CVLG vs IPW: Correlation
Covenant Logistics Group, Inc. (CVLG) and iPower Inc. (IPW) show a negative relationship: their 3-year correlation of weekly returns is -0.31.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and IPW?
Across a 3-year window, the weekly returns of CVLG and IPW correlate at -0.31, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.55) than the 3-year average (-0.31). Stretching to 5 years gives -0.21, with an annualized covariance of -4812.4 %².
Out of 18 assets tracked against CVLG, IPW lands near the bottom at #16. The last year tells two different stories: CVLG led by 145.7 percentage points, +47.1% for CVLG against -98.6% for IPW. Note the risk asymmetry: IPW runs 10.7 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.
CVLG vs IPW: side by side
| CVLG (Covenant Logistics Group, Inc.) | IPW (iPower Inc.) | |
|---|---|---|
| 1-year return | +47.1% | -98.6% |
| 5-year return | +200.1% | -99.8% |
| Volatility (ann.) | 37.9% | 405.9% |
| Beta vs S&P 500 | 1.02 | 2.99 |
| Max drawdown (3Y) | -41.3% | -100.0% |
| Market cap | $0.9B | – |
| P/E (trailing) | 710.6 | – |
| Dividend yield | 0.79% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVLG | IPW |
|---|---|---|
| 2022 | +32.2% | -83.2% |
| 2023 | +34.6% | +12.5% |
| 2024 | +19.4% | +85.1% |
| 2025 | -18.2% | -70.1% |
| 2026 | +61.9% | -96.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and IPW good diversifiers for each other?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CVLG and IPW?
The CVLG/IPW correlation stands at -0.31 on a 3-year window (1 year: -0.55, 5 years: -0.21), computed from weekly returns as of 2026-08-27.
Is IPW a good diversifier for CVLG?
Yes: at -0.31, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.31 mean?
On the −1 to +1 scale, -0.31 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cvlg-vs-ipw.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cvlg-vs-ipw/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVLG correlations · IPW correlations
