BLDP vs COR: Correlation
Ballard Power Systems, Inc. (BLDP) and Cencora (COR) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and COR?
Across a 3-year window, the weekly returns of BLDP and COR correlate at -0.26, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.35 over 1 year against -0.26 over 3. Stretching to 5 years gives -0.12, with an annualized covariance of -382.6 %².
COR is close to the least connected end of BLDP's tracked universe, ranking #21 of 23. Neither side won the trailing year by much: +15.8% against +11.4%. Risk is not evenly split, since BLDP carries 3.0 times the volatility of the other side.
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.
BLDP vs COR: side by side
| BLDP (Ballard Power Systems, Inc.) | COR (Cencora) | |
|---|---|---|
| 1-year return | +15.8% | +11.4% |
| 5-year return | -85.8% | +188.6% |
| Volatility (ann.) | 66.3% | 21.9% |
| Beta vs S&P 500 | 1.62 | 0.08 |
| Max drawdown (3Y) | -76.4% | -32.4% |
| Market cap | $0.7B | $61.3B |
| P/E (trailing) | – | 24.3 |
| Dividend yield | 0.00% | 0.72% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BLDP | COR |
|---|---|---|
| 2022 | -61.9% | +26.3% |
| 2023 | -22.8% | +25.3% |
| 2024 | -55.1% | +10.4% |
| 2025 | +53.0% | +51.5% |
| 2026 | -7.9% | -4.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and COR good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLDP and COR?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.35 over the last year and -0.12 over 5 years.
Is COR a good diversifier for BLDP?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: BLDP correlations · COR correlations
