Knight Transportation Correlations

KNX Stock

USD 50.72 1.88 3.85%

The current 90-days correlation between Knight Transportation and Ryder System is -0.19 (i.e., Good 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

Modest diversification

The correlation between Knight Transportation and DJI is 0.29 (i.e., Modest 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 state.

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

Moving together with Knight Stock

0.81	JBHT	JB Hunt Transport	Pair Corr
0.67	A	Agilent Technologies	Pair Corr
0.63	GGB	Gerdau SA ADR Aggressive Push	Pair Corr
0.69	MTD	Mettler Toledo Inter	Pair Corr

Moving against Knight Stock

0.53	DUO	Fangdd Network Group	Pair Corr
0.35	TNLIY	Trainline PLC Downward Rally	Pair Corr
0.47	SOMMY	Sumitomo Chemical	Pair Corr
0.39	GBOOF	Grupo Financiero Banorte Normal Trading	Pair Corr

Related Correlations Analysis

	R	WERN	KNX	NMM	PAL	ZIG	RXO	ULH	YGMZ	ZDAI
R		0.61	-0.4	-0.54	-0.28	-0.61	0.48	0.86	0.84	0.66	R
WERN	0.61		0.22	-0.54	-0.09	-0.26	0.75	0.69	0.55	0.34	WERN
KNX	-0.4	0.22		0.23	0.3	0.54	-0.01	-0.5	-0.49	-0.6	KNX
NMM	-0.54	-0.54	0.23		0.78	0.28	-0.78	-0.54	-0.63	-0.7	NMM
PAL	-0.28	-0.09	0.3	0.78		0.25	-0.39	-0.19	-0.41	-0.57	PAL
ZIG	-0.61	-0.26	0.54	0.28	0.25		-0.28	-0.65	-0.62	-0.48	ZIG
RXO	0.48	0.75	-0.01	-0.78	-0.39	-0.28		0.59	0.52	0.54	RXO
ULH	0.86	0.69	-0.5	-0.54	-0.19	-0.65	0.59		0.87	0.68	ULH
YGMZ	0.84	0.55	-0.49	-0.63	-0.41	-0.62	0.52	0.87		0.64	YGMZ
ZDAI	0.66	0.34	-0.6	-0.7	-0.57	-0.48	0.54	0.68	0.64		ZDAI
	R	WERN	KNX	NMM	PAL	ZIG	RXO	ULH	YGMZ	ZDAI

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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

YGMZ	+ 0.87	ULH
ULH	+ 0.86	R
YGMZ	+ 0.84	R
PAL	+ 0.78	NMM
RXO	+ 0.75	WERN
ULH	+ 0.69	WERN

High negative correlations

RXO	- 0.78	NMM
ZDAI	- 0.7	NMM
ULH	- 0.65	ZIG
YGMZ	- 0.63	NMM
YGMZ	- 0.62	ZIG
ZIG	- 0.61	R

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
R	1.23	(0.08)	0.00	0.31	0.00	0.00	1.71	(3.03)	14.25
WERN	1.95	(0.07)	(0.01)	0.03	2.22	(2.20)	5.31	(3.49)	11.40
KNX	2.05	0.18	0.08	0.24	2.16	(2.53)	4.47	(3.10)	14.33
NMM	1.28	0.24	0.13	0.62	1.26	(1.37)	2.65	(2.18)	5.71
PAL	3.41	0.15	0.07	0.13	3.89	(3.69)	6.89	(6.79)	38.71
ZIG	1.04	0.33	0.35	0.92	0.39	(1.40)	1.58	(1.28)	3.75
RXO	3.40	(0.14)	0.00	0.40	0.00	0.00	6.02	(7.77)	30.62
ULH	2.92	(0.77)	0.00	(0.22)	0.00	0.00	7.66	(6.43)	17.27
YGMZ	10.98	(3.99)	0.00	0.40	0.00	0.00	19.05	(27.66)	126.08
ZDAI	4.23	(0.44)	0.00	(0.06)	0.00	0.00	6.78	(8.33)	57.33

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