Ballard Power Correlations

BLDP Stock

USD 2.15 0.12 5.91%

The current 90-days correlation between Ballard Power Systems and Redwire Corp is 0.6 (i.e., Poor 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

Very good diversification

The correlation between Ballard Power Systems and DJI is -0.48 (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.

Build AI portfolio with Ballard Stock

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 american community survey.

Moving together with Ballard Stock

0.96	FLUX	Flux Power Holdings	Pair Corr
0.92	GWH	ESS Tech	Pair Corr
0.7	STI	Solidion Technology	Pair Corr
0.82	ZEO	Zeo Energy Corp	Pair Corr
0.7	CPV	Clearvue Technologies	Pair Corr
0.73	SUNE	SUNation Energy Tech Boost	Pair Corr
0.67	CBAT	CBAK Energy Technology	Pair Corr
0.69	PBCRY	Bank Central Asia	Pair Corr

Moving against Ballard Stock

0.75	THR	Thermon Group Holdings	Pair Corr
0.7	ESP	Espey Mfg Electronics	Pair Corr
0.52	PLPC	Preformed Line Products	Pair Corr
0.42	NRGV	Energy Vault Holdings	Pair Corr
0.34	POWL	Powell Industries Earnings Call This Week	Pair Corr
0.68	TLKMF	Telkom Indonesia Tbk	Pair Corr
0.62	MAT	Mattel Inc Earnings Call This Week	Pair Corr
0.62	NEWTH	NewtekOne 8625 percent	Pair Corr
0.61	PPERY	Bank Mandiri Persero Normal Trading	Pair Corr
0.7	NFG	National Fuel Gas	Pair Corr
0.69	COMP	Compass	Pair Corr

Related Correlations Analysis

	RDW	THR	ALGT	ASTE	GRC	GIC	NVRI	UP	GSL	LMB
RDW		0.73	0.69	0.69	0.75	0.78	0.52	-0.22	0.59	0.61	RDW
THR	0.73		0.85	0.82	0.92	0.84	0.73	-0.52	0.78	0.31	THR
ALGT	0.69	0.85		0.77	0.87	0.92	0.8	-0.63	0.65	0.36	ALGT
ASTE	0.69	0.82	0.77		0.92	0.83	0.48	-0.21	0.47	0.64	ASTE
GRC	0.75	0.92	0.87	0.92		0.91	0.66	-0.44	0.62	0.49	GRC
GIC	0.78	0.84	0.92	0.83	0.91		0.78	-0.51	0.65	0.48	GIC
NVRI	0.52	0.73	0.8	0.48	0.66	0.78		-0.81	0.78	-0.03	NVRI
UP	-0.22	-0.52	-0.63	-0.21	-0.44	-0.51	-0.81		-0.64	0.22	UP
GSL	0.59	0.78	0.65	0.47	0.62	0.65	0.78	-0.64		-0.03	GSL
LMB	0.61	0.31	0.36	0.64	0.49	0.48	-0.03	0.22	-0.03		LMB
	RDW	THR	ALGT	ASTE	GRC	GIC	NVRI	UP	GSL	LMB

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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

GRC	+ 0.92	THR
GIC	+ 0.92	ALGT
GRC	+ 0.92	ASTE
GIC	+ 0.91	GRC
GRC	+ 0.87	ALGT
ALGT	+ 0.85	THR

High negative correlations

UP	- 0.81	NVRI
GSL	- 0.64	UP
UP	- 0.63	ALGT
UP	- 0.52	THR
UP	- 0.51	GIC
UP	- 0.44	GRC

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
RDW	6.62	0.54	0.10	0.25	6.75	(7.62)	14.09	(10.92)	41.83
THR	1.94	0.77	0.44	0.85	1.15	(2.46)	4.92	(2.28)	15.73
ALGT	2.98	0.81	0.35	0.38	2.26	(3.83)	6.99	(4.61)	31.33
ASTE	1.71	0.19	0.14	0.19	1.54	(1.93)	4.37	(2.82)	7.79
GRC	1.48	0.44	0.36	0.35	0.81	(1.82)	3.89	(2.18)	7.79
GIC	0.98	0.17	0.16	0.27	0.77	(1.19)	2.67	(1.69)	5.63
NVRI	1.57	0.65	0.63	0.57	0.00	(1.94)	3.94	(1.59)	30.32
UP	6.62	(0.70)	0.00	(0.66)	0.00	0.00	11.94	(13.58)	61.04
GSL	1.30	0.20	0.09	0.79	1.29	(1.47)	2.52	(2.41)	13.14
LMB	2.47	(0.18)	0.00	(0.26)	0.00	0.00	4.34	(6.22)	14.34

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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