Knight Transportation Correlations

KNX Stock

USD 42.73 1.30 2.95%

The current 90-days correlation between Knight Transportation and Schneider National is 0.92 (i.e., Almost no diversification). The correlation of Knight Transportation is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Knight Transportation Correlation With Market

Poor diversification

The correlation between Knight Transportation and DJI is 0.72 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Knight Transportation and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Knight Stock

Check out Correlation Analysis to better understand how to build diversified portfolios, which includes a position in Knight Transportation. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more information on how to buy Knight Stock please use our How to Invest in Knight Transportation guide.

Moving together with Knight Stock

0.63	BE	Bloom Energy Corp	Pair Corr
0.78	BW	Babcock Wilcox Enter	Pair Corr
0.75	BZ	Kanzhun Ltd ADR	Pair Corr
0.73	FC	Franklin Covey	Pair Corr
0.77	HY	Hyster Yale Materials	Pair Corr
0.81	IR	Ingersoll Rand	Pair Corr
0.81	KE	Kimball Electronics	Pair Corr
0.85	LZ	LegalZoom	Pair Corr
0.67	PH	Parker Hannifin	Pair Corr
0.83	SB	Safe Bulkers	Pair Corr
0.63	UP	Wheels Up Experience	Pair Corr

Related Correlations Analysis

	MRTN	HTLD	ULH	SNDR	CVLG	WERN	ODFL	ARCB	PTSI
MRTN		0.82	0.8	0.54	0.54	0.67	0.76	0.87	0.0	MRTN
HTLD	0.82		0.69	0.65	0.75	0.58	0.77	0.88	0.0	HTLD
ULH	0.8	0.69		0.29	0.2	0.73	0.43	0.68	0.0	ULH
SNDR	0.54	0.65	0.29		0.87	0.04	0.85	0.65	0.0	SNDR
CVLG	0.54	0.75	0.2	0.87		0.13	0.86	0.71	0.0	CVLG
WERN	0.67	0.58	0.73	0.04	0.13		0.21	0.61	0.0	WERN
ODFL	0.76	0.77	0.43	0.85	0.86	0.21		0.79	0.0	ODFL
ARCB	0.87	0.88	0.68	0.65	0.71	0.61	0.79		0.0	ARCB
PTSI	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0		PTSI
	MRTN	HTLD	ULH	SNDR	CVLG	WERN	ODFL	ARCB	PTSI

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ARCB	+ 0.88	HTLD
ARCB	+ 0.87	MRTN
CVLG	+ 0.87	SNDR
ODFL	+ 0.86	CVLG
ODFL	+ 0.85	SNDR
HTLD	+ 0.82	MRTN

High negative correlations

PTSI	- 0.0	ARCB
PTSI	- 0.0	ODFL
PTSI	- 0.0	WERN
PTSI	- 0.0	CVLG
PTSI	- 0.0	SNDR
PTSI	- 0.0	ULH

Risk-Adjusted Indicators

There is a big difference between Knight Stock performing well and Knight Transportation Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Knight Transportation's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
MRTN	1.35	(0.11)	0.00	(0.11)	0.00	0.00	3.37	(2.40)	9.50
HTLD	1.83	(0.12)	0.00	(0.11)	0.00	0.00	5.32	(3.06)	14.16
ULH	2.66	(0.13)	0.00	(0.07)	0.00	0.00	5.19	(4.15)	23.13
SNDR	1.68	0.01	0.00	0.04	2.09	(1.73)	3.47	(3.12)	14.14
CVLG	2.10	(0.04)	(0.01)	0.01	2.77	(2.68)	5.47	(4.54)	16.64
WERN	1.81	(0.11)	0.00	(4.35)	0.00	0.00	4.22	(3.46)	16.88
ODFL	2.14	(0.05)	(0.01)	0.00	2.78	(2.29)	3.99	(3.44)	19.21
ARCB	3.01	(0.07)	(0.01)	0.00	3.88	(3.56)	6.05	(4.76)	32.03
PTSI	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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