BLDP vs LWLG: Correlation
How closely do Ballard Power Systems, Inc. (BLDP) and Lightwave Logic, Inc. (LWLG) trade together? Their weekly returns over three years give a correlation of 0.41, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and LWLG?
On 3 years of weekly data the BLDP/LWLG correlation comes out at 0.41, moderate. Recent behaviour matches the longer record: 0.49 over 1 year against 0.41 over 3. The 5-year figure is 0.44, and annualized covariance runs at 3000.7 %².
By 3-year correlation, LWLG places #12 of the 23 assets tracked against BLDP. The last year tells two different stories: LWLG led by 47.3 percentage points, +15.8% for BLDP against +63.1% for LWLG. One caveat on sizing: LWLG is 1.7 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 LWLG: side by side
| BLDP (Ballard Power Systems, Inc.) | LWLG (Lightwave Logic, Inc.) | |
|---|---|---|
| 1-year return | +15.8% | +63.1% |
| 5-year return | -85.8% | -48.5% |
| Volatility (ann.) | 66.3% | 110.8% |
| Beta vs S&P 500 | 1.62 | 2.43 |
| Max drawdown (3Y) | -76.4% | -87.7% |
| Market cap | $0.7B | $0.9B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLDP | LWLG |
|---|---|---|
| 2022 | -61.9% | -71.0% |
| 2023 | -22.8% | +15.5% |
| 2024 | -55.1% | -57.8% |
| 2025 | +53.0% | +54.3% |
| 2026 | -7.9% | +81.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and LWLG good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLDP and LWLG?
As of 2026-08-27, the correlation of weekly returns between BLDP and LWLG is 0.41 over 3 years, 0.49 over 1 year and 0.44 over 5 years.
Is LWLG a good diversifier for BLDP?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.41 mean?
A reading of 0.41 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BLDP correlations · LWLG correlations
