BLDP vs FCEL: Correlation
How closely do Ballard Power Systems, Inc. (BLDP) and FuelCell Energy, Inc. (FCEL) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and FCEL?
Over the past 3 years, BLDP and FCEL moved with a correlation of 0.48, which is moderate. Little has changed lately, as the 1-year reading of 0.43 lands near the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 3442.4 %².
Among the 23 assets we track against BLDP, FCEL ranks #6 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FCEL ahead by 327.3 points (+15.8% versus +343.1%). One caveat on sizing: FCEL is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 FCEL: side by side
| BLDP (Ballard Power Systems, Inc.) | FCEL (FuelCell Energy, Inc.) | |
|---|---|---|
| 1-year return | +15.8% | +343.1% |
| 5-year return | -85.8% | -89.6% |
| Volatility (ann.) | 66.3% | 109.1% |
| Beta vs S&P 500 | 1.62 | 1.17 |
| Max drawdown (3Y) | -76.4% | -93.0% |
| Market cap | $0.7B | $1.5B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLDP | FCEL |
|---|---|---|
| 2022 | -61.9% | -46.5% |
| 2023 | -22.8% | -42.4% |
| 2024 | -55.1% | -81.2% |
| 2025 | +53.0% | -19.1% |
| 2026 | -7.9% | +164.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and FCEL good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLDP and FCEL?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.43 over the last year and 0.55 over 5 years.
Is FCEL a good diversifier for BLDP?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bldp-vs-fcel.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bldp-vs-fcel/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BLDP correlations · FCEL correlations
