Modulus defines stiffness and yield strength defines strength. Aluminium has the same modulus to weight ratio as steel. Strenght to weight ratio depends on the quality of steel and aluminium used. High strength steels need to be cold molded like rods while quite high strength aluminium can easily and cheaply be extruded as a profile. You couldn't make the same profiles from steel, since it would be too prone to dents. Just like you can't make steel bicycle frames with the bigger size tubes used in aluminium frames. The bigger profile makes the mast both stiffer and stronger.
Here are some mechanical properties of several different carbon laminates compared to aluminium and steel:
http://www.performance-composites.com/carbonfibre/mechanicalproperties_2.asp