against 16 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 NUE stands in the market, and of the alternatives worth a closer look.

Period covered: NUE's full trading record, from October 1986 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Over the past 6 months, NUE rose 29.9% against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100. Its metals & mining peers were far apart over the past 6 months, from TX (Ternium, up 42.9%) to MT (ArcelorMittal, up 1.7%).
- **Stock or market?:** NUE's 13.6% gain over the past 3 months far outran its industry: 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: CLF (Cleveland-Cliffs) rose 52.0%, while MT (ArcelorMittal) fell 3.9%.
- **Past 1 to 3 years:** NUE has run far ahead of the market, rising 93.7% 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 (92.9% against 89.3%).
- **Long term:** NUE turned $10,000 into $66,900 over the past decade, against $42,100 in the S&P 500. NUE's 10-year return of 569% puts it ahead of 88% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across seven sell-offs, NUE has typically fallen 1.4 times as far as the S&P 500. In the 2022 bear market, NUE fell 40.8%, against 24.5% for the S&P 500. That was more than STLD (Steel Dynamics, 30.6%) but less than MT (ArcelorMittal, 46.1%).
- **Diversification:** NUE is more of the same, not a cushion: a correlation of 0.65 with the S&P 500 over 5 years and 0.66 with the total US market, more closely than 96% of stocks worth at least $300 million. Over 10 years, NUE's beta versus the S&P 500 was 1.65: in the S&P 500's rising months it gained 1.5 times as much as the index, and in falling months it lost 1.8 times as much.
- **Better options**
  - **Popular alternatives:** RS (Reliance Steel & Aluminum) and CAT (Caterpillar) earned more than NUE with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 21.7% a year at 37.4%.
  - **Nearby categories and themes:** ESLT (Elbit Systems, aerospace & defense) and CW (Curtiss-Wright, aerospace & defense) earned more than NUE with less volatility over the past 5 years. ESLT returned 39.8% a year at 34.6% volatility, against 21.7% a year at 37.4%.
  - **Whole market:** 86 of the 3,633 stocks and funds worth at least $500 million earned more than NUE with less volatility over the past 5 years, among them LLY (Eli Lilly and Company), XOM (Exxonmobil) and ABBV (AbbVie).

## How much would $10,000 in NUE have grown?

This chart tracks a hypothetical $10,000 investment in NUE over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of NUE over the same span and NUE's popular alternatives, among those that traded for the entire period.

- $10,000 invested in NUE at the end of September 1997 would have grown to $361,333 by September 2026, more than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of NUE, and ESLT finished highest, at $1,652,837.

## NUE 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.

- NUE's deepest decline since it began trading in 1986 was 68.3%, from May to November 2008. It took about eight years from the low to climb back to its old high.
- Over 29 full calendar years, NUE's best was 2021, when it returned 118%, and its worst was 2024, when it lost 32.0%. It lost money in 12 of those years.
- NUE is 4.6% below its all-time high.

- Type: Stock, Materials (Steel)
- Trading since: October 17, 1986
- Market value: $59B
- Volatility (5 years): 37.4%; Sharpe ratio: 0.72
- Worst decline ever: −68.3%, from May 16, 2008 to November 20, 2008; back at its high by November 22, 2016

| Period | NUE total return |
| --- | --- |
| 1 month | +8.1% |
| 3 months | +13.6% |
| 6 months | +29.9% |
| year to date | +55.6% |
| 1 year | +93.7% |
| 3 years | +92.9% |
| 5 years | +167% |
| 10 years | +569% |

## NUE against the whole market

Where NUE ranks among every stock and fund, and what across the market has done better.

### How does NUE rank among all stocks?

This section ranks NUE on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- NUE's 1-year return ranks in the top 6% of the 3,287 stocks worth at least $300 million with 1 year of history.

| Measure | NUE | Rank |
| --- | --- | --- |
| 1-year return | +93.7% | 202 of 3,287 (top 7%) |
| 3-year return | +92.9% | 982 of 3,017 (top 33%) |
| 5-year return | +167% | 391 of 2,893 (top 14%) |
| 10-year return | +569% | 257 of 2,202 (top 12%) |
| Volatility, 5 years | 37.4% | 1,296 of 2,893 (top 45%) |
| Sharpe ratio, 5 years | 0.72 | 431 of 2,893 (top 15%) |
| Worst decline, past 10 years | −57.2% | 765 of 2,187 (top 35%) |

