Ballard Power Correlations

BLDP Stock

USD 1.31 0.01 0.77%

The current 90-days correlation between Ballard Power Systems and ITM Power Plc is 0.28 (i.e., Modest diversification). The correlation of Ballard Power 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.

Ballard Power Correlation With Market

Good diversification

The correlation between Ballard Power Systems and DJI is -0.03 (i.e., Good 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.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Ballard Power Systems. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in unemployment.

Moving together with Ballard Stock

0.84	BW	Babcock Wilcox Enter	Pair Corr
0.89	CVV	CVD Equipment Earnings Call This Week	Pair Corr
0.73	ETN	Eaton PLC Sell-off Trend	Pair Corr
0.7	MIR	Mirion Technologies	Pair Corr
0.78	XMTR	Xometry	Pair Corr
0.64	RRX	Regal Beloit	Pair Corr

Moving against Ballard Stock

0.74	GE	GE Aerospace	Pair Corr
0.66	CYD	China Yuchai Interna	Pair Corr
0.51	EPAC	Enerpac Tool Group	Pair Corr
0.46	FELE	Franklin Electric	Pair Corr
0.63	MWA	Mueller Water Products	Pair Corr
0.4	ITW	Illinois Tool Works	Pair Corr
0.35	GGG	Graco Inc	Pair Corr
0.35	KAI	Kadant Inc	Pair Corr
0.33	DCI	Donaldson	Pair Corr
0.32	NPO	Enpro Industries	Pair Corr
0.67	XYL	Xylem Inc	Pair Corr
0.55	TNC	Tennant Company	Pair Corr
0.49	WTS	Watts Water Technologies	Pair Corr

Related Correlations Analysis

	EMR	ETN	PH	ITW	DOV	CR	FLS	HI	MIDD	IEX
EMR		0.65	0.8	0.29	0.78	0.6	0.88	0.87	0.1	0.81	EMR
ETN	0.65		0.28	-0.19	0.21	-0.02	0.72	0.61	-0.58	0.82	ETN
PH	0.8	0.28		0.36	0.97	0.86	0.8	0.83	0.51	0.46	PH
ITW	0.29	-0.19	0.36		0.42	0.34	-0.04	0.11	0.39	0.04	ITW
DOV	0.78	0.21	0.97	0.42		0.89	0.74	0.79	0.55	0.41	DOV
CR	0.6	-0.02	0.86	0.34	0.89		0.58	0.63	0.71	0.18	CR
FLS	0.88	0.72	0.8	-0.04	0.74	0.58		0.94	0.03	0.75	FLS
HI	0.87	0.61	0.83	0.11	0.79	0.63	0.94		0.19	0.71	HI
MIDD	0.1	-0.58	0.51	0.39	0.55	0.71	0.03	0.19		-0.28	MIDD
IEX	0.81	0.82	0.46	0.04	0.41	0.18	0.75	0.71	-0.28		IEX
	EMR	ETN	PH	ITW	DOV	CR	FLS	HI	MIDD	IEX

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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

DOV	+ 0.97	PH
HI	+ 0.94	FLS
CR	+ 0.89	DOV
FLS	+ 0.88	EMR
HI	+ 0.87	EMR
CR	+ 0.86	PH

High negative correlations

MIDD	- 0.58	ETN
IEX	- 0.28	MIDD
ITW	- 0.19	ETN
FLS	- 0.04	ITW
CR	- 0.02	ETN

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
EMR	1.26	(0.12)	0.00	(0.17)	0.00	0.00	2.13	(2.68)	9.68
ETN	1.69	(0.18)	0.00	(0.26)	0.00	0.00	3.41	(3.54)	19.37
PH	1.27	(0.02)	0.00	(0.08)	0.00	0.00	2.27	(3.50)	10.15
ITW	1.02	(0.06)	0.00	(0.14)	0.00	0.00	1.95	(2.48)	8.34
DOV	1.13	(0.08)	0.00	(0.14)	0.00	0.00	1.96	(2.85)	8.86
CR	1.47	(0.01)	0.00	(0.08)	0.00	0.00	2.75	(3.24)	16.18
FLS	1.61	(0.17)	0.00	(0.20)	0.00	0.00	2.74	(4.18)	10.01
HI	2.08	(0.17)	0.00	(0.16)	0.00	0.00	3.38	(5.05)	14.21
MIDD	1.23	0.23	0.18	0.22	1.21	(1.41)	1.89	(2.21)	19.44
IEX	1.13	(0.26)	0.00	(0.50)	0.00	0.00	1.95	(2.43)	12.03

Ballard Power Corporate Management

Kerry Hillier	Corporate Secretary	Profile
Lee Sweetland	Senior Officer	Profile
Mircea Gradu	Senior Officer	Profile
Sarbjot Sidhu	Senior Officer	Profile
Alfred Wong	Managing Pacific	Profile

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