GVA vs NWPX: Correlation
Granite Construction Incorporated (GVA) and NWPX Infrastructure, Inc. (NWPX) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GVA and NWPX?
Over the past 3 years, GVA and NWPX moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.51, and the annualized covariance of weekly returns is 745.6 %².
Among the 14 assets we track against GVA, NWPX ranks #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NWPX ahead by 100.2 points (+13.9% versus +114.1%).
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.
GVA vs NWPX: side by side
| GVA (Granite Construction Incorporated) | NWPX (NWPX Infrastructure, Inc.) | |
|---|---|---|
| 1-year return | +13.9% | +114.1% |
| 5-year return | +219.9% | +340.7% |
| Volatility (ann.) | 35.5% | 37.8% |
| Beta vs S&P 500 | 1.13 | 0.95 |
| Max drawdown (3Y) | -29.1% | -35.4% |
| Market cap | $5.5B | $1.1B |
| P/E (trailing) | – | 23.1 |
| Dividend yield | 0.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GVA | NWPX |
|---|---|---|
| 2022 | -7.8% | +6.0% |
| 2023 | +46.8% | -10.2% |
| 2024 | +73.8% | +59.5% |
| 2025 | +32.2% | +29.5% |
| 2026 | +8.3% | +82.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GVA and NWPX good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GVA and NWPX?
As of 2026-08-27, the correlation of weekly returns between GVA and NWPX is 0.56 over 3 years, 0.60 over 1 year and 0.51 over 5 years.
Is NWPX a good diversifier for GVA?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 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
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Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/gva-vs-nwpx/)
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Related comparisons
Hubs: GVA correlations · NWPX correlations