### What has beaten NUE 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).

- 83 stocks and three ETFs worth at least $500 million sit in the green region: each earned more than NUE over the past 5 years with smaller price swings. That is 2% of the 3,633 screened.
- Among those with at least half NUE's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 34% less than NUE's 37.4%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 0.72 for NUE. MPC earned the most, 51.2% a year, while still swinging less than NUE (33.4% against 37.4%).
- Among NUE's popular alternatives, CAT and RS are in the region. CAT earned 31.1% a year against 21.7% a year for NUE, at 31.9% volatility, 15% less than NUE's 37.4%.

### Is there a better investment than NUE?

The table below lists investments that beat NUE 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.

- Among NUE's popular alternatives, RS and CAT earned more than NUE with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 21.7% a year at 37.4%.
- Looking beyond its popular alternatives, ESLT (aerospace & defense) and CW (aerospace & defense) earned more than NUE with less volatility over the past 5 years. ESLT returned 39.8% a year at 34.6% volatility, against 21.7% a year at 37.4%.
- Across the whole market, 86 of the 3,633 stocks and funds worth at least $500 million earned more than NUE with less volatility over the past 5 years, among them LLY, XOM and ABBV.

The 15 strongest of 86 investments that beat NUE over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with NUE | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| NUE: Nucor Corporation (this page) |  | +21.7% | 37.4% | 0.72 | −57.2% | +569% |  |  |
| [ABBV](https://easycompare.io/research/abbv): AbbVie Inc. | Pharmaceuticals | +26.1% | 23.4% | 1.11 | −45.1% | +603% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [LLY](https://easycompare.io/research/lly): Eli Lilly and Company | Pharmaceuticals | +40.7% | 32.8% | 1.21 | −34.5% | +1,807% | 0.15 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [MPC](https://easycompare.io/research/mpc): Marathon Petroleum Corporation | Oil & Gas | +51.2% | 33.4% | 1.41 | −79.7% | +1,387% | 0.36 | Higher return, lower volatility; Higher return in most periods |
| [APH](https://easycompare.io/research/aph): Amphenol Corporation | Electronic Components | +33.8% | 32.2% | 1.07 | −37.5% | +965% | 0.39 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| NHC: National HealthCare Corporation | Medical - Care Facilities | +32.0% | 28.5% | 1.12 | −35.3% | +394% | 0.16 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Higher return in most periods |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.29 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| MUSA: Murphy USA Inc. | Convenience Stores | +26.1% | 31.2% | 0.90 | −35.5% | +706% | 0.25 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| ESLT: Elbit Systems Ltd. | Aerospace & Defense | +39.8% | 34.6% | 1.15 | −35.4% | +765% | 0.19 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [PSX](https://easycompare.io/research/psx): Phillips 66 | Oil & Gas | +33.2% | 32.9% | 1.04 | −64.2% | +430% | 0.38 | Higher return, lower volatility; Higher return in most periods |
| [SU](https://easycompare.io/research/su): Suncor Energy Inc. | Integrated Oil & Gas | +33.1% | 32.5% | 1.05 | −73.5% | +295% | 0.41 | Higher return, lower volatility; Higher return in most periods |
| DXJ: WisdomTree Japan Hedged Equity Fund | International Equity | +26.6% | 19.1% | 1.34 | −39.1% | +428% | 0.37 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| RS: Reliance Steel & Aluminum Co. | Metals & Mining | +24.8% | 28.1% | 0.93 | −40.8% | +626% | 0.81 | Higher return, lower volatility; Higher Sharpe, smaller worst decline; Smaller losses in recent crashes |
| [MCK](https://easycompare.io/research/mck): McKesson Corporation | Health Care Distribution | +38.7% | 25.0% | 1.44 | −38.1% | +586% | 0.23 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [GILD](https://easycompare.io/research/gild): Gilead Sciences, Inc. | Biotechnology | +22.8% | 24.9% | 0.95 | −30.5% | +200% | 0.08 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |
| [MFG](https://easycompare.io/research/mfg): Mizuho Financial Group, Inc. | Banks | +33.6% | 30.6% | 1.10 | −45.7% | +345% | 0.28 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## NUE against its popular alternatives

The investments people most often weigh against NUE, compared period by period and year by year.

