I can tell you why UPS is up. Because country people like me aren’t driving to the city to spend money.
That means gas stations, restaurants, and impulse buying didn’t happen for me they way they normally would have.
E-commerce is up BT the vast majority of UPS shipments are commercial not resi. Combine that with increases in NDA, International export package and freight forwarding and LTL. It’s a far far more complex story that just e-commerce.
(Full disclosure - I worked for UPS for 8 years in Supply Chain and Corporate office)