Ballard Power Correlations

BLDP Stock

CAD 1.87 0.02 1.08%

The current 90-days correlation between Ballard Power Systems and Quorum Information Technologies is 0.29 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Ballard Power moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Ballard Power Systems moves in either direction, the perfectly negatively correlated security will move in the opposite direction.

Ballard Power Correlation With Market

Significant diversification

The correlation between Ballard Power Systems and DJI is 0.03 (i.e., Significant diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Ballard Power Systems and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Ballard Power could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Ballard Power when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Ballard Power - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Ballard Power Systems to buy it.

Moving together with Ballard Stock

0.66	ATH	Athabasca Oil Corp	Pair Corr
0.74	BNS	Bank of Nova Scotia	Pair Corr
0.62	CM	Canadian Imperial Bank	Pair Corr

Moving against Ballard Stock

0.78	TD	Toronto Dominion Bank	Pair Corr
0.77	T	Telus Corp	Pair Corr
0.4	BTO	B2Gold Corp	Pair Corr
0.38	BCE	BCE Inc	Pair Corr

Related Correlations Analysis

	ISC	QIS	SVI	WISH	BPO-PG	HMR	THP
ISC		-0.22	-0.14	0.72	0.18	-0.38	-0.03	ISC
QIS	-0.22		0.02	-0.3	0.18	-0.25	-0.31	QIS
SVI	-0.14	0.02		-0.31	-0.32	0.52	0.17	SVI
WISH	0.72	-0.3	-0.31		0.16	-0.45	0.14	WISH
BPO-PG	0.18	0.18	-0.32	0.16		-0.48	-0.62	BPO-PG
HMR	-0.38	-0.25	0.52	-0.45	-0.48		0.27	HMR
THP	-0.03	-0.31	0.17	0.14	-0.62	0.27		THP
	ISC	QIS	SVI	WISH	BPO-PG	HMR	THP

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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

WISH	+ 0.72	ISC
HMR	+ 0.52	SVI
THP	+ 0.27	HMR
BPO-PG	+ 0.18	ISC
BPO-PG	+ 0.18	QIS
THP	+ 0.17	SVI

High negative correlations

THP	- 0.62	BPO-PG
HMR	- 0.48	BPO-PG
HMR	- 0.45	WISH
HMR	- 0.38	ISC
BPO-PG	- 0.32	SVI
WISH	- 0.31	SVI

Risk-Adjusted Indicators

There is a big difference between Ballard Stock performing well and Ballard Power 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 Ballard Power'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
ISC	1.22	(0.09)	0.00	(0.73)	0.00	0.00	2.97	(2.34)	8.06
QIS	1.55	0.16	0.04	0.95	2.34	(2.39)	3.23	(3.12)	15.38
SVI	1.26	0.01	0.03	0.06	1.37	(1.69)	3.81	(2.76)	10.00
WISH	2.80	(0.22)	0.00	(0.31)	0.00	0.00	7.69	(6.25)	20.34
BPO-PG	0.91	(0.01)	0.00	(0.06)	0.00	0.00	2.13	(2.19)	5.21
HMR	3.83	0.05	0.01	0.05	4.40	(5.31)	10.34	(7.20)	24.67
THP	0.19	(0.10)	0.00	(1.19)	0.00	0.00	0.00	0.00	6.25

Be your own money manager

Our tools can tell you how much better you can do entering a position in Ballard Power without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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