CVLG vs SPY: Correlation
Measured on weekly returns over the past three years, Covenant Logistics Group, Inc. (CVLG) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.39, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and SPY?
Over the past 3 years, CVLG and SPY moved with a correlation of 0.39, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.05 versus 0.39 over 3 years. Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 213.4 %².
By 3-year correlation, SPY places #12 of the 18 assets tracked against CVLG. The last year tells two different stories: CVLG led by 26.5 percentage points, +47.1% for CVLG against +20.6% for SPY. One caveat on sizing: CVLG is 2.6 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 SPY: side by side
| CVLG (Covenant Logistics Group, Inc.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +47.1% | +20.6% |
| 5-year return | +200.1% | +82.4% |
| Volatility (ann.) | 37.9% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -41.3% | -18.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | 710.6 | – |
| Dividend yield | 0.79% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CVLG | SPY |
|---|---|---|
| 2022 | +32.2% | -18.2% |
| 2023 | +34.6% | +26.2% |
| 2024 | +19.4% | +24.9% |
| 2025 | -18.2% | +17.7% |
| 2026 | +61.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and SPY good diversifiers for each other?
Reasonably. At 0.39, CVLG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CVLG and SPY?
The CVLG/SPY correlation stands at 0.39 on a 3-year window (1 year: 0.05, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CVLG?
Reasonably. At 0.39, CVLG and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Hubs: CVLG correlations · SPY correlations
