Covenant Logistics Correlations

CV5 Stock

EUR 53.00 0.00 0.00%

The current 90-days correlation between Covenant Logistics and Playa Hotels Resorts is 0.33 (i.e., Weak diversification). The correlation of Covenant Logistics 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.

Covenant Logistics Correlation With Market

Average diversification

The correlation between Covenant Logistics Group and DJI is 0.11 (i.e., Average diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Covenant Logistics Group and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Covenant Logistics could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Covenant Logistics when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Covenant Logistics - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Covenant Logistics Group to buy it.

Moving against Covenant Stock

0.75	SSU	Samsung Electronics	Pair Corr
0.66	SSUN	Samsung Electronics	Pair Corr
0.43	FUY	Fukuyama Transporting	Pair Corr
0.37	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	3EAG	PL0	9JD	51A	LA3A	AC8	CE1	0AI1
3EAG		-0.54	0.54	-0.43	-0.43	-0.47	-0.43	-0.04	3EAG
PL0	-0.54		-0.85	0.88	0.82	0.87	0.86	0.2	PL0
9JD	0.54	-0.85		-0.94	-0.87	-0.91	-0.91	-0.27	9JD
51A	-0.43	0.88	-0.94		0.93	0.97	0.97	0.22	51A
LA3A	-0.43	0.82	-0.87	0.93		0.96	0.96	0.24	LA3A
AC8	-0.47	0.87	-0.91	0.97	0.96		0.98	0.23	AC8
CE1	-0.43	0.86	-0.91	0.97	0.96	0.98		0.24	CE1
0AI1	-0.04	0.2	-0.27	0.22	0.24	0.23	0.24		0AI1
	3EAG	PL0	9JD	51A	LA3A	AC8	CE1	0AI1

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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

CE1	+ 0.98	AC8
AC8	+ 0.97	51A
CE1	+ 0.97	51A
AC8	+ 0.96	LA3A
CE1	+ 0.96	LA3A
LA3A	+ 0.93	51A

High negative correlations

51A	- 0.94	9JD
CE1	- 0.91	9JD
AC8	- 0.91	9JD
LA3A	- 0.87	9JD
9JD	- 0.85	PL0
PL0	- 0.54	3EAG

Risk-Adjusted Indicators

There is a big difference between Covenant Stock performing well and Covenant Logistics 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 Covenant Logistics' 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
3EAG	1.26	(0.18)	0.00	(0.64)	0.00	0.00	2.50	(2.44)	6.17
PL0	2.17	0.94	0.49	51.94	1.05	(2.94)	3.65	(2.50)	16.32
9JD	1.79	(0.74)	0.00	2.40	0.00	0.00	2.55	(3.85)	19.33
51A	2.28	0.79	0.27	3.36	1.93	(3.06)	4.84	(3.88)	20.12
LA3A	1.49	0.30	0.17	2.58	1.20	(2.16)	2.61	(2.10)	15.35
AC8	0.75	0.24	0.17	7.28	0.57	(1.14)	2.03	(1.13)	5.72
CE1	1.81	0.44	0.19	(1.35)	1.57	(2.60)	3.17	(2.54)	19.05
0AI1	3.10	0.16	0.03	1.21	3.81	(4.35)	8.62	(6.53)	26.79

Be your own money manager

Our tools can tell you how much better you can do entering a position in Covenant Logistics without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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