KNX vs UNP: Correlation
Measured on weekly returns over the past three years, Knight-Swift Transportation Holdings Inc. (KNX) and Union Pacific Corporation (UNP) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are KNX and UNP?
Over the past 3 years, KNX and UNP moved with a correlation of 0.57, which is moderate. The past 12 months show a weaker link (0.37) than the 3-year average (0.57). Over 5 years the correlation is 0.54, and the annualized covariance of weekly returns is 371.7 %².
Within KNX's tracked universe of 17 assets, UNP comes in at #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KNX outperformed by 15.5 percentage points (+57.9% for KNX against +42.4% for UNP). Note the risk asymmetry: KNX runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
KNX vs UNP: side by side
| KNX (Knight-Swift Transportation Holdings Inc.) | UNP (Union Pacific Corporation) | |
|---|---|---|
| 1-year return | +57.9% | +42.4% |
| 5-year return | +37.4% | +56.5% |
| Volatility (ann.) | 31.7% | 20.6% |
| Beta vs S&P 500 | 1.00 | 0.56 |
| Max drawdown (3Y) | -35.7% | -17.8% |
| Market cap | $11.2B | $182.8B |
| P/E (trailing) | 255.2 | 25.1 |
| Dividend yield | 1.09% | 1.78% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | KNX | UNP |
|---|---|---|
| 2022 | -13.2% | -15.9% |
| 2023 | +11.1% | +21.6% |
| 2024 | -6.9% | -5.1% |
| 2025 | +0.1% | +3.9% |
| 2026 | +32.6% | +34.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are KNX and UNP good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between KNX and UNP?
Using weekly returns as of 2026-08-27: 0.57 over 3 years, with 0.37 over the last year and 0.54 over 5 years.
Is UNP a good diversifier for KNX?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/knx-vs-unp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/knx-vs-unp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: KNX correlations · UNP correlations