### How do NUE'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.

- Only CAT and RS were both more rewarding and calmer than NUE over the past 5 years, earning a higher annual return with lower volatility.
- Over the past 5 years, NUE returned 21.8% a year, more than the S&P 500's 12.7%, with higher volatility (37.4% against 17.1%).

### Has NUE consistently beaten its popular alternatives?

This section compares NUE with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- None of the 16 popular alternatives outperformed NUE in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was URI.
- CAT and RS earned more for the risk they took than NUE (a higher Sharpe ratio) and fell less in their worst decline of the past 10 years.
- CAT outperformed NUE over all three long-term periods but in none of the five short-term ones, so NUE has had the better of it lately.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of NUE | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| NUE: Nucor Corporation (this page) | +93.7% | +92.9% | +167% | +569% |  |  | 0.72 |
| [URI](https://easycompare.io/research/uri): United Rentals, Inc. | +5.2% | +164% | +196% | +1,270% | 0/5 short-term, 3/3 long-term |  | 0.75 |
| CRS: Carpenter Technology Corporation | +54.5% | +521% | +1,082% | +1,021% | 0/5 short-term, 3/3 long-term |  | 1.30 |
| STLD: Steel Dynamics, Inc. | +68.9% | +157% | +304% | +1,018% | 0/5 short-term, 3/3 long-term |  | 0.93 |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | +37.7% | +203% | +288% | +936% | 0/5 short-term, 3/3 long-term |  | 1.01 |
| RS: Reliance Steel & Aluminum Co. | +52.1% | +77.7% | +203% | +626% | 0/5 short-term, 2/3 long-term |  | 0.93 |
| TX: Ternium S.A. | +73.7% | +101% | +89.6% | +393% | 2/5 short-term, 1/3 long-term |  | 0.54 |
| [MT](https://easycompare.io/research/mt): ArcelorMittal S.A. | +65.5% | +207% | +107% | +255% | 0/5 short-term, 1/3 long-term |  | 0.56 |
| CLF: Cleveland-Cliffs Inc. | −15.6% | −6.4% | −37.1% | +137% | 3/5 short-term, 0/3 long-term |  | 0.14 |
| WS: Worthington Steel, Inc. | +34.0% | — | — | — | 2/5 short-term, 0/3 long-term |  | — |
| SID: Companhia Siderúrgica Nacional | −29.7% | −36.6% | −62.3% | −34.8% | 1/5 short-term, 0/3 long-term |  | -0.09 |
| [BHP](https://easycompare.io/research/bhp): BHP Group Limited | +50.2% | +71.0% | +115% | +398% | 0/5 short-term, 0/3 long-term |  | 0.65 |
| CMC: Commercial Metals Company | +11.6% | +66.8% | +113% | +367% | 0/5 short-term, 0/3 long-term |  | 0.60 |
| [VALE](https://easycompare.io/research/vale): Vale S.A. | +23.6% | +37.8% | +42.6% | +334% | 0/5 short-term, 0/3 long-term |  | 0.38 |
| GGB: Gerdau S.A. | +59.3% | +65.3% | +93.4% | +225% | 0/5 short-term, 0/3 long-term |  | 0.54 |
| VMC: Vulcan Materials Company | −10.7% | +32.9% | +46.8% | +159% | 0/5 short-term, 0/3 long-term |  | 0.42 |
| PKX: POSCO Holdings Inc. | +9.4% | −27.2% | −0.2% | +49.2% | 0/5 short-term, 0/3 long-term |  | 0.20 |

### How did NUE do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where NUE ranked among its popular alternatives each year.

- NUE finished ahead of the S&P 500 in 14 of its 29 full calendar years.
- Among its popular alternatives, RS came out ahead of NUE most often, in 19 of the 29 years both traded.
- Ranked against its popular alternatives each year, NUE finished in the top quarter in five of 29 years and in the bottom quarter in five. In 2025, it ranked 7 of 17.

| Year | NUE | SPY |
| --- | --- | --- |
| 2025 | +42.0% | +17.7% |
| 2024 | −31.9% | +24.9% |
| 2023 | +33.8% | +26.2% |
| 2022 | +17.4% | −18.2% |
| 2021 | +118% | +28.7% |
| 2020 | −1.8% | +18.3% |
| 2019 | +11.9% | +31.2% |
| 2018 | −16.4% | −4.6% |
| 2017 | +9.6% | +21.7% |
| 2016 | +52.2% | +12.0% |

