Ballard Power Correlations

BLDP Stock

USD 1.89 0.05 2.72%

The current 90-days correlation between Ballard Power Systems and ITM Power Plc is 0.03 (i.e., Significant 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

Weak diversification

The correlation between Ballard Power Systems and DJI is 0.37 (i.e., Weak 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 unemployment.

Moving together with Ballard Stock

0.82	BW	Babcock Wilcox Enter	Pair Corr
0.83	CR	Crane Company	Pair Corr
0.84	IR	Ingersoll Rand	Pair Corr
0.83	PH	Parker Hannifin	Pair Corr
0.71	AME	Ametek Inc	Pair Corr
0.76	ATS	ATS Corporation	Pair Corr
0.81	CMI	Cummins	Pair Corr
0.85	CXT	Crane NXT	Pair Corr
0.9	CYD	China Yuchai Interna	Pair Corr
0.76	DCI	Donaldson	Pair Corr
0.81	DOV	Dover Earnings Call This Week	Pair Corr
0.92	EMR	Emerson Electric Sell-off Trend	Pair Corr
0.87	ETN	Eaton PLC	Pair Corr
0.72	FLS	Flowserve Sell-off Trend	Pair Corr
0.8	GGG	Graco Inc Earnings Call This Week	Pair Corr
0.91	GHM	Graham	Pair Corr
0.81	ITT	ITT Inc	Pair Corr
0.84	ITW	Illinois Tool Works	Pair Corr
0.73	KAI	Kadant Inc	Pair Corr
0.82	MIR	Mirion Technologies	Pair Corr
0.68	XMTR	Xometry	Pair Corr
0.8	NNE	Nano Nuclear Energy	Pair Corr
0.86	NPO	Enpro Industries	Pair Corr
0.82	PNR	Pentair PLC Earnings Call Tomorrow	Pair Corr
0.85	ROK	Rockwell Automation Earnings Call This Week	Pair Corr
0.8	RRX	Regal Beloit	Pair Corr
0.84	SMR	Nuscale Power Corp Trending	Pair Corr

Moving against Ballard Stock

0.4	CSW	CSW Industrials, Symbol Change	Pair Corr
0.34	WFF	WF Holding Limited	Pair Corr

Related Correlations Analysis

	EMR	ETN	PH	ITW	DOV	CR	FLS	HI	MIDD	IEX
EMR		0.98	0.95	0.88	0.91	0.93	0.84	0.27	0.76	0.55	EMR
ETN	0.98		0.98	0.89	0.94	0.94	0.9	0.24	0.81	0.64	ETN
PH	0.95	0.98		0.92	0.98	0.95	0.94	0.26	0.89	0.75	PH
ITW	0.88	0.89	0.92		0.94	0.83	0.91	0.53	0.76	0.71	ITW
DOV	0.91	0.94	0.98	0.94		0.91	0.95	0.38	0.89	0.81	DOV
CR	0.93	0.94	0.95	0.83	0.91		0.83	0.18	0.84	0.7	CR
FLS	0.84	0.9	0.94	0.91	0.95	0.83		0.34	0.83	0.76	FLS
HI	0.27	0.24	0.26	0.53	0.38	0.18	0.34		0.13	0.27	HI
MIDD	0.76	0.81	0.89	0.76	0.89	0.84	0.83	0.13		0.86	MIDD
IEX	0.55	0.64	0.75	0.71	0.81	0.7	0.76	0.27	0.86		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	1.10	0.39	0.38	0.46	0.50	(1.34)	2.92	(1.33)	7.65
ETN	1.28	0.32	0.29	0.40	0.85	(1.70)	3.94	(2.02)	6.65
PH	1.00	0.21	0.22	0.32	0.59	(1.14)	2.76	(1.75)	6.22
ITW	0.89	0.01	0.01	0.14	0.84	(0.98)	2.27	(1.49)	5.91
DOV	0.99	0.07	0.08	0.19	0.81	(1.24)	2.06	(1.33)	7.11
CR	1.18	0.29	0.23	0.36	0.93	(1.40)	3.38	(2.23)	9.75
FLS	1.76	0.19	0.13	0.25	1.80	(2.04)	3.81	(2.69)	12.59
HI	2.69	(0.17)	(0.01)	0.05	3.32	(2.80)	6.04	(5.25)	16.63
MIDD	1.44	0.00	0.02	0.13	1.41	(1.76)	3.28	(2.29)	10.71
IEX	1.16	(0.04)	0.00	0.10	1.15	(1.51)	3.54	(2.13)	8.03

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

2025 Macroaxis LLC