Heartland Express Correlations

HTLD Stock

USD 9.15 0.15 1.61%

The current 90-days correlation between Heartland Express and Universal Logistics Holdings is 0.02 (i.e., Significant diversification). The correlation of Heartland Express 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.

Heartland Express Correlation With Market

Very weak diversification

The correlation between Heartland Express and DJI is 0.43 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Heartland Express and DJI in the same portfolio, assuming nothing else is changed.

Check out Risk vs Return Analysis to better understand how to build diversified portfolios, which includes a position in Heartland Express. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in bureau of economic analysis.

For information on how to trade Heartland Stock refer to our How to Trade Heartland Stock guide.

Moving together with Heartland Stock

0.65	CP	Canadian Pacific Railway	Pair Corr
0.95	VLRS	Volaris	Pair Corr
0.94	WERN	Werner Enterprises	Pair Corr
0.93	AAL	American Airlines	Pair Corr
0.83	ALK	Alaska Air Group	Pair Corr
0.84	CNI	Canadian National Railway	Pair Corr
0.95	CSX	CSX Corporation	Pair Corr
0.94	DAL	Delta Air Lines Earnings Call This Week	Pair Corr
0.95	KNX	Knight Transportation	Pair Corr
0.71	NSC	Norfolk Southern	Pair Corr
0.75	RXO	RXO Inc	Pair Corr
0.94	UAL	United Airlines Holdings	Pair Corr
0.79	ULH	Universal Logistics	Pair Corr
0.85	XPO	XPO Logistics	Pair Corr
0.74	JBLU	JetBlue Airways Corp	Pair Corr
0.89	MESA	Mesa Air Group	Pair Corr
0.91	MRTN	Marten Transport	Pair Corr
0.79	ODFL	Old Dominion Freight	Pair Corr
0.76	PAMT	PAMT P Symbol Change	Pair Corr
0.8	AIRT	Air T Inc	Pair Corr
0.92	ALGT	Allegiant Travel	Pair Corr
0.97	SAIA	Saia Inc	Pair Corr
0.95	ARCB	ArcBest Corp	Pair Corr
0.9	SKYW	SkyWest	Pair Corr
0.94	SNDR	Schneider National	Pair Corr
0.77	SNCY	Sun Country Airlines	Pair Corr
0.66	AZUL	Azul SA	Pair Corr
0.93	TFII	TFI International	Pair Corr

Moving against Heartland Stock

0.53	LTM	LATAM Airlines Group	Pair Corr
0.5	CPA	Copa Holdings SA	Pair Corr
0.59	ATSG	Air Transport Services	Pair Corr
0.31	G	Genpact Limited Sell-off Trend	Pair Corr

Related Correlations Analysis

	WERN	ULH	PTSI	SNDR	MRTN	CVLG	USX	KNX
WERN		0.86	0.0	0.98	0.98	0.47	0.0	0.96	WERN
ULH	0.86		0.0	0.87	0.86	0.56	0.0	0.79	ULH
PTSI	0.0	0.0		0.0	0.0	0.0	0.0	0.0	PTSI
SNDR	0.98	0.87	0.0		0.95	0.48	0.0	0.96	SNDR
MRTN	0.98	0.86	0.0	0.95		0.46	0.0	0.91	MRTN
CVLG	0.47	0.56	0.0	0.48	0.46		0.0	0.36	CVLG
USX	0.0	0.0	0.0	0.0	0.0	0.0		0.0	USX
KNX	0.96	0.79	0.0	0.96	0.91	0.36	0.0		KNX
	WERN	ULH	PTSI	SNDR	MRTN	CVLG	USX	KNX

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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

SNDR	+ 0.98	WERN
MRTN	+ 0.98	WERN
KNX	+ 0.96	WERN
KNX	+ 0.96	SNDR
MRTN	+ 0.95	SNDR
KNX	+ 0.91	MRTN

High negative correlations

KNX	- 0.0	USX
USX	- 0.0	CVLG
USX	- 0.0	MRTN
USX	- 0.0	SNDR
KNX	- 0.0	PTSI
USX	- 0.0	PTSI

Risk-Adjusted Indicators

There is a big difference between Heartland Stock performing well and Heartland Express 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 Heartland Express' 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	Treynor Ratio	Potential Upside	Value @Risk	Maximum Drawdown
WERN	1.27	(0.30)	(45.92)	2.35	(2.82)	8.47
ULH	2.31	(0.84)	1.46	3.82	(4.76)	22.95
PTSI	0.00	0.00	0.00	0.00	0.00	0.00
SNDR	1.23	(0.38)	1.21	2.27	(3.10)	7.76
MRTN	1.24	(0.19)	1.49	2.82	(2.64)	7.62
CVLG	2.37	(0.94)	(0.65)	2.70	(3.33)	51.25
USX	0.00	0.00	0.00	0.00	0.00	0.00
KNX	1.37	(0.30)	1.24	2.97	(2.64)	8.09

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