Knight Transportation Correlations

KNX Stock

USD 44.42 0.11 0.25%

The current 90-days correlation between Knight Transportation and Schneider National is 0.68 (i.e., Poor 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

Very weak diversification

The correlation between Knight Transportation and DJI is 0.56 (i.e., Very weak 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.

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

0.94	VLRS	Volaris	Pair Corr
0.88	AAL	American Airlines Aggressive Push	Pair Corr
0.72	ALK	Alaska Air Group Sell-off Trend	Pair Corr
0.91	DAL	Delta Air Lines	Pair Corr
0.63	NSC	Norfolk Southern	Pair Corr
0.82	RXO	RXO Inc	Pair Corr
0.9	UAL	United Airlines Holdings	Pair Corr
0.84	MESA	Mesa Air Group	Pair Corr
0.72	ODFL	Old Dominion Freight	Pair Corr
0.93	ALGT	Allegiant Travel	Pair Corr
0.91	SAIA	Saia Inc	Pair Corr
0.92	SKYW	SkyWest	Pair Corr
0.71	SNCY	Sun Country Airlines	Pair Corr
0.65	AZUL	Azul SA Earnings Call This Week	Pair Corr
0.86	TFII	TFI International	Pair Corr
0.72	ULCC	Frontier Group Holdings	Pair Corr
0.91	J	Jacobs Solutions	Pair Corr
0.74	R	Ryder System	Pair Corr
0.8	BV	BrightView Holdings	Pair Corr
0.7	BW	Babcock Wilcox Enter	Pair Corr
0.69	CW	Curtiss Wright	Pair Corr
0.86	DY	Dycom Industries	Pair Corr

Moving against Knight Stock

0.55	LTM	LATAM Airlines Group	Pair Corr
0.42	CPA	Copa Holdings SA	Pair Corr
0.38	RYAAY	Ryanair Holdings PLC	Pair Corr
0.36	ATSG	Air Transport Services	Pair Corr
0.57	EH	Ehang Holdings	Pair Corr
0.42	LZ	LegalZoom	Pair Corr

Related Correlations Analysis

	MRTN	HTLD	ULH	SNDR	CVLG	WERN	ODFL	ARCB	PTSI
MRTN		0.89	0.86	0.93	0.59	0.97	0.63	0.94	0.0	MRTN
HTLD	0.89		0.77	0.94	0.46	0.94	0.81	0.93	0.0	HTLD
ULH	0.86	0.77		0.89	0.62	0.87	0.32	0.83	0.0	ULH
SNDR	0.93	0.94	0.89		0.5	0.97	0.63	0.95	0.0	SNDR
CVLG	0.59	0.46	0.62	0.5		0.53	0.21	0.5	0.0	CVLG
WERN	0.97	0.94	0.87	0.97	0.53		0.68	0.96	0.0	WERN
ODFL	0.63	0.81	0.32	0.63	0.21	0.68		0.73	0.0	ODFL
ARCB	0.94	0.93	0.83	0.95	0.5	0.96	0.73		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

WERN	+ 0.97	MRTN
WERN	+ 0.97	SNDR
ARCB	+ 0.96	WERN
ARCB	+ 0.95	SNDR
ARCB	+ 0.94	MRTN
SNDR	+ 0.94	HTLD

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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
MRTN	1.25	(0.28)	(0.55)	2.82	(2.68)	7.62
HTLD	1.42	(0.30)	(0.47)	2.61	(3.03)	8.33
ULH	2.29	(0.73)	(0.52)	3.82	(5.35)	23.09
SNDR	1.21	(0.37)	(0.46)	1.84	(3.06)	7.76
CVLG	2.31	(1.03)	(0.88)	2.56	(3.35)	52.43
WERN	1.32	(0.35)	(0.50)	2.35	(2.98)	8.47
ODFL	1.57	(0.21)	(0.25)	2.41	(3.62)	13.98
ARCB	1.73	(0.55)	(0.67)	3.39	(4.43)	9.75
PTSI	0.00	0.00	0.00	0.00	0.00	0.00

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