BLDP vs ICLN: Correlation
Measured on weekly returns over the past three years, Ballard Power Systems, Inc. (BLDP) and iShares Global Clean Energy ETF (ICLN) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and ICLN?
Across a 3-year window, the weekly returns of BLDP and ICLN correlate at 0.68, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.71, with an annualized covariance of 1074.4 %².
In BLDP's tracked universe of 23 assets, ICLN sits right near the top at #1. The trailing year gives ICLN the advantage: +15.8% versus +25.6%, a 9.8-point spread. One caveat on sizing: BLDP is 2.8 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 ICLN: side by side
| BLDP (Ballard Power Systems, Inc.) | ICLN (iShares Global Clean Energy ETF) | |
|---|---|---|
| 1-year return | +15.8% | +25.6% |
| 5-year return | -85.8% | -18.4% |
| Volatility (ann.) | 66.3% | 24.0% |
| Beta vs S&P 500 | 1.62 | 0.78 |
| Max drawdown (3Y) | -76.4% | -34.6% |
| Market cap | $0.7B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 1.05% |
| Expense ratio | – | 0.39% |
| Assets under management | – | $2.3B |
| Sector / category | US Listed | ETF · Thematic |
ICLN, iShares's Miscellaneous Sector fund, carries $2.3B under management, 102 holdings, a 0.39% expense ratio, a 1.05% trailing dividend yield.
Year-by-year returns
| Year | BLDP | ICLN |
|---|---|---|
| 2022 | -61.9% | -5.4% |
| 2023 | -22.8% | -20.4% |
| 2024 | -55.1% | -25.7% |
| 2025 | +53.0% | +47.0% |
| 2026 | -7.9% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and ICLN good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BLDP and ICLN?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.69 over the last year and 0.71 over 5 years.
Is ICLN a good diversifier for BLDP?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
A reading of 0.68 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-icln.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bldp-vs-icln/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLDP correlations · ICLN correlations
