FDX vs ODFL: Correlation
Measured on weekly returns over the past three years, FedEx (FDX) and Old Dominion (ODFL) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FDX and ODFL?
On 3 years of weekly data the FDX/ODFL correlation comes out at 0.48, moderate. Recent behaviour matches the longer record: 0.56 over 1 year against 0.48 over 3. The 5-year figure is 0.49, and annualized covariance runs at 507.8 %².
Among the 36 assets we track against FDX, ODFL ranks #19 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FDX outperformed by 49.7 percentage points (+80.6% for FDX against +30.9% for ODFL). Do not treat this figure as fixed: across three years the rolling one-year correlation ranged all the way from 0.14 to 0.70.
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.
FDX vs ODFL: side by side
| FDX (FedEx) | ODFL (Old Dominion) | |
|---|---|---|
| 1-year return | +80.6% | +30.9% |
| 5-year return | +71.0% | +39.6% |
| Volatility (ann.) | 30.7% | 34.7% |
| Beta vs S&P 500 | 0.89 | 0.98 |
| Max drawdown (3Y) | -35.9% | -45.2% |
| Market cap | $78.4B | $41.6B |
| P/E (trailing) | 18.1 | 38.3 |
| Dividend yield | 1.66% | 0.57% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | FDX | ODFL |
|---|---|---|
| 2022 | -31.6% | -20.5% |
| 2023 | +49.1% | +43.5% |
| 2024 | +13.5% | -12.5% |
| 2025 | +5.1% | -10.5% |
| 2026 | +43.5% | +27.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FDX and ODFL good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FDX and ODFL?
As of 2026-08-27, the correlation of weekly returns between FDX and ODFL is 0.48 over 3 years, 0.56 over 1 year and 0.49 over 5 years.
Is ODFL a good diversifier for FDX?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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/fdx-vs-odfl.json
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Related comparisons
Hubs: FDX correlations · ODFL correlations
