Ballard Power Correlations

BLDP Stock

CAD 3.37 0.14 3.99%

The current 90-days correlation between Ballard Power Systems and Savaria is 0.35 (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

Very good diversification

The correlation between Ballard Power Systems and DJI is -0.44 (i.e., Very 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.

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 against Ballard Stock

0.82	CCL-A	CCL Industries	Pair Corr
0.78	DCM	Data Communications	Pair Corr
0.76	FVL	Freegold Ventures	Pair Corr
0.71	APGO	Apollo Silver Corp	Pair Corr
0.57	ENB-PFC	Enbridge Pref 11	Pair Corr
0.56	CS	Capstone Mining Corp	Pair Corr
0.53	CJT	Cargojet	Pair Corr
0.39	GRT-UN	Granite Real Estate	Pair Corr

Related Correlations Analysis

	SIS	BDT	HPS-A	TCL-A	WTE	ARE	CJT	VLN
SIS		0.59	-0.37	0.63	0.86	0.79	0.78	-0.42	SIS
BDT	0.59		0.3	0.46	0.6	0.81	0.64	-0.37	BDT
HPS-A	-0.37	0.3		-0.48	-0.35	-0.06	-0.28	-0.28	HPS-A
TCL-A	0.63	0.46	-0.48		0.82	0.77	0.66	0.12	TCL-A
WTE	0.86	0.6	-0.35	0.82		0.87	0.8	-0.28	WTE
ARE	0.79	0.81	-0.06	0.77	0.87		0.76	-0.31	ARE
CJT	0.78	0.64	-0.28	0.66	0.8	0.76		-0.3	CJT
VLN	-0.42	-0.37	-0.28	0.12	-0.28	-0.31	-0.3		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	+ 0.87	WTE
WTE	+ 0.86	SIS
WTE	+ 0.82	TCL-A
ARE	+ 0.81	BDT
CJT	+ 0.8	WTE
ARE	+ 0.79	SIS

High negative correlations

TCL-A	- 0.48	HPS-A
VLN	- 0.42	SIS
VLN	- 0.37	BDT
HPS-A	- 0.37	SIS
WTE	- 0.35	HPS-A
VLN	- 0.31	ARE

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	1.01	0.14	0.08	0.43	0.97	(1.21)	2.42	(1.95)	7.79
BDT	1.48	0.02	(0.02)	(2.69)	2.69	(1.29)	3.10	(3.75)	11.62
HPS-A	2.29	0.02	0.00	0.10	3.34	(2.23)	4.13	(5.23)	19.50
TCL-A	1.21	0.30	0.18	(0.80)	0.97	(1.52)	1.91	(1.97)	21.82
WTE	0.78	0.18	0.10	(3.89)	0.89	(0.86)	1.84	(1.53)	4.56
ARE	2.09	0.37	0.12	(36.42)	2.26	(2.28)	4.16	(3.78)	13.40
CJT	1.66	0.25	0.06	4.61	2.67	(1.77)	4.44	(2.15)	15.37
VLN	1.56	(0.12)	0.00	(0.32)	0.00	0.00	2.64	(2.78)	24.47

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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