CVLG vs WERN: Correlation
How closely do Covenant Logistics Group, Inc. (CVLG) and Werner Enterprises, Inc. (WERN) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CVLG and WERN?
Over the past 3 years, CVLG and WERN moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 817.0 %².
By 3-year correlation, WERN places #4 of the 18 assets tracked against CVLG. On 12-month performance CVLG holds a 11.1-point edge, +47.1% against +36.0%.
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 WERN: side by side
| CVLG (Covenant Logistics Group, Inc.) | WERN (Werner Enterprises, Inc.) | |
|---|---|---|
| 1-year return | +47.1% | +36.0% |
| 5-year return | +200.1% | -14.3% |
| Volatility (ann.) | 37.9% | 29.9% |
| Beta vs S&P 500 | 1.02 | 0.80 |
| Max drawdown (3Y) | -41.3% | -44.5% |
| Market cap | $0.9B | $2.3B |
| P/E (trailing) | 710.6 | – |
| Dividend yield | 0.79% | 1.44% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CVLG | WERN |
|---|---|---|
| 2022 | +32.2% | -14.4% |
| 2023 | +34.6% | +6.6% |
| 2024 | +19.4% | -14.2% |
| 2025 | -18.2% | -14.9% |
| 2026 | +61.9% | +30.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CVLG and WERN good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CVLG and WERN?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.71 over the last year and 0.58 over 5 years.
Is WERN a good diversifier for CVLG?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
A reading of 0.72 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-wern.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cvlg-vs-wern/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CVLG correlations · WERN correlations
