CVLG vs HTLD: Correlation
How closely do Covenant Logistics Group, Inc. (CVLG) and Heartland Express, Inc. (HTLD) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and HTLD?
Across a 3-year window, the weekly returns of CVLG and HTLD correlate at 0.76, strong. The past 12 months show a tighter link (0.87) than the 3-year average (0.76). Stretching to 5 years gives 0.62, with an annualized covariance of 1003.2 %².
HTLD is one of the assets that tracks CVLG most closely: it ranks #2 out of the 18 assets we track against CVLG. Their 12-month results are close: +47.1% for CVLG against +45.5% for HTLD.
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.
CVLG vs HTLD: side by side
| CVLG (Covenant Logistics Group, Inc.) | HTLD (Heartland Express, Inc.) | |
|---|---|---|
| 1-year return | +47.1% | +45.5% |
| 5-year return | +200.1% | -24.6% |
| Volatility (ann.) | 37.9% | 35.1% |
| Beta vs S&P 500 | 1.02 | 0.84 |
| Max drawdown (3Y) | -41.3% | -55.1% |
| Market cap | $0.9B | $1.0B |
| P/E (trailing) | 710.6 | – |
| Dividend yield | 0.79% | 0.64% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVLG | HTLD |
|---|---|---|
| 2022 | +32.2% | -8.3% |
| 2023 | +34.6% | -6.5% |
| 2024 | +19.4% | -20.8% |
| 2025 | -18.2% | -18.8% |
| 2026 | +61.9% | +37.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and HTLD good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CVLG and HTLD?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.87 over the last year and 0.62 over 5 years.
Is HTLD a good diversifier for CVLG?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 mean?
A reading of 0.76 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvlg-vs-htld.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvlg-vs-htld/)
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Related comparisons
Hubs: CVLG correlations · HTLD correlations
