Knight Transportation Correlations

KNX Stock

USD 47.03 0.85 1.84%

The current 90-days correlation between Knight Transportation and Wingstop is 0.35 (i.e., Weak 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

Poor diversification

The correlation between Knight Transportation and DJI is 0.72 (i.e., Poor 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 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

0.92	AAL	American Airlines Sell-off Trend	Pair Corr
0.84	ALK	Alaska Air Group Earnings Call This Week	Pair Corr
0.84	CPA	Copa Holdings SA	Pair Corr
0.84	DAL	Delta Air Lines Earnings Call Tomorrow	Pair Corr
0.82	LTM	LATAM Airlines Group	Pair Corr
0.9	LUV	Southwest Airlines Aggressive Push	Pair Corr
0.79	NSC	Norfolk Southern	Pair Corr
0.85	UAL	United Airlines Holdings Earnings Call This Week	Pair Corr
0.93	ODFL	Old Dominion Freight	Pair Corr
0.73	RYAAY	Ryanair Holdings PLC	Pair Corr
0.84	ALGT	Allegiant Travel	Pair Corr
0.87	SKYW	SkyWest	Pair Corr
0.91	SNCY	Sun Country Airlines	Pair Corr
0.9	TFII	TFI International	Pair Corr
0.7	ULCC	Frontier Group Holdings	Pair Corr
0.83	J	Jacobs Solutions	Pair Corr
0.93	R	Ryder System	Pair Corr
0.85	AL	Air Lease	Pair Corr
0.73	AP	Ampco Pittsburgh	Pair Corr
0.73	AZ	A2Z Smart Technologies	Pair Corr
0.83	BA	Boeing Sell-off Trend	Pair Corr
0.7	BE	Bloom Energy Corp	Pair Corr
0.63	BR	Broadridge Financial	Pair Corr
0.82	BV	BrightView Holdings	Pair Corr
0.78	BW	Babcock Wilcox Enter	Pair Corr
0.82	CP	Canadian Pacific Railway	Pair Corr
0.85	CR	Crane Company	Pair Corr
0.8	CW	Curtiss Wright	Pair Corr
0.82	DE	Deere Company	Pair Corr
0.78	DY	Dycom Industries	Pair Corr
0.84	FA	First Advantage Corp	Pair Corr
0.65	GD	General Dynamics	Pair Corr

Moving against Knight Stock

0.6	G	Genpact Limited	Pair Corr
0.42	FLYX	flyExclusive,	Pair Corr
0.4	MESA	Mesa Air Group	Pair Corr
0.38	SAIA	Saia Inc	Pair Corr
0.7	MG	Mistras Group	Pair Corr
0.48	NL	NL Industries	Pair Corr

Related Correlations Analysis

	CHMN	CPPKF	MARIF	WING	PK	PLAY	PMNXF
CHMN		0.0	0.0	0.0	0.0	0.0	0.0	CHMN
CPPKF	0.0		0.83	0.13	0.42	0.56	0.05	CPPKF
MARIF	0.0	0.83		0.48	0.48	0.82	0.21	MARIF
WING	0.0	0.13	0.48		0.55	0.73	0.73	WING
PK	0.0	0.42	0.48	0.55		0.54	0.32	PK
PLAY	0.0	0.56	0.82	0.73	0.54		0.46	PLAY
PMNXF	0.0	0.05	0.21	0.73	0.32	0.46		PMNXF
	CHMN	CPPKF	MARIF	WING	PK	PLAY	PMNXF

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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

MARIF	+ 0.83	CPPKF
PLAY	+ 0.82	MARIF
PLAY	+ 0.73	WING
PMNXF	+ 0.73	WING
PLAY	+ 0.56	CPPKF
PK	+ 0.55	WING

High negative correlations

PMNXF	- 0.0	CHMN
PLAY	- 0.0	CHMN
PK	- 0.0	CHMN
WING	- 0.0	CHMN
MARIF	- 0.0	CHMN
CPPKF	- 0.0	CHMN

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
CHMN	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
CPPKF	2.35	0.49	0.13	4.67	2.19	(3.61)	6.90	(5.00)	12.82
MARIF	2.52	1.06	0.29	2.47	1.47	(5.01)	6.05	(3.36)	23.80
WING	2.38	0.47	0.19	0.54	2.02	(2.73)	6.96	(3.66)	20.40
PK	2.02	(0.05)	0.00	0.04	2.92	(2.04)	4.11	(3.69)	20.08
PLAY	3.37	0.86	0.26	0.85	2.61	(3.88)	9.24	(5.24)	22.98
PMNXF	1.98	0.18	0.03	(5.43)	2.63	(2.61)	5.77	(5.24)	13.58

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