CSV vs NGVT: Correlation
Measured on weekly returns over the past three years, Carriage Services, Inc. (CSV) and Ingevity Corporation (NGVT) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSV and NGVT?
Over the past 3 years, CSV and NGVT moved with a correlation of 0.55, which is moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.55). Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 836.5 %².
NGVT is one of the assets that tracks CSV most closely: it ranks #2 out of the 11 assets we track against CSV. Their recent paths diverged sharply: over the last 12 months NGVT outperformed by 43.7 percentage points (-22.2% for CSV against +21.5% for NGVT). Note the risk asymmetry: NGVT runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
CSV vs NGVT: side by side
| CSV (Carriage Services, Inc.) | NGVT (Ingevity Corporation) | |
|---|---|---|
| 1-year return | -22.2% | +21.5% |
| 5-year return | -19.2% | -14.1% |
| Volatility (ann.) | 31.0% | 48.8% |
| Beta vs S&P 500 | 0.62 | 1.39 |
| Max drawdown (3Y) | -36.6% | -45.8% |
| Market cap | $0.5B | $2.4B |
| P/E (trailing) | 12.5 | 98.2 |
| Dividend yield | 1.29% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSV | NGVT |
|---|---|---|
| 2022 | -56.7% | -1.8% |
| 2023 | -7.7% | -33.0% |
| 2024 | +61.8% | -13.7% |
| 2025 | +7.3% | +45.2% |
| 2026 | -18.4% | +17.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSV and NGVT good diversifiers for each other?
Only partially. A correlation of 0.55 means CSV and NGVT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CSV and NGVT?
The CSV/NGVT correlation stands at 0.55 on a 3-year window (1 year: 0.42, 5 years: 0.43), computed from weekly returns as of 2026-08-27.
Is NGVT a good diversifier for CSV?
Only partially. A correlation of 0.55 means CSV and NGVT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.55 mean?
On the −1 to +1 scale, 0.55 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CSV correlations · NGVT correlations
