Knight Transportation Correlations

KNX Stock

USD 55.57 0.67 1.22%

The current 90-days correlation between Knight Transportation and TFI International is 0.68 (i.e., 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

Almost no diversification

The correlation between Knight Transportation and DJI is 0.91 (i.e., Almost no 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 inflation.

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	R	Ryder System	Pair Corr
0.98	SNDR	Schneider National Earnings Call Today	Pair Corr
0.7	GSTX	Graphene Solar Techn	Pair Corr
0.91	LC	LendingClub Corp	Pair Corr
0.91	NXST	Nexstar Broadcasting	Pair Corr
0.78	DAR	Darling Ingredients	Pair Corr
0.93	TENX	Tenax Therapeutics Downward Rally	Pair Corr
0.86	ONDS	Ondas Holdings	Pair Corr
0.84	FIBH	First Bancshares	Pair Corr
0.77	F	Ford Motor Earnings Call This Week	Pair Corr
0.89	BIOA	BioAge Labs	Pair Corr
0.84	LUNR	Intuitive Machines Upward Rally	Pair Corr
0.69	SNDK	Sandisk Corp Earnings Call Today	Pair Corr
0.83	SHTLF	South32 Limited	Pair Corr
0.76	GLASF	Glass House Brands	Pair Corr
0.81	HYMC	Hycroft Mining Holding Trending	Pair Corr
0.78	ASML	ASML Holding NV	Pair Corr
0.8	VASO	Vaso Corp	Pair Corr
0.91	SAIC	Science Applications	Pair Corr
0.74	JCAP	Jefferson Capital Common	Pair Corr
0.86	EGTIF	eGuarantee	Pair Corr
0.97	CET	Central Securities	Pair Corr
0.76	ACLS	Axcelis Technologies	Pair Corr
0.9	PBYI	Puma Biotechnology	Pair Corr
0.89	HL	Hecla Mining	Pair Corr
0.97	WAL	Western Alliance Ban	Pair Corr
0.89	FOX	Fox Corp Class Earnings Call This Week	Pair Corr

Moving against Knight Stock

0.49	EPGG	Empire Global Gaming	Pair Corr
0.47	GBHPF	Global Hemp Group	Pair Corr

Related Correlations Analysis

	TFII	SAIA	FSS	SSD	TTC	ESAB	AL	R	RYAAY	ZWS
TFII		0.96	0.07	0.47	0.85	0.55	0.94	0.92	0.83	0.07	TFII
SAIA	0.96		0.07	0.48	0.78	0.55	0.9	0.9	0.77	0.07	SAIA
FSS	0.07	0.07		0.61	0.24	0.66	-0.16	-0.13	-0.19	0.05	FSS
SSD	0.47	0.48	0.61		0.71	0.86	0.35	0.25	0.09	0.05	SSD
TTC	0.85	0.78	0.24	0.71		0.72	0.78	0.66	0.56	-0.05	TTC
ESAB	0.55	0.55	0.66	0.86	0.72		0.38	0.33	0.23	0.05	ESAB
AL	0.94	0.9	-0.16	0.35	0.78	0.38		0.93	0.85	0.12	AL
R	0.92	0.9	-0.13	0.25	0.66	0.33	0.93		0.89	0.22	R
RYAAY	0.83	0.77	-0.19	0.09	0.56	0.23	0.85	0.89		0.37	RYAAY
ZWS	0.07	0.07	0.05	0.05	-0.05	0.05	0.12	0.22	0.37		ZWS
	TFII	SAIA	FSS	SSD	TTC	ESAB	AL	R	RYAAY	ZWS

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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

SAIA	+ 0.96	TFII
AL	+ 0.94	TFII
R	+ 0.93	AL
R	+ 0.92	TFII
AL	+ 0.9	SAIA
R	+ 0.9	SAIA

High negative correlations

RYAAY	- 0.19	FSS
AL	- 0.16	FSS
R	- 0.13	FSS
ZWS	- 0.05	TTC

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
TFII	1.52	0.23	0.14	0.25	1.53	(1.63)	3.13	(2.47)	9.73
SAIA	1.94	0.18	0.11	0.16	1.78	(2.10)	5.47	(3.15)	11.84
FSS	1.31	(0.28)	0.00	(0.16)	0.00	0.00	2.11	(2.44)	13.86
SSD	1.38	(0.07)	(0.03)	0.01	1.57	(1.55)	2.84	(2.63)	9.75
TTC	1.22	0.24	0.22	0.33	0.75	(1.57)	2.94	(1.82)	13.49
ESAB	1.37	(0.16)	0.00	(0.04)	0.00	0.00	3.31	(2.96)	7.88
AL	0.10	0.01	(0.39)	0.53	0.00	(0.13)	0.25	(0.17)	0.66
R	1.24	0.19	0.12	0.20	1.51	(1.25)	3.54	(3.01)	8.59
RYAAY	1.22	0.15	0.10	0.25	1.20	(1.35)	3.75	(2.51)	7.50
ZWS	0.99	(0.05)	(0.04)	0.01	1.17	(1.04)	2.02	(2.16)	6.90

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