Knight Transportation Correlations

Stocks . USA . 
Stock . Knight Transportation
KNX Stock  USD 44.66  0.94  2.06%   
The current 90-days correlation between Knight Transportation and Schneider National is 0.89 (i.e., Very 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

Poor diversification

The correlation between Knight Transportation and DJI is 0.68 (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.

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Related Correlations Analysis

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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.

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