GVA vs ROAD: Correlation
Measured on weekly returns over the past three years, Granite Construction Incorporated (GVA) and Construction Partners, Inc. (ROAD) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GVA and ROAD?
On 3 years of weekly data the GVA/ROAD correlation comes out at 0.59, moderate. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.57, and annualized covariance runs at 975.0 %².
Among the 14 assets we track against GVA, ROAD ranks #5 by 3-year correlation. Correlation aside, the last 12 months split them widely, with GVA ahead by 19.3 points (+13.9% versus -5.4%).
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 ROAD: side by side
| GVA (Granite Construction Incorporated) | ROAD (Construction Partners, Inc.) | |
|---|---|---|
| 1-year return | +13.9% | -5.4% |
| 5-year return | +219.9% | +241.9% |
| Volatility (ann.) | 35.5% | 46.3% |
| Beta vs S&P 500 | 1.13 | 1.52 |
| Max drawdown (3Y) | -29.1% | -33.6% |
| Market cap | $5.5B | $6.5B |
| P/E (trailing) | – | 44.8 |
| Dividend yield | 0.42% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GVA | ROAD |
|---|---|---|
| 2022 | -7.8% | -9.2% |
| 2023 | +46.8% | +63.1% |
| 2024 | +73.8% | +103.3% |
| 2025 | +32.2% | +22.7% |
| 2026 | +8.3% | +5.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GVA and ROAD good diversifiers for each other?
Only partially. A correlation of 0.59 means GVA and ROAD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GVA and ROAD?
As of 2026-08-27, the correlation of weekly returns between GVA and ROAD is 0.59 over 3 years, 0.65 over 1 year and 0.57 over 5 years.
Is ROAD a good diversifier for GVA?
Only partially. A correlation of 0.59 means GVA and ROAD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
A reading of 0.59 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/gva-vs-road.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gva-vs-road/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GVA correlations · ROAD correlations
