Ballard Power Correlations

BLDP Stock

CAD 2.91 0.01 0.34%

The current 90-days correlation between Ballard Power Systems and Savaria is 0.37 (i.e., Weak 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

Excellent diversification

The correlation between Ballard Power Systems and DJI is -0.62 (i.e., Excellent 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

0.68

CMC

Cielo Waste Solutions

Pair Corr

Moving against Ballard Stock

0.83	EXE	Extendicare Earnings Call This Week	Pair Corr
0.81	ONAU	OnGold Resources	Pair Corr
0.8	WAST	Waste Management CDR	Pair Corr
0.76	FTT	Finning International	Pair Corr
0.71	FTS	Fortis Inc	Pair Corr
0.7	FOM	Foran Mining	Pair Corr
0.7	BBD-PC	Bombardier Pref C	Pair Corr
0.69	SAO	South Atlantic Gold	Pair Corr
0.69	SMD	Strategic Metals	Pair Corr
0.68	BTE	Baytex Energy Corp	Pair Corr
0.67	BTO	B2Gold Corp	Pair Corr
0.59	LB-PH	Laurentian Bank Earnings Call This Week	Pair Corr
0.56	IVN	Ivanhoe Mines	Pair Corr
0.56	BKI	Black Iron Earnings Call This Week	Pair Corr
0.55	PJX	PJX Resources	Pair Corr
0.53	LCS	Brompton Lifeco Split Split	Pair Corr
0.43	NZP	Chatham Rock Phosphate	Pair Corr
0.43	QNC	Quantum eMotion Corp	Pair Corr
0.41	LOVE	Cannara Biotech	Pair Corr
0.38	ROCK	Rockridge Resources	Pair Corr
0.93	COLA	Coca Cola	Pair Corr
0.83	IPO	InPlay Oil Corp	Pair Corr
0.83	CWEB	Charlottes Web Holdings	Pair Corr
0.82	CU	Canadian Utilities Earnings Call This Week	Pair Corr
0.8	ACQ	Autocanada	Pair Corr
0.79	NAR	North Arrow Minerals	Pair Corr
0.78	PPL-PFE	Pembina Pipeline Corp Earnings Call This Week	Pair Corr
0.78	BPF-UN	Boston Pizza Royalties	Pair Corr
0.75	AIM	Aimia Inc	Pair Corr
0.73	NVX	NV Gold Corp	Pair Corr
0.72	CFX	Canfor Pulp Products	Pair Corr
0.64	LUN	Lundin Mining	Pair Corr

Related Correlations Analysis

	SIS	BDT	HPS-A	TCL-A	WTE	ARE	CJT	VLN
SIS		0.88	0.46	0.72	0.88	0.9	0.93	-0.73	SIS
BDT	0.88		0.55	0.88	0.87	0.96	0.89	-0.54	BDT
HPS-A	0.46	0.55		0.43	0.78	0.66	0.55	-0.48	HPS-A
TCL-A	0.72	0.88	0.43		0.73	0.86	0.69	-0.39	TCL-A
WTE	0.88	0.87	0.78	0.73		0.93	0.89	-0.74	WTE
ARE	0.9	0.96	0.66	0.86	0.93		0.9	-0.67	ARE
CJT	0.93	0.89	0.55	0.69	0.89	0.9		-0.72	CJT
VLN	-0.73	-0.54	-0.48	-0.39	-0.74	-0.67	-0.72		VLN
	SIS	BDT	HPS-A	TCL-A	WTE	ARE	CJT	VLN

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

ARE	+ 0.96	BDT
CJT	+ 0.93	SIS
ARE	+ 0.93	WTE
ARE	+ 0.9	SIS
CJT	+ 0.9	ARE
CJT	+ 0.89	BDT

High negative correlations

VLN	- 0.74	WTE
VLN	- 0.73	SIS
VLN	- 0.72	CJT
VLN	- 0.67	ARE
VLN	- 0.54	BDT
VLN	- 0.48	HPS-A

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
SIS	1.12	0.20	0.15	0.40	0.91	(1.35)	2.42	(1.84)	7.96
BDT	1.30	0.35	0.18	0.54	1.30	(1.36)	3.15	(2.66)	8.82
HPS-A	2.06	0.46	0.19	0.56	1.99	(2.25)	4.73	(3.78)	11.92
TCL-A	1.17	0.30	0.18	(5.31)	0.97	(1.37)	1.91	(2.01)	21.90
WTE	0.86	0.31	0.22	1.48	0.85	(0.97)	2.29	(1.53)	6.24
ARE	1.72	0.58	0.27	1.02	1.61	(2.01)	3.78	(3.42)	10.71
CJT	1.41	0.45	0.28	(23.60)	0.98	(1.64)	3.61	(1.88)	9.50
VLN	1.57	(0.15)	0.00	(0.67)	0.00	0.00	2.66	(2.85)	23.54

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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