BLDP vs MRSH: Correlation
How closely do Ballard Power Systems, Inc. (BLDP) and Marsh McLennan (MRSH) trade together? Their weekly returns over three years give a correlation of -0.20, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and MRSH?
Over the past 3 years, BLDP and MRSH moved with a correlation of -0.20, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.41 versus -0.20 over 3 years. Over 5 years the correlation is 0.04, and the annualized covariance of weekly returns is -242.4 %².
Within BLDP's tracked universe of 23 assets, MRSH comes in at #16 by 3-year correlation. The last year tells two different stories: BLDP led by 21.8 percentage points, +15.8% for BLDP against -6.0% for MRSH. One caveat on sizing: BLDP is 3.7 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 MRSH: side by side
| BLDP (Ballard Power Systems, Inc.) | MRSH (Marsh McLennan) | |
|---|---|---|
| 1-year return | +15.8% | -6.0% |
| 5-year return | -85.8% | +31.3% |
| Volatility (ann.) | 66.3% | 18.1% |
| Beta vs S&P 500 | 1.62 | 0.33 |
| Max drawdown (3Y) | -76.4% | -34.4% |
| Market cap | $0.7B | $90.7B |
| P/E (trailing) | – | 23.6 |
| Dividend yield | 0.00% | 1.91% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | BLDP | MRSH |
|---|---|---|
| 2022 | -61.9% | -3.5% |
| 2023 | -22.8% | +16.1% |
| 2024 | -55.1% | +13.7% |
| 2025 | +53.0% | -11.3% |
| 2026 | -7.9% | +4.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and MRSH good diversifiers for each other?
Yes. With a correlation of -0.20, BLDP and MRSH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BLDP and MRSH?
Using weekly returns as of 2026-08-27: -0.20 over 3 years, with -0.41 over the last year and 0.04 over 5 years.
Is MRSH a good diversifier for BLDP?
Yes. With a correlation of -0.20, BLDP and MRSH have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.20 mean?
A reading of -0.20 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-mrsh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/bldp-vs-mrsh/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLDP correlations · MRSH correlations
