BLDP vs NRGV: Correlation
Measured on weekly returns over the past three years, Ballard Power Systems, Inc. (BLDP) and Energy Vault Holdings, Inc. (NRGV) carry a correlation of 0.47, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and NRGV?
On 3 years of weekly data the BLDP/NRGV correlation comes out at 0.47, moderate. Recent behaviour matches the longer record: 0.42 over 1 year against 0.47 over 3. The 5-year figure is 0.38, and annualized covariance runs at 3279.8 %².
Among the 23 assets we track against BLDP, NRGV ranks #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NRGV ahead by 112.9 points (+15.8% versus +128.7%). Risk is not evenly split, since NRGV carries 1.6 times the volatility of the other side.
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 NRGV: side by side
| BLDP (Ballard Power Systems, Inc.) | NRGV (Energy Vault Holdings, Inc.) | |
|---|---|---|
| 1-year return | +15.8% | +128.7% |
| 5-year return | -85.8% | -61.1% |
| Volatility (ann.) | 66.3% | 104.9% |
| Beta vs S&P 500 | 1.62 | 2.23 |
| Max drawdown (3Y) | -76.4% | -80.7% |
| Market cap | $0.7B | $0.7B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLDP | NRGV |
|---|---|---|
| 2022 | -61.9% | -68.5% |
| 2023 | -22.8% | -25.3% |
| 2024 | -55.1% | -2.1% |
| 2025 | +53.0% | +102.2% |
| 2026 | -7.9% | -18.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and NRGV good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BLDP and NRGV?
The BLDP/NRGV correlation stands at 0.47 on a 3-year window (1 year: 0.42, 5 years: 0.38), computed from weekly returns as of 2026-08-27.
Is NRGV a good diversifier for BLDP?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bldp-vs-nrgv.json
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[](https://www.pairbook.io/pair/bldp-vs-nrgv/)
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Related comparisons
Hubs: BLDP correlations · NRGV correlations
