BLDP vs RSG: Correlation
Measured on weekly returns over the past three years, Ballard Power Systems, Inc. (BLDP) and Republic Services (RSG) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLDP and RSG?
Over the past 3 years, BLDP and RSG moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.47) than the 3-year average (-0.25). Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -267.4 %².
RSG is close to the least connected end of BLDP's tracked universe, ranking #20 of 23. The last year tells two different stories: BLDP led by 21.4 percentage points, +15.8% for BLDP against -5.6% for RSG. Note the risk asymmetry: BLDP runs 4.1 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 RSG: side by side
| BLDP (Ballard Power Systems, Inc.) | RSG (Republic Services) | |
|---|---|---|
| 1-year return | +15.8% | -5.6% |
| 5-year return | -85.8% | +87.9% |
| Volatility (ann.) | 66.3% | 16.2% |
| Beta vs S&P 500 | 1.62 | 0.17 |
| Max drawdown (3Y) | -76.4% | -22.5% |
| Market cap | $0.7B | $67.1B |
| P/E (trailing) | – | 31.0 |
| Dividend yield | 0.00% | 1.13% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | BLDP | RSG |
|---|---|---|
| 2022 | -61.9% | -6.2% |
| 2023 | -22.8% | +29.6% |
| 2024 | -55.1% | +23.0% |
| 2025 | +53.0% | +6.4% |
| 2026 | -7.9% | +4.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and RSG good diversifiers for each other?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
FAQ
What is the correlation between BLDP and RSG?
The BLDP/RSG correlation stands at -0.25 on a 3-year window (1 year: -0.47, 5 years: -0.03), computed from weekly returns as of 2026-08-27.
Is RSG a good diversifier for BLDP?
By historical standards, yes. A correlation of -0.25 means the two rarely move for the same reasons.
What does a correlation of -0.25 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
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Related comparisons
Hubs: BLDP correlations · RSG correlations
