FedEx Correlations

FDX Stock

USD 363.58 1.04 0.29%

The current 90-days correlation between FedEx and Canadian National Railway is 0.37 (i.e., Weak diversification). The correlation of FedEx 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.

FedEx Correlation With Market

Very poor diversification

The correlation between FedEx and DJI is 0.84 (i.e., Very poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding FedEx and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with FedEx Stock

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in FedEx. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in american community survey.

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

Moving together with FedEx Stock

0.89	EXPD	Expeditors International	Pair Corr
0.96	UPS	United Parcel Service Sell-off Trend	Pair Corr
0.81	XPO	XPO Logistics Earnings Call Today	Pair Corr
0.92	UPAB	United Parcel Service	Pair Corr
0.88	ZTO	ZTO Express	Pair Corr
0.85	NCEW	New Century Logistics	Pair Corr
0.71	NRSA	NTG Nordic Transport	Pair Corr
0.88	CJT	Cargojet	Pair Corr
0.85	RLGT	Radiant Logistics	Pair Corr
0.93	CHRW	CH Robinson Worldwide	Pair Corr
0.84	I9V	TITANIUM TRANSPORTGROUP	Pair Corr
0.83	APETF	Alpha Esports Tech	Pair Corr
0.82	THO	Thor Industries	Pair Corr
0.74	RCKY	Rocky Brands	Pair Corr
0.89	OBYCF	Obayashi Earnings Call This Week	Pair Corr
0.7	MAT	Mattel Inc Earnings Call This Week	Pair Corr
0.88	WMT	Walmart Common Stock Aggressive Push	Pair Corr
0.8	AROC	Archrock Symbol Change	Pair Corr
0.91	ANDE	Andersons	Pair Corr
0.88	FIBK	First Interstate Ban	Pair Corr
0.67	PGEZF	Group Ten Metals	Pair Corr

Moving against FedEx Stock

0.76	ATXG	Addentax Group Corp	Pair Corr
0.68	HKPD	Hong Kong Pharma	Pair Corr
0.54	CJMB	Callan JMB Common	Pair Corr
0.5	FLX	BingEx Trending	Pair Corr
0.34	AIRT	Air T Inc	Pair Corr
0.65	RVSN	Rail Vision	Pair Corr
0.44	BKLRF	Berkeley Energy	Pair Corr
0.78	BROGF	BROGF	Pair Corr
0.47	POFCY	Petrofac ADR	Pair Corr
0.45	NVNIW	Nvni Group Limited	Pair Corr

Related Correlations Analysis

	CNI	UPS	CMI	URI	NSC	CP	LHX	RSG	CSX	PCAR
CNI		0.68	0.65	0.41	0.51	0.61	0.54	0.14	0.63	0.71	CNI
UPS	0.68		0.93	0.5	0.4	0.54	0.83	0.33	0.63	0.95	UPS
CMI	0.65	0.93		0.42	0.45	0.52	0.83	0.45	0.61	0.97	CMI
URI	0.41	0.5	0.42		-0.18	-0.2	0.67	-0.19	-0.01	0.41	URI
NSC	0.51	0.4	0.45	-0.18		0.69	0.02	0.36	0.65	0.48	NSC
CP	0.61	0.54	0.52	-0.2	0.69		0.21	0.3	0.81	0.59	CP
LHX	0.54	0.83	0.83	0.67	0.02	0.21		0.21	0.45	0.8	LHX
RSG	0.14	0.33	0.45	-0.19	0.36	0.3	0.21		0.25	0.46	RSG
CSX	0.63	0.63	0.61	-0.01	0.65	0.81	0.45	0.25		0.69	CSX
PCAR	0.71	0.95	0.97	0.41	0.48	0.59	0.8	0.46	0.69		PCAR
	CNI	UPS	CMI	URI	NSC	CP	LHX	RSG	CSX	PCAR

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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

PCAR	+ 0.97	CMI
PCAR	+ 0.95	UPS
CMI	+ 0.93	UPS
LHX	+ 0.83	UPS
LHX	+ 0.83	CMI
CSX	+ 0.81	CP

High negative correlations

CP	- 0.2	URI
RSG	- 0.19	URI
NSC	- 0.18	URI
CSX	- 0.01	URI

Risk-Adjusted Indicators

There is a big difference between FedEx Stock performing well and FedEx 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 FedEx'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
CNI	1.13	0.04	0.03	0.10	1.44	(1.27)	2.57	(2.23)	7.66
UPS	1.22	0.29	0.20	0.35	1.13	(1.37)	3.16	(2.42)	7.68
CMI	1.35	0.44	0.30	0.42	1.05	(1.57)	2.83	(2.27)	8.70
URI	1.64	(0.08)	(0.02)	0.00	2.72	(1.71)	4.20	(3.19)	17.82
NSC	0.81	0.10	0.04	2.89	0.97	(0.85)	2.10	(1.56)	5.69
CP	1.14	0.08	0.06	0.13	1.28	(1.25)	2.82	(2.05)	7.63
LHX	1.37	0.16	0.10	0.22	1.42	(1.63)	3.09	(2.30)	8.86
RSG	0.75	0.03	(0.03)	(0.30)	0.91	(0.74)	1.74	(1.38)	4.33
CSX	0.88	0.15	0.09	1.27	0.92	(0.90)	2.27	(2.04)	5.63
PCAR	1.29	0.36	0.37	0.34	0.62	(1.69)	3.68	(1.52)	7.16

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