Old Dominion Correlations
| ODFL Stock | USD 184.24 1.82 1.00% |
The correlation of Old Dominion 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 perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Old Dominion moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Old Dominion Freight moves in either direction, the perfectly negatively correlated security will move in the opposite direction. If the correlation is 0, the equities are not correlated; they are entirely random. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.
Weak diversification
The correlation between Old Dominion Freight and NYA is 0.37 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Old Dominion Freight and NYA in the same portfolio, assuming nothing else is changed.
Old |
The ability to find closely correlated positions to Old Dominion could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Old Dominion when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Old Dominion - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Old Dominion Freight to buy it.
Moving together with Old Stock
| 0.74 | CP | Canadian Pacific Railway | PairCorr |
| 0.64 | NSC | Norfolk Southern Financial Report 25th of July 2024 | PairCorr |
| 0.64 | JBLU | JetBlue Airways Corp | PairCorr |
| 0.87 | SAIA | Saia Inc | PairCorr |
Moving against Old Stock
| 0.65 | VLRS | Volaris | PairCorr |
| 0.5 | ATSG | Air Transport Services Financial Report 2nd of May 2024 | PairCorr |
| 0.42 | MESA | Mesa Air Group Earnings Call This Week | PairCorr |
Related Correlations Analysis
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Be your own money manager
Our tools can tell you how much better you can do entering a position in Old Dominion without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.Did you try this?
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Old Dominion Corporate Directors
Old Dominion corporate directors refer to members of an Old Dominion board of directors. The board of directors generally takes responsibility for the Old Dominion's affairs and long-term direction of the entity. A corporate director does not make decisions for the corporation on his own. As a member of the board of directors, she or he must function as a part of a group that makes decisions on behalf of the business only by the board of directors' meetings. To pass a resolution, a majority of Old Dominion's board members must vote for the resolution. The Old Dominion board of directors' duties also include the election, removal, and supervision of officers, including the adoption, amendment, and repeal of bylaws.| Michael Wray | Independent Director | Profile | |
| Patrick Hanley | Independent Director | Profile | |
| Sherry Aaholm | Independent Director | Profile | |
| Robert Culp | Lead Independent Director | Profile |
Already Invested in Old Dominion Freight?
The danger of trading Old Dominion Freight is mainly related to its market volatility and Company specific events. As an investor, you must understand the concept of risk-adjusted return before you start trading. The most common way to measure the risk of Old Dominion is by using the Sharpe ratio. The ratio expresses how much excess return you acquire for the extra volatility you endure for holding a more risker asset than Old Dominion. The Sharpe ratio is calculated by using standard deviation and excess return to determine reward per unit of risk. To understand how volatile Old Dominion Freight is, you must compare it to a benchmark. Traditionally, the risk-free rate of return is the rate of return on the shortest-dated U.S. Treasury, such as a 3-year bond.
When determining whether Old Dominion Freight is a strong investment it is important to analyze Old Dominion's competitive position within its industry, examining market share, product or service uniqueness, and competitive advantages. Beyond financials and market position, potential investors should also consider broader economic conditions, industry trends, and any regulatory or geopolitical factors that may impact Old Dominion's future performance. For an informed investment choice regarding Old Stock, refer to the following important reports: Check out Your Equity Center to better understand how to build diversified portfolios, which includes a position in Old Dominion Freight. Also, note that the market value of any company could be tightly coupled with the direction of predictive economic indicators such as signals in census. Note that the Old Dominion Freight information on this page should be used as a complementary analysis to other Old Dominion's statistical models used to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Complementary Tools for Old Stock analysis
When running Old Dominion's price analysis, check to measure Old Dominion's market volatility, profitability, liquidity, solvency, efficiency, growth potential, financial leverage, and other vital indicators. We have many different tools that can be utilized to determine how healthy Old Dominion is operating at the current time. Most of Old Dominion's value examination focuses on studying past and present price action to predict the probability of Old Dominion's future price movements. You can analyze the entity against its peers and the financial market as a whole to determine factors that move Old Dominion's price. Additionally, you may evaluate how the addition of Old Dominion to your portfolios can decrease your overall portfolio volatility.
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Is Old Dominion's industry expected to grow? Or is there an opportunity to expand the business' product line in the future? Factors like these will boost the valuation of Old Dominion. If investors know Old will grow in the future, the company's valuation will be higher. The financial industry is built on trying to define current growth potential and future valuation accurately. All the valuation information about Old Dominion listed above have to be considered, but the key to understanding future value is determining which factors weigh more heavily than others.
Quarterly Earnings Growth 0.039 | Dividend Share 0.86 | Earnings Share 5.67 | Revenue Per Share 26.959 | Quarterly Revenue Growth 0.012 |
The market value of Old Dominion Freight is measured differently than its book value, which is the value of Old that is recorded on the company's balance sheet. Investors also form their own opinion of Old Dominion's value that differs from its market value or its book value, called intrinsic value, which is Old Dominion's true underlying value. Investors use various methods to calculate intrinsic value and buy a stock when its market value falls below its intrinsic value. Because Old Dominion's market value can be influenced by many factors that don't directly affect Old Dominion's underlying business (such as a pandemic or basic market pessimism), market value can vary widely from intrinsic value.
Please note, there is a significant difference between Old Dominion's value and its price as these two are different measures arrived at by different means. Investors typically determine if Old Dominion is a good investment by looking at such factors as earnings, sales, fundamental and technical indicators, competition as well as analyst projections. However, Old Dominion's price is the amount at which it trades on the open market and represents the number that a seller and buyer find agreeable to each party.