Ballard Power Correlations

BLDP Stock

CAD 3.81 0.11 2.97%

The current 90-days correlation between Ballard Power Systems and Savaria is 0.3 (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

Average diversification

The correlation between Ballard Power Systems and DJI is 0.15 (i.e., Average 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

0.64

DELX

DelphX Capital Markets

Pair Corr

Moving against Ballard Stock

0.87	DOL	Dollarama	Pair Corr
0.85	PTEC	Principal Technologies	Pair Corr
0.85	FEC	Frontera Energy Corp	Pair Corr
0.81	LA	Los Andes Copper	Pair Corr
0.79	JNJ	Johnson Johnson CDR	Pair Corr
0.72	POW	Power	Pair Corr
0.72	BNE	Bonterra Energy Corp	Pair Corr
0.7	EFX	Enerflex	Pair Corr
0.69	ELD	Eldorado Gold Corp	Pair Corr
0.68	XOM	EXXON MOBIL CDR	Pair Corr
0.64	GMG	Graphene Manufacturing	Pair Corr
0.64	AZT	Aztec Minerals Corp	Pair Corr
0.61	ENB-PFA	Enbridge Pref 9	Pair Corr
0.56	MAXQ	Maritime Launch Services	Pair Corr
0.52	ISRG	Intuitive Surgical CDR	Pair Corr
0.5	MGM	Maple Gold Mines	Pair Corr
0.49	PGDC	Patagonia Gold Corp	Pair Corr
0.48	MU	Micron Technology	Pair Corr
0.46	MSV	Minco Silver	Pair Corr
0.41	EIT-PA	Canoe EIT Income	Pair Corr
0.34	KALM-P	Kalma Capital Corp	Pair Corr

Related Correlations Analysis

	SIS	BDT	HPS-A	TCL-A	WTE	ARE	CJT	VLN
SIS		-0.03	0.4	0.49	0.55	0.68	-0.29	0.51	SIS
BDT	-0.03		-0.15	-0.07	0.04	0.03	0.6	-0.61	BDT
HPS-A	0.4	-0.15		0.15	0.28	0.69	-0.57	0.32	HPS-A
TCL-A	0.49	-0.07	0.15		0.88	0.73	0.02	0.75	TCL-A
WTE	0.55	0.04	0.28	0.88		0.8	-0.06	0.69	WTE
ARE	0.68	0.03	0.69	0.73	0.8		-0.25	0.63	ARE
CJT	-0.29	0.6	-0.57	0.02	-0.06	-0.25		-0.37	CJT
VLN	0.51	-0.61	0.32	0.75	0.69	0.63	-0.37		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

WTE	+ 0.88	TCL-A
ARE	+ 0.8	WTE
VLN	+ 0.75	TCL-A
ARE	+ 0.73	TCL-A
ARE	+ 0.69	HPS-A
VLN	+ 0.69	WTE

High negative correlations

VLN	- 0.61	BDT
CJT	- 0.57	HPS-A
VLN	- 0.37	CJT
CJT	- 0.29	SIS
CJT	- 0.25	ARE
HPS-A	- 0.15	BDT

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	0.92	0.19	0.15	0.48	0.83	(1.10)	1.74	(1.95)	6.66
BDT	1.46	(0.06)	(0.02)	0.01	2.47	(1.36)	3.10	(2.75)	11.62
HPS-A	2.85	0.44	0.12	0.31	3.25	(3.02)	6.69	(6.17)	36.77
TCL-A	1.20	0.26	0.19	0.86	0.92	(1.50)	1.89	(1.93)	21.79
WTE	0.77	0.07	0.03	0.21	1.05	(0.75)	1.57	(1.53)	4.88
ARE	2.19	0.46	0.18	0.62	2.05	(2.47)	4.98	(3.78)	18.60
CJT	1.54	(0.13)	0.00	(0.21)	0.00	0.00	3.61	(2.59)	16.08
VLN	1.04	0.28	0.19	2.16	0.88	(1.23)	2.46	(1.35)	7.44

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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