Correlation Analysis Between Target and Macys

This module allows you to analyze existing cross correlation between Target Corporation and Macys. You can compare the effects of market volatilities on Target and Macys and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Target with a short position of Macys. See also your portfolio center. Please also check ongoing floating volatility patterns of Target and Macys.
Horizon     30 Days    Login   to change
Symbolsvs
Compare Efficiency

Comparative Performance

Target  
0

Risk-Adjusted Performance

Over the last 30 days Target Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.
Macys  
0

Risk-Adjusted Performance

Over the last 30 days Macys has generated negative risk-adjusted returns adding no value to investors with long positions.

Target and Macys Volatility Contrast

 Predicted Return Density 
      Returns 

Target Corp.  vs.  Macys Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Target Corporation is expected to under-perform the Macys. But the stock apears to be less risky and, when comparing its historical volatility, Target Corporation is 1.14 times less risky than Macys. The stock trades about -0.23 of its potential returns per unit of risk. The Macys is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest  3,351  in Macys on November 15, 2018 and sell it today you would lose (290.00)  from holding Macys or give up 8.65% of portfolio value over 30 days.

Pair Corralation between Target and Macys

0.62
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Target and Macys

Target Corp. diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Target Corp. and Macys Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Macys and Target is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Target Corporation are associated (or correlated) with Macys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Macys has no effect on the direction of Target i.e. Target and Macys go up and down completely randomly.

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