Investors focused on the Basic Materials space have likely heard of Steel Dynamics (STLD Quick QuoteSTLD - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? Let's take a closer look at the stock's year-to-date performance to find out.

Steel Dynamics is one of 245 companies in the Basic Materials group. The Basic Materials group currently sits at #2 within the Zacks Sector Rank. The Zacks Sector Rank considers 16 different sector groups. The average Zacks Rank of the individual stocks within the groups is measured, and the sectors are listed from best to worst.

The Zacks Rank is a proven system that emphasizes earnings estimates and estimate revisions, highlighting a variety of stocks that are displaying the right characteristics to beat the market over the next one to three months. STLD is currently sporting a Zacks Rank of #2 (Buy).

Within the past quarter, the Zacks Consensus Estimate for STLD's full-year earnings has moved 94.29% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

According to our latest data, STLD has moved about 38.84% on a year-to-date basis. Meanwhile, stocks in the Basic Materials group have gained about 12.90% on average. This means that Steel Dynamics is performing better than its sector in terms of year-to-date returns.

To break things down more, STLD belongs to the Steel - Producers industry, a group that includes 24 individual companies and currently sits at #13 in the Zacks Industry Rank. Stocks in this group have gained about 29.80% so far this year, so STLD is performing better this group in terms of year-to-date returns.

Going forward, investors interested in Basic Materials stocks should continue to pay close attention to STLD as it looks to continue its solid performance.