Ballard Power Correlations

BLDP Stock

USD 2.16 0.02 0.93%

The current 90-days correlation between Ballard Power Systems and Redwire Corp is 0.62 (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

Excellent diversification

The correlation between Ballard Power Systems and DJI is -0.55 (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.

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 discontinued.

Moving together with Ballard Stock

0.84	PN	Skycorp Solar Group	Pair Corr
0.65	0LT	Leoch International	Pair Corr
0.77	EFOI	Energy Focu	Pair Corr
0.61	2V3	VPower Group Interna	Pair Corr
0.93	ENVX	Enovix Corp	Pair Corr
0.64	EOSE	Eos Energy Enterprises	Pair Corr
0.62	FLUX	Flux Power Holdings	Pair Corr
0.66	AYI	Acuity Brands	Pair Corr
0.82	EAF	GrafTech International	Pair Corr
0.78	GWH	ESS Tech	Pair Corr
0.86	XLE1	LEGEND POWER SYS	Pair Corr
0.71	2F0	AB Fagerhult	Pair Corr

Moving against Ballard Stock

0.86	AME	Ametek Inc	Pair Corr
0.85	WATT	Energous	Pair Corr
0.83	4LG	LANDISGYR GROUP AG	Pair Corr
0.79	ESP	Espey Mfg Electronics	Pair Corr
0.75	P4L	PREFORMED LINE PROD	Pair Corr
0.73	ALDBT	DBT SA	Pair Corr
0.69	VICR	Vicor Tech Boost	Pair Corr
0.66	ST	Sensata Technologies	Pair Corr
0.65	EMR	Emerson Electric	Pair Corr
0.65	ENS	Enersys	Pair Corr
0.36	CEA	FRIWO AG	Pair Corr
0.32	ELVA	Electrovaya	Pair Corr
0.9	RRX	Regal Beloit	Pair Corr
0.89	THR	Thermon Group Holdings	Pair Corr
0.85	RBC	RBC Bearings	Pair Corr
0.85	MIE1	Mitsubishi Electric	Pair Corr
0.84	HPS-A	Hammond Power Solutions	Pair Corr
0.83	NXT	Nextracker Class A	Pair Corr
0.8	ETN	Eaton PLC	Pair Corr
0.79	GNRC	Generac Holdings	Pair Corr
0.78	64K	VOLEX PLC LS	Pair Corr
0.77	VRT	Vertiv Holdings	Pair Corr
0.69	NVT	nVent Electric PLC	Pair Corr

Related Correlations Analysis

	RDW	THR	ALGT	ASTE	GRC	GIC	NVRI	UP	GSL	LMB
RDW		0.4	0.36	0.28	0.31	0.55	0.48	0.24	0.3	0.5	RDW
THR	0.4		0.9	0.96	0.97	0.86	0.72	-0.22	0.82	0.91	THR
ALGT	0.36	0.9		0.9	0.94	0.87	0.64	-0.27	0.67	0.87	ALGT
ASTE	0.28	0.96	0.9		0.97	0.87	0.65	-0.21	0.83	0.89	ASTE
GRC	0.31	0.97	0.94	0.97		0.86	0.7	-0.22	0.78	0.9	GRC
GIC	0.55	0.86	0.87	0.87	0.86		0.64	-0.04	0.62	0.89	GIC
NVRI	0.48	0.72	0.64	0.65	0.7	0.64		-0.11	0.6	0.64	NVRI
UP	0.24	-0.22	-0.27	-0.21	-0.22	-0.04	-0.11		-0.21	-0.14	UP
GSL	0.3	0.82	0.67	0.83	0.78	0.62	0.6	-0.21		0.74	GSL
LMB	0.5	0.91	0.87	0.89	0.9	0.89	0.64	-0.14	0.74		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	+ 0.97	THR
GRC	+ 0.97	ASTE
ASTE	+ 0.96	THR
GRC	+ 0.94	ALGT
LMB	+ 0.91	THR
ALGT	+ 0.9	THR

High negative correlations

UP	- 0.27	ALGT
UP	- 0.22	GRC
UP	- 0.22	THR
GSL	- 0.21	UP
UP	- 0.21	ASTE
LMB	- 0.14	UP

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	6.43	0.88	0.15	0.37	6.42	(7.16)	14.09	(10.92)	41.99
THR	1.76	0.53	0.32	0.50	1.29	(2.10)	4.92	(2.45)	9.12
ALGT	2.45	0.52	0.25	0.28	2.06	(3.03)	5.92	(4.08)	20.54
ASTE	1.74	0.47	0.32	0.34	1.07	(2.00)	4.70	(2.74)	7.79
GRC	1.41	0.42	0.36	0.33	0.85	(1.76)	3.90	(2.19)	12.75
GIC	1.10	0.18	0.15	0.23	1.03	(1.22)	2.67	(1.85)	7.28
NVRI	0.93	0.11	0.03	0.52	1.27	(1.03)	2.68	(1.59)	11.12
UP	6.15	(0.32)	0.00	(0.23)	0.00	0.00	11.67	(11.69)	61.04
GSL	1.25	0.31	0.16	0.93	1.22	(1.37)	2.62	(2.22)	6.78
LMB	2.60	0.38	0.13	0.30	3.04	(2.89)	5.02	(5.77)	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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