Pair Correlation Between T.J. Maxx and Macys

This module allows you to analyze existing cross correlation between The TJX Companies and Macys. You can compare the effects of market volatilities on T.J. Maxx 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 T.J. Maxx with a short position of Macys. See also your portfolio center. Please also check ongoing floating volatility patterns of T.J. Maxx and Macys.
 Time Horizon     30 Days    Login   to change
Symbolsvs

The TJX Companies Inc  vs.  Macys Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, T.J. Maxx is expected to generate 2.02 times less return on investment than Macys. But when comparing it to its historical volatility, The TJX Companies is 1.41 times less risky than Macys. It trades about 0.11 of its potential returns per unit of risk. Macys is currently generating about 0.16 of returns per unit of risk over similar time horizon. If you would invest  2,674  in Macys on March 25, 2018 and sell it today you would earn a total of  378.00  from holding Macys or generate 14.14% return on investment over 30 days.

Pair Corralation between T.J. Maxx and Macys

0.82
Time Period2 Months [change]
DirectionPositive 
StrengthStrong
Accuracy100.0%
ValuesDaily Returns

Diversification

Very poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding The TJX Companies Inc and Macys Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Macys and T.J. Maxx 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 The TJX Companies 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 T.J. Maxx i.e. T.J. Maxx and Macys go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
The TJX Companies  
7 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in The TJX Companies are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
Macys  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Macys are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1011.53

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