Correlation Between PTC and Moderna

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Can any of the company-specific risk be diversified away by investing in both PTC and Moderna at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining PTC and Moderna into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PTC Inc and Moderna, you can compare the effects of market volatilities on PTC and Moderna 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 PTC with a short position of Moderna. Check out your portfolio center. Please also check ongoing floating volatility patterns of PTC and Moderna.

Diversification Opportunities for PTC and Moderna

  Correlation Coefficient

Almost no diversification

The 3 months correlation between PTC and Moderna is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding PTC Inc and Moderna in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Moderna and PTC 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 PTC Inc are associated (or correlated) with Moderna. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Moderna has no effect on the direction of PTC i.e., PTC and Moderna go up and down completely randomly.

Pair Corralation between PTC and Moderna

Considering the 90-day investment horizon PTC Inc is expected to generate 0.57 times more return on investment than Moderna. However, PTC Inc is 1.75 times less risky than Moderna. It trades about 0.02 of its potential returns per unit of risk. Moderna is currently generating about -0.02 per unit of risk. If you would invest  12,074  in PTC Inc on September 4, 2022 and sell it today you would earn a total of  573.00  from holding PTC Inc or generate 4.75% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
ValuesDaily Returns

PTC Inc  vs.  Moderna

 Performance (%) 
PTC Inc 
PTC Performance
6 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in PTC Inc are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite somewhat uncertain basic indicators, PTC may actually be approaching a critical reversion point that can send shares even higher in January 2023.

PTC Price Channel

Moderna Performance
13 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Moderna are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. Despite somewhat weak basic indicators, Moderna sustained solid returns over the last few months and may actually be approaching a breakup point.

Moderna Price Channel

PTC and Moderna Volatility Contrast

   Predicted Return Density   

Pair Trading with PTC and Moderna

The main advantage of trading using opposite PTC and Moderna positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PTC position performs unexpectedly, Moderna can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Moderna will offset losses from the drop in Moderna's long position.
PTC vs. Absolute Software
The idea behind PTC Inc and Moderna pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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Check out your portfolio center. Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try Stock Screener module to find equities using custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..

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