Correlation Between CleanSpark and Knight Transportation
Can any of the company-specific risk be diversified away by investing in both CleanSpark and Knight Transportation at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CleanSpark and Knight Transportation into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CleanSpark and Knight Transportation, you can compare the effects of market volatilities on CleanSpark and Knight Transportation and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in CleanSpark with a short position of Knight Transportation. Check out your portfolio center. Please also check ongoing floating volatility patterns of CleanSpark and Knight Transportation.
Diversification Opportunities for CleanSpark and Knight Transportation
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CleanSpark and Knight is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding CleanSpark and Knight Transportation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Knight Transportation and CleanSpark is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on CleanSpark are associated (or correlated) with Knight Transportation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Knight Transportation has no effect on the direction of CleanSpark i.e., CleanSpark and Knight Transportation go up and down completely randomly.
Pair Corralation between CleanSpark and Knight Transportation
Given the investment horizon of 90 days CleanSpark is expected to under-perform the Knight Transportation. In addition to that, CleanSpark is 3.41 times more volatile than Knight Transportation. It trades about -0.06 of its total potential returns per unit of risk. Knight Transportation is currently generating about 0.11 per unit of volatility. If you would invest 4,388 in Knight Transportation on September 2, 2025 and sell it today you would earn a total of 192.00 from holding Knight Transportation or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
CleanSpark vs. Knight Transportation
Performance |
| Timeline |
| CleanSpark |
| Knight Transportation |
CleanSpark and Knight Transportation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CleanSpark and Knight Transportation
The main advantage of trading using opposite CleanSpark and Knight Transportation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CleanSpark position performs unexpectedly, Knight Transportation can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Knight Transportation will offset losses from the drop in Knight Transportation's long position.| CleanSpark vs. Xtant Medical Holdings | CleanSpark vs. Greentown Management Holdings | CleanSpark vs. ProUroCare Medical | CleanSpark vs. DATA Communications Management |
| Knight Transportation vs. Suntory Beverage Food | Knight Transportation vs. Fair Isaac | Knight Transportation vs. Pentair PLC | Knight Transportation vs. Mesa Air Group |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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