Ballard Power Correlations

BLDP Stock

USD 1.37 0.06 4.20%

The current 90-days correlation between Ballard Power Systems and ITM Power Plc is 0.36 (i.e., Weak 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 -0.07 (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

0.7	RR	Richtech Robotics Class	Pair Corr
0.72	AOS	Smith AO	Pair Corr
0.73	CVV	CVD Equipment	Pair Corr
0.68	CYD	China Yuchai Interna	Pair Corr

Moving against Ballard Stock

0.86	PH	Parker Hannifin	Pair Corr
0.86	EPAC	Enerpac Tool Group	Pair Corr
0.85	AME	Ametek Inc Sell-off Trend	Pair Corr
0.81	CMI	Cummins	Pair Corr
0.79	CR	Crane Company	Pair Corr
0.68	IR	Ingersoll Rand	Pair Corr
0.62	B	Barnes Group	Pair Corr
0.52	FELE	Franklin Electric	Pair Corr
0.4	BW	Babcock Wilcox Enter	Pair Corr
0.4	HI	Hillenbrand	Pair Corr
0.36	ENOV	Enovis Corp	Pair Corr
0.31	ATS	ATS Corporation	Pair Corr
0.86	EMR	Emerson Electric	Pair Corr
0.85	XMTR	Xometry	Pair Corr
0.83	KAI	Kadant Inc	Pair Corr
0.82	MWA	Mueller Water Products Fiscal Year End 11th of December 2024	Pair Corr
0.8	FLS	Flowserve	Pair Corr
0.79	ETN	Eaton PLC	Pair Corr
0.79	GHM	Graham	Pair Corr
0.79	JBT	John Bean Technologies	Pair Corr
0.78	DOV	Dover	Pair Corr
0.77	MIR	Mirion Technologies	Pair Corr
0.76	IEX	IDEX	Pair Corr
0.76	ITW	Illinois Tool Works	Pair Corr
0.73	NNE	Nano Nuclear Energy	Pair Corr
0.68	GRC	Gorman Rupp	Pair Corr
0.67	DCI	Donaldson Earnings Call Today	Pair Corr
0.66	GGG	Graco Inc	Pair Corr
0.61	ITT	ITT Inc	Pair Corr
0.85	SMR	Nuscale Power Corp	Pair Corr
0.84	GTLS	Chart Industries	Pair Corr
0.83	SXI	Standex International	Pair Corr
0.82	GTES	Gates Industrial	Pair Corr

Related Correlations Analysis

	EMR	ETN	PH	ITW	DOV	CR	FLS	HI	MIDD	IEX
EMR		0.88	0.97	0.91	0.91	0.95	0.95	0.56	0.27	0.94	EMR
ETN	0.88		0.94	0.92	0.93	0.82	0.94	0.25	0.29	0.85	ETN
PH	0.97	0.94		0.96	0.96	0.93	0.95	0.43	0.29	0.95	PH
ITW	0.91	0.92	0.96		0.95	0.88	0.92	0.33	0.31	0.96	ITW
DOV	0.91	0.93	0.96	0.95		0.89	0.89	0.38	0.39	0.92	DOV
CR	0.95	0.82	0.93	0.88	0.89		0.9	0.62	0.35	0.93	CR
FLS	0.95	0.94	0.95	0.92	0.89	0.9		0.44	0.25	0.9	FLS
HI	0.56	0.25	0.43	0.33	0.38	0.62	0.44		0.46	0.5	HI
MIDD	0.27	0.29	0.29	0.31	0.39	0.35	0.25	0.46		0.37	MIDD
IEX	0.94	0.85	0.95	0.96	0.92	0.93	0.9	0.5	0.37		IEX
	EMR	ETN	PH	ITW	DOV	CR	FLS	HI	MIDD	IEX

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

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	1.15	0.18	0.20	0.23	0.84	(1.35)	2.15	(1.83)	9.12
ETN	1.20	0.15	0.15	0.21	1.18	(1.40)	2.91	(2.11)	8.54
PH	0.92	0.09	0.13	0.18	0.83	(1.12)	2.18	(1.25)	11.35
ITW	0.79	0.07	0.07	0.19	0.63	(1.00)	1.53	(1.33)	4.73
DOV	1.08	0.01	0.04	0.12	1.03	(1.36)	2.20	(1.90)	6.51
CR	1.42	0.14	0.08	0.23	1.70	(1.65)	3.45	(2.72)	9.45
FLS	1.37	0.17	0.16	0.22	1.21	(1.53)	3.04	(2.22)	10.24
HI	2.34	(0.19)	(0.01)	0.04	2.57	(2.76)	3.79	(4.06)	14.46
MIDD	1.39	(0.12)	(0.03)	0.04	1.84	(1.50)	3.38	(2.66)	11.33
IEX	1.07	0.09	0.11	0.19	0.80	(1.37)	2.38	(1.74)	9.79

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

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC