Target Correlations

TGT Stock

USD 101.74 2.36 2.27%

The current 90-days correlation between Target and Kroger Company is 0.28 (i.e., Modest diversification). The correlation of Target is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Target Correlation With Market

Almost no diversification

The correlation between Target and DJI is 0.9 (i.e., Almost no diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Target and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Target Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Target. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

For more information on how to buy Target Stock please use our How to Invest in Target guide.

Moving together with Target Stock

0.79	WMT	Walmart Common Stock	Pair Corr
0.78	ANDE	Andersons	Pair Corr
0.78	CASY	Caseys General Stores	Pair Corr
0.76	MSB	Mesabi Trust	Pair Corr
0.78	BWAGF	BAWAG Group AG	Pair Corr
0.88	NXST	Nexstar Broadcasting	Pair Corr
0.7	EGTIF	eGuarantee	Pair Corr
0.86	HL	Hecla Mining	Pair Corr
0.72	ACLS	Axcelis Technologies	Pair Corr
0.65	HYMC	Hycroft Mining Holding Trending	Pair Corr
0.89	GS	Goldman Sachs Group	Pair Corr
0.81	BIOA	BioAge Labs	Pair Corr
0.74	GLASF	Glass House Brands	Pair Corr
0.81	FIBH	First Bancshares	Pair Corr
0.77	NGS	Natural Gas Services	Pair Corr
0.66	SHTLF	South32 Limited	Pair Corr
0.64	JCAP	Jefferson Capital Common	Pair Corr
0.8	ONDS	Ondas Holdings	Pair Corr
0.67	ASML	ASML Holding NV	Pair Corr
0.81	LC	LendingClub Corp	Pair Corr
0.73	URI	United Rentals	Pair Corr
0.79	OIS	Oil States International	Pair Corr

Moving against Target Stock

0.57	IMKTA	Ingles Markets Earnings Call Next Week	Pair Corr
0.52	ACI	Albertsons Companies	Pair Corr
0.52	NTNX	Nutanix	Pair Corr
0.41	300892	Pinlive Foods Co	Pair Corr
0.39	UNFI	United Natural Foods	Pair Corr
0.79	13034VAB0	US13034VAB09	Pair Corr

Related Correlations Analysis

	KR	CCEP	ABEV	DG	DLTR	SYY	KDP	KMB	JBS	HSY
KR		0.36	-0.27	-0.68	-0.68	0.04	-0.27	0.13	-0.1	-0.15	KR
CCEP	0.36		0.04	0.03	0.03	0.12	0.34	0.07	0.33	0.34	CCEP
ABEV	-0.27	0.04		0.72	0.59	0.67	0.17	0.23	0.74	0.7	ABEV
DG	-0.68	0.03	0.72		0.95	0.33	0.5	-0.1	0.64	0.73	DG
DLTR	-0.68	0.03	0.59	0.95		0.2	0.57	-0.31	0.53	0.69	DLTR
SYY	0.04	0.12	0.67	0.33	0.2		0.0	0.52	0.53	0.59	SYY
KDP	-0.27	0.34	0.17	0.5	0.57	0.0		0.1	0.42	0.45	KDP
KMB	0.13	0.07	0.23	-0.1	-0.31	0.52	0.1		0.23	0.04	KMB
JBS	-0.1	0.33	0.74	0.64	0.53	0.53	0.42	0.23		0.77	JBS
HSY	-0.15	0.34	0.7	0.73	0.69	0.59	0.45	0.04	0.77		HSY
	KR	CCEP	ABEV	DG	DLTR	SYY	KDP	KMB	JBS	HSY

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

DLTR	+ 0.95	DG
HSY	+ 0.77	JBS
JBS	+ 0.74	ABEV
HSY	+ 0.73	DG
DG	+ 0.72	ABEV
HSY	+ 0.7	ABEV

High negative correlations

DLTR	- 0.68	KR
DG	- 0.68	KR
KMB	- 0.31	DLTR
KDP	- 0.27	KR
ABEV	- 0.27	KR
HSY	- 0.15	KR

Risk-Adjusted Indicators

There is a big difference between Target Stock performing well and Target Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Target's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
KR	1.21	(0.08)	0.00	(2.06)	0.00	0.00	2.55	(2.68)	7.52
CCEP	0.83	0.02	(0.04)	0.72	1.29	(0.74)	1.95	(2.11)	5.66
ABEV	1.13	0.40	0.22	1.02	0.96	(1.51)	2.53	(1.71)	7.97
DG	1.76	0.59	0.27	0.63	1.47	(2.00)	4.59	(2.38)	20.14
DLTR	1.93	0.23	0.12	0.23	1.87	(2.15)	4.05	(2.85)	10.30
SYY	1.04	0.19	0.13	2.11	0.81	(1.32)	2.68	(1.86)	6.00
KDP	1.16	(0.04)	0.00	(0.17)	0.00	0.00	1.97	(1.93)	13.48
KMB	1.10	(0.25)	0.00	(1.41)	0.00	0.00	2.17	(1.59)	17.56
JBS	1.29	0.30	0.13	(0.86)	1.48	(1.43)	2.58	(2.78)	8.67
HSY	1.13	0.20	0.09	1.93	1.26	(1.22)	2.37	(1.86)	6.22

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