CVLG vs MRTN: Correlation
Covenant Logistics Group, Inc. (CVLG) and Marten Transport, Ltd. (MRTN) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and MRTN?
On 3 years of weekly data the CVLG/MRTN correlation comes out at 0.75, strong. Little has changed lately, as the 1-year reading of 0.80 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 813.0 %².
MRTN is one of the assets that tracks CVLG most closely: it ranks #3 out of the 18 assets we track against CVLG. Correlation aside, the last 12 months split them widely, with CVLG ahead by 23.7 points (+47.1% versus +23.4%).
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 MRTN: side by side
| CVLG (Covenant Logistics Group, Inc.) | MRTN (Marten Transport, Ltd.) | |
|---|---|---|
| 1-year return | +47.1% | +23.4% |
| 5-year return | +200.1% | -1.0% |
| Volatility (ann.) | 37.9% | 28.6% |
| Beta vs S&P 500 | 1.02 | 0.78 |
| Max drawdown (3Y) | -41.3% | -54.8% |
| Market cap | $0.9B | $1.2B |
| P/E (trailing) | 710.6 | 96.4 |
| Dividend yield | 0.79% | 1.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVLG | MRTN |
|---|---|---|
| 2022 | +32.2% | +16.7% |
| 2023 | +34.6% | +7.3% |
| 2024 | +19.4% | -24.6% |
| 2025 | -18.2% | -25.7% |
| 2026 | +61.9% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and MRTN good diversifiers for each other?
Only partially. A correlation of 0.75 means CVLG and MRTN 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 CVLG and MRTN?
The CVLG/MRTN correlation stands at 0.75 on a 3-year window (1 year: 0.80, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is MRTN a good diversifier for CVLG?
Only partially. A correlation of 0.75 means CVLG and MRTN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 mean?
On the −1 to +1 scale, 0.75 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-mrtn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvlg-vs-mrtn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CVLG correlations · MRTN correlations
