A majority of the existing stereo matching algorithms assume that the corresponding color values are similar to each other. However, it is not so in practice as image color values are often affected by various radiometric factors such as illumination direction, illuminant color, and imaging device changes. For this reason, the raw color recorded by a camera should not be relied on completely, and the assumption of color consistency does not hold good between stereo images in real scenes. Therefore, the performance of most conventional stereo matching algorithms can be severely degraded under the radiometric variations. In this paper, we present a new stereo matching measure that is insensitive to radiometric variations between left and right images. Unlike most stereo matching measures, we use the color formation model explicitly in our framework and propose a new measure, called the Adaptive Normalized Cross-Correlation (ANCC), for a robust and accurate correspondence measure. The advantage of our method is that it is robust to lighting geometry, illuminant color, and camera parameter changes between left and right images, and does not suffer from the fattening effect unlike conventional Normalized Cross-Correlation (NCC). Experimental results show that our method outperforms other state-of-the-art stereo methods under severely different radiometric conditions between stereo images.