CVLG vs ODFL: Correlation
Measured on weekly returns over the past three years, Covenant Logistics Group, Inc. (CVLG) and Old Dominion (ODFL) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and ODFL?
On 3 years of weekly data the CVLG/ODFL correlation comes out at 0.71, strong. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. The 5-year figure is 0.60, and annualized covariance runs at 931.0 %².
Within CVLG's tracked universe of 18 assets, ODFL comes in at #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with CVLG ahead by 16.2 points (+47.1% versus +30.9%).
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 ODFL: side by side
| CVLG (Covenant Logistics Group, Inc.) | ODFL (Old Dominion) | |
|---|---|---|
| 1-year return | +47.1% | +30.9% |
| 5-year return | +200.1% | +39.6% |
| Volatility (ann.) | 37.9% | 34.7% |
| Beta vs S&P 500 | 1.02 | 0.98 |
| Max drawdown (3Y) | -41.3% | -45.2% |
| Market cap | $0.9B | $41.6B |
| P/E (trailing) | 710.6 | 38.3 |
| Dividend yield | 0.79% | 0.57% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | CVLG | ODFL |
|---|---|---|
| 2022 | +32.2% | -20.5% |
| 2023 | +34.6% | +43.5% |
| 2024 | +19.4% | -12.5% |
| 2025 | -18.2% | -10.5% |
| 2026 | +61.9% | +27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and ODFL good diversifiers for each other?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CVLG and ODFL?
As of 2026-08-27, the correlation of weekly returns between CVLG and ODFL is 0.71 over 3 years, 0.79 over 1 year and 0.60 over 5 years.
Is ODFL a good diversifier for CVLG?
Somewhat, no more. With 0.71 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.71 mean?
A reading of 0.71 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-odfl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cvlg-vs-odfl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVLG correlations · ODFL correlations
