BLDP vs WM: Correlation
How closely do Ballard Power Systems, Inc. (BLDP) and Waste Management (WM) 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 WM?
Across a 3-year window, the weekly returns of BLDP and WM correlate at -0.23, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.37) than the 3-year average (-0.23). Stretching to 5 years gives -0.05, with an annualized covariance of -280.8 %².
WM is close to the least connected end of BLDP's tracked universe, ranking #19 of 23. The last year tells two different stories: BLDP led by 17.8 percentage points, +15.8% for BLDP against -2.0% for WM. One caveat on sizing: BLDP is 3.6 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 WM: side by side
| BLDP (Ballard Power Systems, Inc.) | WM (Waste Management) | |
|---|---|---|
| 1-year return | +15.8% | -2.0% |
| 5-year return | -85.8% | +51.8% |
| Volatility (ann.) | 66.3% | 18.3% |
| Beta vs S&P 500 | 1.62 | 0.07 |
| Max drawdown (3Y) | -76.4% | -18.1% |
| Market cap | $0.7B | $87.0B |
| P/E (trailing) | – | 30.8 |
| Dividend yield | 0.00% | 1.60% |
| Sector / category | US Listed | Industrials |
Year-by-year returns
| Year | BLDP | WM |
|---|---|---|
| 2022 | -61.9% | -4.5% |
| 2023 | -22.8% | +16.2% |
| 2024 | -55.1% | +14.3% |
| 2025 | +53.0% | +10.5% |
| 2026 | -7.9% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLDP and WM good diversifiers for each other?
Yes. With a correlation of -0.23, BLDP and WM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BLDP and WM?
The BLDP/WM correlation stands at -0.23 on a 3-year window (1 year: -0.37, 5 years: -0.05), computed from weekly returns as of 2026-08-27.
Is WM a good diversifier for BLDP?
Yes. With a correlation of -0.23, BLDP and WM have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
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-wm.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bldp-vs-wm/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLDP correlations · WM correlations
