Correlation Analysis Between Target and Barnes Noble

This module allows you to analyze existing cross correlation between Target Corporation and Barnes Noble. You can compare the effects of market volatilities on Target and Barnes Noble 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 Barnes Noble. See also your portfolio center. Please also check ongoing floating volatility patterns of Target and Barnes Noble.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Target  
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Target Corporation are ranked lower than 8 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively sluggish essential indicators, Target unveiled solid returns over the last few months and may actually be approaching a breakup point.
Barnes Noble  
00

Risk-Adjusted Performance

Over the last 30 days Barnes Noble has generated negative risk-adjusted returns adding no value to investors with long positions. In defiance of relatively invariable forward-looking signals, Barnes Noble is not utilizing all of its potentials. The new stock price agitation, may contribute to short term losses for the management.

Target and Barnes Noble Volatility Contrast

 Predicted Return Density 
      Returns 

Target Corp.  vs.  Barnes Noble Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Target Corporation is expected to generate 5.57 times more return on investment than Barnes Noble. However, Target is 5.57 times more volatile than Barnes Noble. It trades about 0.13 of its potential returns per unit of risk. Barnes Noble is currently generating about -0.03 per unit of risk. If you would invest  8,606  in Target Corporation on August 22, 2019 and sell it today you would earn a total of  2,061  from holding Target Corporation or generate 23.95% return on investment over 30 days.

Pair Corralation between Target and Barnes Noble

0.25
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy65.08%
ValuesDaily Returns

Diversification Opportunities for Target and Barnes Noble

Target Corp. diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Target Corp. and Barnes Noble Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Barnes Noble 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 Barnes Noble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barnes Noble has no effect on the direction of Target i.e. Target and Barnes Noble go up and down completely randomly.
See also your portfolio center. Please also try Equity Search module to search for activelly-traded equities including funds and etfs from over 30 global markets.


 
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