Investors focused on the Basic Materials space have likely heard of ClevelandCliffs (CLF Quick QuoteCLF - 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.

ClevelandCliffs is one of 251 individual stocks in the Basic Materials sector. Collectively, these companies sit at #4 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 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. CLF is currently sporting a Zacks Rank of #1 (Strong Buy).

Within the past quarter, the Zacks Consensus Estimate for CLF's full-year earnings has moved 53.24% higher. This shows that analyst sentiment has improved and the company's earnings outlook is stronger.

Based on the latest available data, CLF has gained about 76.65% so far this year. At the same time, Basic Materials stocks have gained an average of 15.81%. This means that ClevelandCliffs is outperforming the sector as a whole this year.

Looking more specifically, CLF belongs to the Mining - Miscellaneous industry, a group that includes 47 individual stocks and currently sits at #202 in the Zacks Industry Rank. This group has gained an average of 15.86% so far this year, so CLF is performing better in this area.

CLF will likely be looking to continue its solid performance, so investors interested in Basic Materials stocks should continue to pay close attention to the company.