BLDP vs RLI: Correlation
Ballard Power Systems, Inc. (BLDP) and RLI Corp. (RLI) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and RLI?
Over the past 3 years, BLDP and RLI moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.38) than the 3-year average (-0.26). Over 5 years the correlation is -0.10, and the annualized covariance of weekly returns is -376.6 %².
Among the 23 assets we track against BLDP, RLI sits near the bottom by co-movement, at rank #22. The trailing year gives BLDP the advantage: +15.8% versus +1.9%, a 13.9-point spread. Note the risk asymmetry: BLDP runs 3.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 RLI: side by side
| BLDP (Ballard Power Systems, Inc.) | RLI (RLI Corp.) | |
|---|---|---|
| 1-year return | +15.8% | +1.9% |
| 5-year return | -85.8% | +46.7% |
| Volatility (ann.) | 66.3% | 22.2% |
| Beta vs S&P 500 | 1.62 | 0.18 |
| Max drawdown (3Y) | -76.4% | -43.5% |
| Market cap | $0.7B | $5.9B |
| P/E (trailing) | – | 13.5 |
| Dividend yield | 0.00% | 1.02% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLDP | RLI |
|---|---|---|
| 2022 | -61.9% | +24.8% |
| 2023 | -22.8% | +3.8% |
| 2024 | -55.1% | +27.6% |
| 2025 | +53.0% | -19.1% |
| 2026 | -7.9% | +5.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and RLI good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLDP and RLI?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.38 over the last year and -0.10 over 5 years.
Is RLI a good diversifier for BLDP?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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-rli.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bldp-vs-rli/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLDP correlations · RLI correlations
