BLDP.TO vs. FSLR

Last updated Jul 21, 2026

BLDP.TO (Ballard Power Systems Inc.) and FSLR (First Solar, Inc.) are both stocks. BLDP.TO operates in Specialty Industrial Machinery (Industrials), while FSLR operates in Solar (Technology). Over the past 10 years, BLDP.TO returned 5.01%/yr vs 16.42%/yr for FSLR. At a 0.30 correlation, their price movements are largely independent.

Performance

BLDP.TO vs. FSLR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Ballard Power Systems Inc. (BLDP.TO) and First Solar, Inc. (FSLR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BLDP.TO is traded in CAD, while FSLR is traded in USD. To make them comparable, the FSLR values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, BLDP.TO achieves a 10.86% return, which is significantly higher than FSLR's -19.54% return. Over the past 10 years, BLDP.TO has underperformed FSLR with an annualized return of 5.01%, while FSLR has yielded a comparatively higher 16.42% annualized return.

BLDP.TO

• 1D: 2.37%
• 1M: -37.72%
• 6M: 2.65%
• YTD: 10.86%
• 1Y: 49.81%
• 3Y*: -14.09%
• 5Y*: -28.54%
• 10Y*: 5.01%
• ALL TIME*: -2.69%

FSLR

• 1D: -3.27%
• 1M: -20.79%
• 6M: -14.97%
• YTD: -19.54%
• 1Y: 19.16%
• 3Y*: 3.35%
• 5Y*: 21.66%
• 10Y*: 16.42%
• ALL TIME*: 12.56%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BLDP.TO vs. FSLR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLDP.TO Ballard Power Systems Inc.	10.86%	46.44%	-51.32%	-24.23%	-59.22%	-46.64%	220.91%	182.93%	-41.01%	150.45%
FSLR First Solar, Inc.	-19.54%	41.46%	10.96%	12.28%	82.75%	-11.93%	72.57%	26.38%	-31.84%	96.16%

Correlation

The correlation between BLDP.TO and FSLR is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 17, 2006	0.30

The correlation between BLDP.TO and FSLR shifts across timeframes, from 0.30 (all time) to 0.48 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap BLDP.TO : CA$1.17B FSLR : $22.06B
EPS BLDP.TO : -$0.27 FSLR : $15.48
PS Ratio BLDP.TO : 8.00 FSLR : 4.08
PB Ratio BLDP.TO : 1.43 FSLR : 2.24
Total Revenue (TTM) BLDP.TO : $103.60M FSLR : $5.42B
Gross Profit (TTM) BLDP.TO : $10.79M FSLR : $2.26B
EBITDA (TTM) BLDP.TO : -$73.66M FSLR : $2.15B

Return for Risk

BLDP.TO vs. FSLR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BLDP.TO

BLDP.TO Risk / Return Rank: 67
BLDP.TO Sharpe Ratio Rank: 67
BLDP.TO Sortino Ratio Rank: 72
BLDP.TO Omega Ratio Rank: 69
BLDP.TO Calmar Ratio Rank: 65
BLDP.TO Martin Ratio Rank: 63

FSLR

FSLR Risk / Return Rank: 56
FSLR Sharpe Ratio Rank: 58
FSLR Sortino Ratio Rank: 55
FSLR Omega Ratio Rank: 54
FSLR Calmar Ratio Rank: 57
FSLR Martin Ratio Rank: 56

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BLDP.TO vs. FSLR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Ballard Power Systems Inc. (BLDP.TO) and First Solar, Inc. (FSLR). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BLDP.TO	FSLR	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.36	+0.25
Sortino ratio: Return per unit of downside risk	1.54	0.90	+0.64
Omega ratio: Gain probability vs. loss probability	1.18	1.11	+0.07
Calmar ratio: Return relative to maximum drawdown	0.88	0.55	+0.33
Martin ratio: Return relative to average drawdown	1.69	1.05	+0.64

BLDP.TO vs. FSLR - Sharpe Ratio Comparison

The current BLDP.TO Sharpe Ratio is 0.61, which is higher than the FSLR Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of BLDP.TO and FSLR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BLDP.TO vs. FSLR - Drawdown Comparison

The maximum BLDP.TO drawdown since its inception was -97.22%, roughly equal to the maximum FSLR drawdown of -96.09%. Use the drawdown chart below to compare losses from any high point for BLDP.TO and FSLR.

Drawdown Indicators

	BLDP.TO	FSLR	Difference
Max Drawdown Largest peak-to-trough decline	-97.22%	-96.09%	-1.13%
Max Drawdown (1Y) Largest decline over 1 year	-57.03%	-35.12%	-21.91%
Max Drawdown (3Y) Largest decline over 3 years	-77.62%	-58.56%	-19.06%
Max Drawdown (5Y) Largest decline over 5 years	-93.98%	-58.56%	-35.42%
Max Drawdown (10Y) Largest decline over 10 years	-97.22%	-58.56%	-38.66%
Current Drawdown Current decline from peak	-92.57%	-34.67%	-57.90%
Average Drawdown Average peak-to-trough decline	-67.17%	-58.16%	-9.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.55%	18.26%	+11.29%

Volatility

BLDP.TO vs. FSLR - Volatility Comparison

Ballard Power Systems Inc. (BLDP.TO) has a higher volatility of 19.32% compared to First Solar, Inc. (FSLR) at 11.88%. This indicates that BLDP.TO's price experiences larger fluctuations and is considered to be riskier than FSLR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLDP.TO	FSLR	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.32%	11.88%	+7.44%
Volatility (6M) Calculated over the trailing 6-month period	62.20%	40.17%	+22.03%
Volatility (1Y) Calculated over the trailing 1-year period	82.27%	54.21%	+28.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.81%	54.49%	+13.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.65%	51.32%	+16.33%

Dividends

BLDP.TO vs. FSLR - Dividend Comparison

Neither BLDP.TO nor FSLR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

BLDP.TO vs. FSLR - Profitability Comparison

The chart below illustrates the profitability comparison between Ballard Power Systems Inc. and First Solar, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

Portfolio components

BLDP.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Ballard Power Systems Inc. reported a gross profit of 2.72M and revenue of 19.10M. Therefore, the gross margin over that period was 14.2%.

FSLR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, First Solar, Inc. reported a gross profit of 486.13M and revenue of 1.04B. Therefore, the gross margin over that period was 46.6%.

BLDP.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Ballard Power Systems Inc. reported an operating income of -12.86M and revenue of 19.10M, resulting in an operating margin of -67.3%.

FSLR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, First Solar, Inc. reported an operating income of 345.30M and revenue of 1.04B, resulting in an operating margin of 33.1%.

BLDP.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Ballard Power Systems Inc. reported a net income of -11.21M and revenue of 19.10M, resulting in a net margin of -58.7%.

FSLR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, First Solar, Inc. reported a net income of 346.62M and revenue of 1.04B, resulting in a net margin of 33.2%.

Frequently Asked Questions

Can I hold both BLDP.TO and FSLR in my portfolio?

BLDP.TO and FSLR have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.