AMRC vs BLDP: Correlation
Ameresco, Inc. (AMRC) and Ballard Power Systems, Inc. (BLDP) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AMRC and BLDP?
On 3 years of weekly data the AMRC/BLDP correlation comes out at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. The 5-year figure is 0.54, and annualized covariance runs at 2440.4 %².
Within AMRC's tracked universe of 18 assets, BLDP comes in at #7 by 3-year correlation. The last year tells two different stories: BLDP led by 22.4 percentage points, -6.6% for AMRC against +15.8% for BLDP.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AMRC vs BLDP: side by side
| AMRC (Ameresco, Inc.) | BLDP (Ballard Power Systems, Inc.) | |
|---|---|---|
| 1-year return | -6.6% | +15.8% |
| 5-year return | -66.7% | -85.8% |
| Volatility (ann.) | 74.9% | 66.3% |
| Beta vs S&P 500 | 1.78 | 1.62 |
| Max drawdown (3Y) | -81.5% | -76.4% |
| Market cap | $1.2B | $0.7B |
| P/E (trailing) | 43.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AMRC | BLDP |
|---|---|---|
| 2022 | -29.8% | -61.9% |
| 2023 | -44.6% | -22.8% |
| 2024 | -25.9% | -55.1% |
| 2025 | +24.7% | +53.0% |
| 2026 | -21.8% | -7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AMRC and BLDP good diversifiers for each other?
Reasonably. At 0.49, AMRC and BLDP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AMRC and BLDP?
As of 2026-08-27, the correlation of weekly returns between AMRC and BLDP is 0.49 over 3 years, 0.43 over 1 year and 0.54 over 5 years.
Is BLDP a good diversifier for AMRC?
Reasonably. At 0.49, AMRC and BLDP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
On the −1 to +1 scale, 0.49 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/amrc-vs-bldp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/amrc-vs-bldp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AMRC correlations · BLDP correlations
