Co-movers

daily closes · 499dMethod

Moved together

ODFLwithHTLD

×0.66co-movement · HTLD on ODFL · 499d

r 0.68scale to r 0.75

Shared co-movers8with ODFLwith HTLD

CVLGCovenant Logistics Group, Inc.r 0.74r 0.77

MRTNMarten Transport Ltdr 0.71r 0.78

ARCBArcbest Corpr 0.82r 0.68

WERNWerner Enterprises Incr 0.67r 0.75

JBHTJ.B. Hunt Transport Services Incr 0.70r 0.65

HUBGHub Group, Inc.r 0.63r 0.60

ODFL, solidHTLD, hatched× = co-movement · βr = correlationBar = r to r 0.75Order: weaker of A and BSource: daily closes

ODFL compared with HTLD: revenue, margins and what each company keeps, and the suppliers and customers both name