MRTN vs SAIA: Correlation
How closely do Marten Transport, Ltd. (MRTN) and Saia, Inc. (SAIA) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRTN and SAIA?
Across a 3-year window, the weekly returns of MRTN and SAIA correlate at 0.63, strong. Lately the two have moved closer together, with the 1-year correlation at 0.79 versus 0.63 over 3 years. Stretching to 5 years gives 0.59, with an annualized covariance of 907.3 %².
Among the 21 assets we track against MRTN, SAIA ranks #11 by 3-year correlation. On 12-month performance MRTN holds a 6.8-point edge, +23.4% against +16.6%. Note the risk asymmetry: SAIA runs 1.8 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
MRTN vs SAIA: side by side
| MRTN (Marten Transport, Ltd.) | SAIA (Saia, Inc.) | |
|---|---|---|
| 1-year return | +23.4% | +16.6% |
| 5-year return | -1.0% | +44.1% |
| Volatility (ann.) | 28.6% | 50.1% |
| Beta vs S&P 500 | 0.78 | 1.25 |
| Max drawdown (3Y) | -54.8% | -60.9% |
| Market cap | $1.2B | $9.4B |
| P/E (trailing) | 96.4 | 33.8 |
| Dividend yield | 1.66% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MRTN | SAIA |
|---|---|---|
| 2022 | +16.7% | -37.8% |
| 2023 | +7.3% | +109.0% |
| 2024 | -24.6% | +4.0% |
| 2025 | -25.7% | -28.4% |
| 2026 | +28.1% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRTN and SAIA good diversifiers for each other?
Only partially. A correlation of 0.63 means MRTN and SAIA 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 MRTN and SAIA?
The MRTN/SAIA correlation stands at 0.63 on a 3-year window (1 year: 0.79, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is SAIA a good diversifier for MRTN?
Only partially. A correlation of 0.63 means MRTN and SAIA share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 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/mrtn-vs-saia.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/mrtn-vs-saia/)
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Related comparisons
Hubs: MRTN correlations · SAIA correlations
