BLDP vs MCK: Correlation
How closely do Ballard Power Systems, Inc. (BLDP) and McKesson Corporation (MCK) trade together? Their weekly returns over three years give a correlation of -0.23, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and MCK?
Across a 3-year window, the weekly returns of BLDP and MCK correlate at -0.23, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Stretching to 5 years gives -0.12, with an annualized covariance of -388.2 %².
Among the 23 assets we track against BLDP, MCK ranks #18 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MCK outperformed by 15.0 percentage points (+15.8% for BLDP against +30.8% for MCK). One caveat on sizing: BLDP is 2.6 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 MCK: side by side
| BLDP (Ballard Power Systems, Inc.) | MCK (McKesson Corporation) | |
|---|---|---|
| 1-year return | +15.8% | +30.8% |
| 5-year return | -85.8% | +354.8% |
| Volatility (ann.) | 66.3% | 25.1% |
| Beta vs S&P 500 | 1.62 | 0.16 |
| Max drawdown (3Y) | -76.4% | -27.2% |
| Market cap | $0.7B | $103.8B |
| P/E (trailing) | – | 24.0 |
| Dividend yield | 0.00% | 0.37% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BLDP | MCK |
|---|---|---|
| 2022 | -61.9% | +51.8% |
| 2023 | -22.8% | +24.1% |
| 2024 | -55.1% | +23.7% |
| 2025 | +53.0% | +44.5% |
| 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 MCK good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLDP and MCK?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.33 over the last year and -0.12 over 5 years.
Is MCK a good diversifier for BLDP?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 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-mck.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bldp-vs-mck/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLDP correlations · MCK correlations
