ODFL vs UPS: Correlation
Old Dominion (ODFL) and United Parcel Service (UPS) show a moderate relationship: their 3-year correlation of weekly returns is 0.48.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ODFL and UPS?
Over the past 3 years, ODFL and UPS moved with a correlation of 0.48, which is moderate. The link has tightened recently: the 1-year correlation (0.61) runs above the 3-year figure (0.48). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 492.5 %².
By 3-year correlation, UPS places #23 of the 36 assets tracked against ODFL. Their 12-month results are close: +30.9% for ODFL against +28.2% for UPS. The relationship is regime-dependent: the rolling one-year correlation swung between -0.04 and 0.77 over the past three years, so this pair behaves very differently depending on the market environment.
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.
ODFL vs UPS: side by side
| ODFL (Old Dominion) | UPS (United Parcel Service) | |
|---|---|---|
| 1-year return | +30.9% | +28.2% |
| 5-year return | +39.6% | -31.0% |
| Volatility (ann.) | 34.7% | 29.4% |
| Beta vs S&P 500 | 0.98 | 0.81 |
| Max drawdown (3Y) | -45.2% | -46.5% |
| Market cap | $41.6B | $89.9B |
| P/E (trailing) | 38.3 | 19.6 |
| Dividend yield | 0.57% | 6.21% |
| Sector / category | Industrials | Industrials |
Year-by-year returns
| Year | ODFL | UPS |
|---|---|---|
| 2022 | -20.5% | -16.2% |
| 2023 | +43.5% | -6.0% |
| 2024 | -12.5% | -15.9% |
| 2025 | -10.5% | -15.9% |
| 2026 | +27.9% | +11.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ODFL and UPS 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 ODFL and UPS?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.61 over the last year and 0.57 over 5 years.
Is UPS a good diversifier for ODFL?
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?
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/odfl-vs-ups.json
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Related comparisons
Hubs: ODFL correlations · UPS correlations
