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 individual stocks in the Basic Materials sector. Collectively, these companies sit at #7 in 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 emphasizes earnings estimates and estimate revisions to find stocks with improving earnings outlooks. This system has a long record of success, and these stocks tend to be on track to beat the market over the next one to three months. STLD is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past 90 days, the Zacks Consensus Estimate for STLD's full-year earnings has moved 105.41% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

Based on the latest available data, STLD has gained about 75.05% so far this year. At the same time, Basic Materials stocks have gained an average of 27.82%. This means that Steel Dynamics is outperforming the sector as a whole this year.

Breaking things down more, STLD is a member of the Steel - Producers industry, which includes 24 individual companies and currently sits at #29 in the Zacks Industry Rank. On average, stocks in this group have gained 55.33% this year, meaning that STLD is performing better 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.