Aggregated price index with volume information
Summary:
- Transportation stocks up 0.1% on average while median return up 0.2% in a day
- Transportation stocks down 0.2% on average while median return down 0.5% in a week
- Transportation stocks up 1.2% on average while median return up 0.2% in a month
- When average return is significantly different from median return, this implies an asymmetry - composite return is driven by some outliners.
Aggregated price index (close) is based on equal weighted constituencies returns. Average short volume and average total volumes are averaged across all volume data among constituencies.
- 1M winners are : Winners for past month are $PTSI 38.7%, $FWRD 32.2%, $CYRX 24.1%, $ATSG 22.5%, $RLGT 18.1%
- 1M losers are : Losers for past month are $STNG -12.9%, $SFL -14.6%, $SAIA -14.7%, $CMRE -15.8%, $SAVE -15.9%
- 1W winners are : Winners for past week are $ALGT 11.6%, $CVLG 10.5%, $PTSI 9.7%, $ONEW 9.5%, $NSC 8.5%
- 1W losers are : Losers for past week are $HA -10.5%, $SFL -11.2%, $UPS -11.3%, $SAIA -18.3%, $AIRT -18.4%
Correlation Analysis
Index correlation analysis
Correlation for the past month is 16.6%, for the past 3 months is 13.7%
In the past month for a 5 days rolling window, the highest corrrelation is 21.2%, the lowest correlation is 0.1%, the latest correlation is 9.7%
When a correlation deviated from the normal level and goes lower or even negative, it indicates some of stocks have deviated from the normal direction of the group. The deviation could reverse if long term level of correlation was at a higher level. It creates trading opportunities and deserves study whether the deviation is idiosyncratic or systematic.
Among pairwise correlation, the highest correlation is 82.4% between CMRE and DAC
The lowest correlation is -51.8% between CPLP and EDRY
Universal Logistics Holdings saw increases in second-quarter top-line revenue, along with gains in its trucking and contract logistics segments. The post Universal Logistics’ Q2 trucking revenue increases 12.6% to $91M appeared first on FreightWaves.
Growth-related costs and a less favorable freight profile led to Saia’s second-quarter results coming up short of expectations. The post Freight mix, terminal openings weigh on Saia’s Q2; stock drops 20% appeared first on FreightWaves.
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