## Risk and diversification

How NUE 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 NUE's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- In all five of NUE's worst declines, the S&P 500 held up better over the same dates.
- Not every decline was the market's doing: NUE fell 56.0% from June 1994 to September 2000, while the S&P 500 rose 247%.
- The slowest recovery came after NUE fell 68.3% from May to November 2008; it did not regain that peak until November 2016, eight years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −68.3% | May 16, 2008 | November 20, 2008 | November 22, 2016 | −46.5% | 2008 financial crisis |
| −57.2% | January 11, 2018 | March 23, 2020 | March 8, 2021 | −15.7% | late-2018 sell-off |
| −56.0% | June 15, 1994 | September 25, 2000 | May 31, 2002 | +247% | dot-com bust |
| −47.8% | April 5, 2024 | April 4, 2025 | April 17, 2026 | −1.3% |  |
| −47.3% | June 6, 2002 | February 5, 2003 | May 27, 2004 | −16.9% | dot-com bust |

### How did NUE do in stock market crashes?

This section measures how far NUE, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- NUE fell further than the S&P 500 in seven of the ten crashes it has traded through. The clearest case was the 2022 bear market, when NUE fell 40.8% and the S&P 500 fell 24.5%.
- Among its popular alternatives, RS held up best, falling less than NUE in seven of the ten crashes they both traded through.

| Crash | Dates | NUE fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −44.8% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −68.3% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −23.9% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −24.3% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −6.0% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −23.5% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −41.5% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −40.8% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −10.3% | −3.4% |

### How closely does NUE 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.

- Eight of the 15 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than NUE's 0.87, led by RS, CAT and STLD.
- CAT took just 122% of the S&P 500's losses, against 176% for NUE, while still keeping 148% of its gains.
- Over the past 10 years, NUE captured 154% of the S&P 500's gains in rising months and 176% of its losses in falling months, with a beta of 1.65. It amplified the market's moves in both directions.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| NUE: Nucor Corporation (this page) | 154% | 176% | 1.65 |
| [URI](https://easycompare.io/research/uri): United Rentals, Inc. | 177% | 165% | 1.90 |
| CRS: Carpenter Technology Corporation | 155% | 137% | 1.68 |
| STLD: Steel Dynamics, Inc. | 150% | 129% | 1.48 |
| [CAT](https://easycompare.io/research/cat): Caterpillar Inc. | 148% | 122% | 1.27 |
| RS: Reliance Steel & Aluminum Co. | 107% | 83.0% | 1.00 |
| TX: Ternium S.A. | 134% | 150% | 1.36 |
| [MT](https://easycompare.io/research/mt): ArcelorMittal S.A. | 159% | 209% | 1.77 |
| CLF: Cleveland-Cliffs Inc. | 172% | 276% | 2.19 |
| SID: Companhia Siderúrgica Nacional | 113% | 238% | 1.73 |
| [BHP](https://easycompare.io/research/bhp): BHP Group Limited | 106% | 97.0% | 0.87 |
| CMC: Commercial Metals Company | 151% | 188% | 1.44 |
| [VALE](https://easycompare.io/research/vale): Vale S.A. | 100% | 88.0% | 0.74 |
| GGB: Gerdau S.A. | 138% | 182% | 1.54 |
| VMC: Vulcan Materials Company | 75.0% | 91.0% | 0.83 |
| PKX: POSCO Holdings Inc. | 112% | 186% | 1.39 |

### What diversifies NUE?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in NUE into GLD would have cut the portfolio's volatility by 19% over the past 5 years and raised its annual return (+20.6% for NUE alone, +22.0% for the mix).
- CAH made money in nine of the 12 calendar years in which NUE lost money.
- Among large ETFs, LVHI, DXJ and SMH have moved largely independently of NUE over the past 5 years, with correlations of 0.46 or lower, and each still earned a positive 5-year return.

