Investors focused on the Basic Materials space have likely heard of DAQO New Energy (DQ Quick QuoteDQ - Free Report) , but is the stock performing well in comparison to the rest of its sector peers? By taking a look at the stock's year-to-date performance in comparison to its Basic Materials peers, we might be able to answer that question.

DAQO New Energy is one of 240 individual stocks in the Basic Materials sector. Collectively, these companies sit at #3 in the Zacks Sector Rank. The Zacks Sector Rank gauges the strength of our 16 individual sector groups by measuring the average Zacks Rank of the individual stocks within the groups.

The Zacks Rank is a successful stock-picking model that emphasizes earnings estimates and estimate revisions. The system highlights a number of different stocks that could be poised to outperform the broader market over the next one to three months. DQ is currently sporting a Zacks Rank of #1 (Strong Buy).

Over the past three months, the Zacks Consensus Estimate for DQ's full-year earnings has moved 85.46% higher. This is a sign of improving analyst sentiment and a positive earnings outlook trend.

According to our latest data, DQ has moved about 8.37% on a year-to-date basis. Meanwhile, the Basic Materials sector has returned an average of 7.87% on a year-to-date basis. This shows that DAQO New Energy is outperforming its peers so far this year.

Looking more specifically, DQ belongs to the Chemical - Specialty industry, a group that includes 35 individual stocks and currently sits at #109 in the Zacks Industry Rank. On average, this group has gained an average of 7.96% so far this year, meaning that DQ is performing better in terms of year-to-date returns.

Investors with an interest in Basic Materials stocks should continue to track DQ. The stock will be looking to continue its solid performance.