Covenant Logistics Correlations

CV5 Stock

EUR 24.00 0.60 2.56%

The current 90-days correlation between Covenant Logistics and Comba Telecom Systems is 0.29 (i.e., Modest diversification). The correlation of Covenant Logistics 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.

Covenant Logistics Correlation With Market

Very poor diversification

The correlation between Covenant Logistics Group and DJI is 0.88 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Covenant Logistics Group and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Covenant Logistics could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Covenant Logistics when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Covenant Logistics - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Covenant Logistics Group to buy it.

Moving together with Covenant Stock

0.85	JMI	Deep Yellow Limited	Pair Corr
0.79	FTD	FINDE TUBIZE ACTNOUV	Pair Corr
0.69	YBB	CARNAVALE RES Split	Pair Corr
0.8	2X0	Corteva	Pair Corr
0.85	4FU	Alsea SAB de	Pair Corr
0.78	5P8	Blue Foundry Bancorp Earnings Call This Week	Pair Corr
0.67	SRT3	Sartorius Aktiengesellscha	Pair Corr
0.7	MEL	Meli Hotels International	Pair Corr
0.96	UEO	Westlake Chemical	Pair Corr
0.72	LUS1	Lang Schwarz Aktieng	Pair Corr
0.87	WDC	WESTERN DIGITAL	Pair Corr
0.75	1NX	SANOK RUBBER ZY	Pair Corr
0.77	IHF	Safestore Holdings plc	Pair Corr
0.87	CU3	Cohu Inc Earnings Call This Week	Pair Corr
0.82	FJZB	ZIJIN MINH UNSPADR20	Pair Corr
0.82	TUI1	TUI AG Earnings Call This Week	Pair Corr
0.8	GCB	PTT Global Chemical	Pair Corr
0.87	6HS	Horseshoe Metals	Pair Corr
0.9	PKE	Park Aerospace Corp	Pair Corr
0.7	2MF	MOBILE FACTORY INC	Pair Corr
0.67	ENI	Eni SpA	Pair Corr
0.77	GJ9	SLC Agricola SA Split	Pair Corr
0.71	ARW	Arrow Electronics	Pair Corr
0.85	GZF	Engie SA	Pair Corr
0.71	LIN	Linde plc	Pair Corr
0.71	2VZ	LEONARDO DRS INC	Pair Corr
0.91	4HF	Hoist Finance AB Earnings Call Today	Pair Corr
0.93	943	FREY EO 250	Pair Corr
0.8	RWE	RWE AG	Pair Corr

Moving against Covenant Stock

0.69	BDD	CONICO LTD Split	Pair Corr
0.84	DBPD	Xtrackers ShortDAX	Pair Corr
0.42	SOBA	ATT Inc	Pair Corr

Related Correlations Analysis

	COA1	KMBA	4C6	SI3	2HZ	9B7	3YB	CHWD
COA1		-0.58	-0.21	-0.61	-0.66	-0.78	0.68	0.42	COA1
KMBA	-0.58		-0.09	0.38	0.77	0.5	-0.42	-0.14	KMBA
4C6	-0.21	-0.09		0.07	0.11	0.21	-0.39	-0.45	4C6
SI3	-0.61	0.38	0.07		0.68	0.77	-0.34	-0.01	SI3
2HZ	-0.66	0.77	0.11	0.68		0.78	-0.5	-0.24	2HZ
9B7	-0.78	0.5	0.21	0.77	0.78		-0.68	-0.32	9B7
3YB	0.68	-0.42	-0.39	-0.34	-0.5	-0.68		0.48	3YB
CHWD	0.42	-0.14	-0.45	-0.01	-0.24	-0.32	0.48		CHWD
	COA1	KMBA	4C6	SI3	2HZ	9B7	3YB	CHWD

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

9B7	+ 0.78	2HZ
2HZ	+ 0.77	KMBA
9B7	+ 0.77	SI3
3YB	+ 0.68	COA1
2HZ	+ 0.68	SI3
9B7	+ 0.5	KMBA

High negative correlations

9B7	- 0.78	COA1
3YB	- 0.68	9B7
2HZ	- 0.66	COA1
SI3	- 0.61	COA1
KMBA	- 0.58	COA1
3YB	- 0.5	2HZ

Risk-Adjusted Indicators

There is a big difference between Covenant Stock performing well and Covenant Logistics 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 Covenant Logistics' 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
COA1	3.06	(0.42)	0.00	(1.85)	0.00	0.00	7.41	(6.25)	19.91
KMBA	1.26	0.50	0.28	1.51	0.20	(3.12)	4.46	(1.70)	15.76
4C6	1.94	0.03	0.00	0.06	2.93	(9.24)	9.09	(8.33)	19.09
SI3	0.55	0.04	0.01	0.42	0.78	(1.35)	2.05	(1.38)	6.17
2HZ	1.05	0.12	0.06	0.86	1.12	(1.33)	2.21	(2.19)	6.60
9B7	0.89	0.17	0.11	(12.00)	0.73	(1.30)	1.57	(1.52)	6.22
3YB	1.52	(0.10)	0.00	0.29	0.00	0.00	3.70	(5.17)	14.05
CHWD	0.76	(0.08)	0.00	9.72	0.00	0.00	1.16	(1.66)	12.20

Be your own money manager

Our tools can tell you how much better you can do entering a position in Covenant Logistics without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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