Knight Transportation Correlations

KNX Stock

USD 59.09 0.50 0.84%

The current 90-days correlation between Knight Transportation and Schneider National is 0.76 (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 0.52 (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

0.76	VLRS	Volaris	Pair Corr
0.96	WERN	Werner Enterprises	Pair Corr
0.76	AAL	American Airlines Aggressive Push	Pair Corr
0.79	ALK	Alaska Air Group Fiscal Year End 23rd of January 2025	Pair Corr
0.79	DAL	Delta Air Lines Fiscal Year End 10th of January 2025	Pair Corr
0.69	LUV	Southwest Airlines Fiscal Year End 23rd of January 2025	Pair Corr
0.85	NSC	Norfolk Southern Fiscal Year End 24th of January 2025	Pair Corr
0.79	UAL	United Airlines Holdings Sell-off Trend	Pair Corr
0.84	ULH	Universal Logistics	Pair Corr
0.9	XPO	XPO Logistics	Pair Corr
0.63	ATCOL	Atlas Corp	Pair Corr
0.93	ODFL	Old Dominion Freight	Pair Corr
0.76	ALGT	Allegiant Travel	Pair Corr
0.87	SAIA	Saia Inc	Pair Corr
0.78	ARCB	ArcBest Corp	Pair Corr
0.88	ATSG	Air Transport Services	Pair Corr
0.83	SKYW	SkyWest	Pair Corr
0.96	SNDR	Schneider National	Pair Corr
0.81	SNCY	Sun Country Airlines	Pair Corr
0.87	R	Ryder System	Pair Corr
0.9	AL	Air Lease	Pair Corr
0.77	AZ	A2Z Smart Technologies	Pair Corr
0.7	BE	Bloom Energy Corp	Pair Corr

Moving against Knight Stock

0.62	CP	Canadian Pacific Railway	Pair Corr
0.56	MESA	Mesa Air Group Fiscal Year End 24th of January 2025	Pair Corr
0.53	FLYX	flyExclusive,	Pair Corr
0.69	MG	Mistras Group	Pair Corr
0.65	HY	Hyster Yale Materials	Pair Corr
0.56	OP	Oceanpal	Pair Corr
0.51	BA	Boeing Fiscal Year End 29th of January 2025	Pair Corr
0.47	GP	GreenPower Motor	Pair Corr
0.33	FA	First Advantage Corp	Pair Corr

Related Correlations Analysis

	MRTN	HTLD	ULH	SNDR	CVLG	WERN	ODFL	ARCB	PTSI
MRTN		0.78	0.44	0.28	0.49	0.37	0.32	0.63	-0.13	MRTN
HTLD	0.78		0.45	0.45	0.65	0.48	0.39	0.59	0.01	HTLD
ULH	0.44	0.45		0.88	0.89	0.86	0.9	0.73	-0.11	ULH
SNDR	0.28	0.45	0.88		0.9	0.93	0.94	0.72	-0.03	SNDR
CVLG	0.49	0.65	0.89	0.9		0.91	0.92	0.79	-0.24	CVLG
WERN	0.37	0.48	0.86	0.93	0.91		0.94	0.79	-0.24	WERN
ODFL	0.32	0.39	0.9	0.94	0.92	0.94		0.79	-0.21	ODFL
ARCB	0.63	0.59	0.73	0.72	0.79	0.79	0.79		-0.19	ARCB
PTSI	-0.13	0.01	-0.11	-0.03	-0.24	-0.24	-0.21	-0.19		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

ODFL	+ 0.94	SNDR
ODFL	+ 0.94	WERN
WERN	+ 0.93	SNDR
ODFL	+ 0.92	CVLG
WERN	+ 0.91	CVLG
ODFL	+ 0.9	ULH

High negative correlations

PTSI	- 0.24	WERN
PTSI	- 0.24	CVLG
PTSI	- 0.21	ODFL
PTSI	- 0.19	ARCB
PTSI	- 0.13	MRTN
PTSI	- 0.11	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	1.28	(0.16)	(0.06)	0.01	1.54	(1.40)	2.42	(2.57)	11.37
HTLD	1.26	(0.10)	(0.03)	0.05	1.50	(1.42)	2.38	(2.46)	10.96
ULH	2.11	0.11	0.10	0.16	2.49	(2.36)	4.21	(2.97)	17.47
SNDR	1.15	0.21	0.17	0.32	1.01	(1.30)	3.15	(1.69)	6.88
CVLG	1.38	(0.04)	0.03	0.09	1.35	(1.51)	2.96	(2.30)	12.53
WERN	1.32	0.00	0.03	0.11	1.31	(1.44)	2.80	(2.37)	10.67
ODFL	1.55	0.02	0.06	0.13	2.11	(1.56)	2.68	(3.52)	14.71
ARCB	2.06	(0.16)	0.01	0.05	2.42	(2.21)	4.33	(4.09)	22.65
PTSI	2.79	0.48	0.11	(1.30)	2.76	(2.99)	5.94	(4.50)	17.32

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