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.
 Time Horizon     30 Days    Login   to change

Target Corp.  vs.  Macys Inc

 Performance (%) 

Pair Volatility

Considering 30-days investment horizon, Target Corporation is expected to generate 0.57 times more return on investment than Macys. However, Target Corporation is 1.75 times less risky than Macys. It trades about 0.04 of its potential returns per unit of risk. Macys is currently generating about -0.17 per unit of risk. If you would invest  7,712  in Target Corporation on June 16, 2018 and sell it today you would earn a total of  60.00  from holding Target Corporation or generate 0.78% return on investment over 30 days.

Pair Corralation between Target and Macys

Time Period1 Month [change]
ValuesDaily Returns


Very good 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.

Comparative Volatility

 Predicted Return Density 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Target Corporation are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days.

Risk-Adjusted Performance

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

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See also your portfolio center. Please also try Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.