Correlation Analysis Between Target and Spectrum Brands

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

Comparative Performance

Target  
99

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Target Corporation are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. In spite of comparatively weak essential indicators, Target unveiled solid returns over the last few months and may actually be approaching a breakup point.
Spectrum Brands Hold  
00

Risk-Adjusted Performance

Over the last 30 days Spectrum Brands Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Spectrum Brands is not utilizing all of its potentials. The latest stock price disturbance, may contribute to short term losses for the investors.

Target and Spectrum Brands Volatility Contrast

 Predicted Return Density 
      Returns 

Target Corp.  vs.  Spectrum Brands Holdings Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Target Corporation is expected to generate 1.22 times more return on investment than Spectrum Brands. However, Target is 1.22 times more volatile than Spectrum Brands Holdings. It trades about 0.14 of its potential returns per unit of risk. Spectrum Brands Holdings is currently generating about -0.04 per unit of risk. If you would invest  8,763  in Target Corporation on September 14, 2019 and sell it today you would earn a total of  2,389  from holding Target Corporation or generate 27.26% return on investment over 30 days.

Pair Corralation between Target and Spectrum Brands

0.43
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Target and Spectrum Brands

Target Corp. diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Target Corp. and Spectrum Brands Holdings Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Spectrum Brands Hold 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 Spectrum Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Spectrum Brands Hold has no effect on the direction of Target i.e. Target and Spectrum Brands go up and down completely randomly.
See also your portfolio center. Please also try Analyst Recommendations module to analyst recommendations and target price estimates broken down by several categories.


 
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