CVLG vs QQQ: Correlation
How closely do Covenant Logistics Group, Inc. (CVLG) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and QQQ?
Over the past 3 years, CVLG and QQQ moved with a correlation of 0.31, which is moderate. The past 12 months show a weaker link (0.01) than the 3-year average (0.31). Over 5 years the correlation is 0.31, and the annualized covariance of weekly returns is 229.5 %².
Among the 18 assets we track against CVLG, QQQ sits near the bottom by co-movement, at rank #15. Their recent paths diverged sharply: over the last 12 months CVLG outperformed by 20.8 percentage points (+47.1% for CVLG against +26.3% for QQQ). One caveat on sizing: CVLG is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 QQQ: side by side
| CVLG (Covenant Logistics Group, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +47.1% | +26.3% |
| 5-year return | +200.1% | +95.4% |
| Volatility (ann.) | 37.9% | 19.6% |
| Beta vs S&P 500 | 1.02 | 1.28 |
| Max drawdown (3Y) | -41.3% | -22.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 710.6 | – |
| Dividend yield | 0.79% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CVLG | QQQ |
|---|---|---|
| 2022 | +32.2% | -32.6% |
| 2023 | +34.6% | +54.9% |
| 2024 | +19.4% | +25.6% |
| 2025 | -18.2% | +20.8% |
| 2026 | +61.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between CVLG and QQQ?
The CVLG/QQQ correlation stands at 0.31 on a 3-year window (1 year: 0.01, 5 years: 0.31), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CVLG?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
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.
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Related comparisons
Hubs: CVLG correlations · QQQ correlations
