BLDP vs GRDX: Correlation
How closely do Ballard Power Systems, Inc. (BLDP) and GridAI Technologies Corp. (GRDX) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and GRDX?
Over the past 3 years, BLDP and GRDX moved with a correlation of 0.33, which is moderate. Little has changed lately, as the 1-year reading of 0.38 lands near the 3-year figure. Over 5 years the correlation is 0.30, and the annualized covariance of weekly returns is 3448.6 %².
By 3-year correlation, GRDX places #15 of the 23 assets tracked against BLDP. The last year tells two different stories: GRDX led by 94.1 percentage points, +15.8% for BLDP against +109.9% for GRDX. Note the risk asymmetry: GRDX runs 2.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 GRDX: side by side
| BLDP (Ballard Power Systems, Inc.) | GRDX (GridAI Technologies Corp.) | |
|---|---|---|
| 1-year return | +15.8% | +109.9% |
| 5-year return | -85.8% | -100.0% |
| Volatility (ann.) | 66.3% | 157.9% |
| Beta vs S&P 500 | 1.62 | 1.09 |
| Max drawdown (3Y) | -76.4% | -97.7% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLDP | GRDX |
|---|---|---|
| 2022 | -61.9% | -98.0% |
| 2023 | -22.8% | -96.6% |
| 2024 | -55.1% | -85.2% |
| 2025 | +53.0% | +149.7% |
| 2026 | -7.9% | -13.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and GRDX good diversifiers for each other?
Reasonably. At 0.33, BLDP and GRDX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BLDP and GRDX?
As of 2026-08-27, the correlation of weekly returns between BLDP and GRDX is 0.33 over 3 years, 0.38 over 1 year and 0.30 over 5 years.
Is GRDX a good diversifier for BLDP?
Reasonably. At 0.33, BLDP and GRDX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.33 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bldp-vs-grdx.json
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[](https://www.pairbook.io/pair/bldp-vs-grdx/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BLDP correlations · GRDX correlations
