HTLD vs MRTN: Correlation
Measured on weekly returns over the past three years, Heartland Express, Inc. (HTLD) and Marten Transport, Ltd. (MRTN) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTLD and MRTN?
Across a 3-year window, the weekly returns of HTLD and MRTN correlate at 0.76, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Stretching to 5 years gives 0.69, with an annualized covariance of 761.5 %².
Few assets follow HTLD as closely as MRTN, which ranks #3 of 15 tracked partners. The last year tells two different stories: HTLD led by 22.1 percentage points, +45.5% for HTLD against +23.4% for MRTN.
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.
HTLD vs MRTN: side by side
| HTLD (Heartland Express, Inc.) | MRTN (Marten Transport, Ltd.) | |
|---|---|---|
| 1-year return | +45.5% | +23.4% |
| 5-year return | -24.6% | -1.0% |
| Volatility (ann.) | 35.1% | 28.6% |
| Beta vs S&P 500 | 0.84 | 0.78 |
| Max drawdown (3Y) | -55.1% | -54.8% |
| Market cap | $1.0B | $1.2B |
| P/E (trailing) | – | 96.4 |
| Dividend yield | 0.64% | 1.66% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTLD | MRTN |
|---|---|---|
| 2022 | -8.3% | +16.7% |
| 2023 | -6.5% | +7.3% |
| 2024 | -20.8% | -24.6% |
| 2025 | -18.8% | -25.7% |
| 2026 | +37.3% | +28.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTLD and MRTN good diversifiers for each other?
To a limited degree. At 0.76 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 HTLD and MRTN?
As of 2026-08-27, the correlation of weekly returns between HTLD and MRTN is 0.76 over 3 years, 0.81 over 1 year and 0.69 over 5 years.
Is MRTN a good diversifier for HTLD?
To a limited degree. At 0.76 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 0.76 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/htld-vs-mrtn.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/htld-vs-mrtn/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HTLD correlations · MRTN correlations