| Investment | Correlation with NUE | 5Y return | Volatility | Sharpe | Rose in NUE's 12 down years |
| --- | --- | --- | --- | --- | --- |
| LVHI: Franklin International Low Volatility High Dividend Index ETF | 0.46 | +119% | 11.1% | 1.48 | 1 of 12 |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.37 | +225% | 19.1% | 1.34 | 4 of 12 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.42 | +323% | 36.9% | 0.97 | 5 of 12 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.11 | +126% | 18.9% | 0.96 | 5 of 12 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.46 | +136% | 20.8% | 0.93 | 2 of 12 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.41 | +177% | 25.5% | 0.93 | 4 of 12 |
| EWT: iShares MSCI Taiwan ETF | 0.36 | +153% | 24.2% | 0.89 | 4 of 12 |
| EUFN: iShares MSCI Europe Financials ETF | 0.41 | +133% | 21.8% | 0.89 | 1 of 12 |

## Common questions

### What was NUE's worst drawdown?

NUE's deepest decline since it began trading in 1986 was 68.3%, from May to November 2008. It took about eight years from the low to climb back to its old high.

### What were NUE's best and worst years?

Over 29 full calendar years, NUE's best year was 2021, when it returned 118%. Its worst was 2024, with a return of -32.0%.

### Is there a better investment than NUE?

Among NUE's popular alternatives, RS and CAT earned more than NUE with less volatility over the past 5 years. RS returned 24.8% a year at 28.1% volatility, against 21.7% a year at 37.4%. Looking beyond its popular alternatives, ESLT (aerospace & defense) and CW (aerospace & defense) earned more than NUE with less volatility over the past 5 years. ESLT returned 39.8% a year at 34.6% volatility, against 21.7% a year at 37.4%.

### Is NUE more volatile than the S&P 500?

Yes. NUE's volatility over the past 5 years was 37.4%, 2.2 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, NUE's return lands within 37.4% 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 NUE's Sharpe ratio?

NUE's Sharpe ratio over the past 5 years was 0.72, against 0.79 for the S&P 500, so NUE 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 NUE with the S&P 500?

Over the past 5 years, NUE's monthly returns had a correlation of 0.65 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 NUE instead: the lower it is, the more that option would diversify a NUE holding.

### What are the best alternatives to NUE?

None of the 16 popular alternatives we compared outperformed NUE in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about NUE's strength than about its alternatives.

### Did NUE outperform the S&P 500?

NUE finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +42.0%, against +17.7% for the index.

### How did NUE do in stock market crashes?

NUE fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in seven. The clearest case was the 2022 bear market, when NUE fell 40.8% and the S&P 500 fell 24.5%.

### What diversifies NUE?

These had a low correlation with NUE over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.46), DXJ (correlation 0.37) and SMH (correlation 0.42); among large stocks, CAH (correlation 0.29), CLS (correlation 0.34) and FIX (correlation 0.41). A correlation near zero means the two have moved largely independently.

## More research

- [United Rentals (URI) Performance, Alternatives and Market Rank](https://easycompare.io/research/uri)
- [Caterpillar (CAT) Performance, Alternatives and Market Rank](https://easycompare.io/research/cat)
- [ArcelorMittal (MT) Performance, Alternatives and Market Rank](https://easycompare.io/research/mt)
- [BHP Group (BHP) Performance, Alternatives and Market Rank](https://easycompare.io/research/bhp)
- [VALE Performance, Alternatives and Market Rank](https://easycompare.io/research/vale)
- [Schwab U.S. Dividend Equity ETF (SCHD) Performance, Alternatives and Market Rank](https://easycompare.io/research/schd)
- [NVIDIA (NVDA) Performance, Alternatives and Market Rank](https://easycompare.io/research/nvda)
- [Apple (AAPL) Performance, Alternatives and Market Rank](https://easycompare.io/research/aapl)
- [Alphabet (GOOG) Performance, Alternatives and Market Rank](https://easycompare.io/research/goog)
- [Microsoft (MSFT) Performance, Alternatives and Market Rank](https://easycompare.io/research/msft)
- [Amazon.com (AMZN) Performance, Alternatives and Market Rank](https://easycompare.io/research/amzn)
- [Vanguard Morningstar Total Stock Market ETF (VTI) Performance, Alternatives and Market Rank](https://easycompare.io/research/vti)

## Explore further

- Full page with charts: https://easycompare.io/research/nue
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against NUE live: https://betterthanspy.com/?b=NUE&utm_source=easycompare&utm_medium=research