BLDP vs. SHLS
BLDP (Ballard Power Systems Inc.) and SHLS (Shoals Technologies Group, Inc.) are both stocks. BLDP operates in Specialty Industrial Machinery (Industrials), while SHLS operates in Solar (Technology). Over the past 5 years, BLDP returned -25.17%/yr vs -19.06%/yr for SHLS. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
BLDP vs. SHLS - Performance Comparison
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Returns By Period
In the year-to-date period, BLDP achieves a 70.08% return, which is significantly higher than SHLS's 28.71% return.
BLDP
- 1D
- -1.14%
- 1M
- -22.02%
- YTD
- 70.08%
- 6M
- 63.02%
- 1Y
- 184.21%
- 3Y*
- 0.15%
- 5Y*
- -25.17%
- 10Y*
- 13.02%
SHLS
- 1D
- 4.99%
- 1M
- 10.39%
- YTD
- 28.71%
- 6M
- 17.38%
- 1Y
- 119.68%
- 3Y*
- -23.12%
- 5Y*
- -19.06%
- 10Y*
- —
BLDP vs. SHLS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BLDP Ballard Power Systems Inc. | 70.08% | 53.01% | -55.14% | -22.76% | -61.86% | -66.34% |
SHLS Shoals Technologies Group, Inc. | 28.71% | 53.71% | -64.41% | -37.01% | 1.52% | -22.36% |
Correlation
The correlation between BLDP and SHLS is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.45 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jan 27, 2021 | 0.53 |
The correlation between BLDP and SHLS shifts across timeframes, from 0.39 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.
Fundamentals
BLDP:
$1.30B
SHLS:
$1.83B
BLDP:
-$0.27
SHLS:
$0.20
BLDP:
12.49
SHLS:
3.44
BLDP:
2.24
SHLS:
3.05
BLDP:
$103.13M
SHLS:
$535.53M
BLDP:
$11.79M
SHLS:
$179.38M
BLDP:
-$77.20M
SHLS:
$62.07M
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Return for Risk
BLDP vs. SHLS — Risk / Return Rank
BLDP
SHLS
BLDP vs. SHLS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ballard Power Systems Inc. (BLDP) and Shoals Technologies Group, Inc. (SHLS). 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 | SHLS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.87 | ||
| Sortino ratioReturn per unit of downside risk | +1.01 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.27 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | 3.67 | 2.54 | +1.13 |
| Martin ratioReturn relative to average drawdown | 7.15 | 5.62 | +1.53 |
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Drawdowns
BLDP vs. SHLS - Drawdown Comparison
The maximum BLDP drawdown since its inception was -99.55%, which is greater than SHLS's maximum drawdown of -93.00%. Use the drawdown chart below to compare losses from any high point for BLDP and SHLS.
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Drawdown Indicators
| BLDP | SHLS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.55% | -93.00% | -6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -50.50% | -47.37% | -3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -78.88% | -89.56% | +10.68% |
Max Drawdown (5Y)Largest decline over 5 years | -94.73% | -92.50% | -2.23% |
Max Drawdown (10Y)Largest decline over 10 years | -97.51% | — | — |
Current DrawdownCurrent decline from peak | -96.73% | -72.77% | -23.96% |
Average DrawdownAverage peak-to-trough decline | -82.22% | -59.33% | -22.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.89% | 21.38% | +4.51% |
Volatility
BLDP vs. SHLS - Volatility Comparison
Ballard Power Systems Inc. (BLDP) and Shoals Technologies Group, Inc. (SHLS) have volatilities of 30.81% and 31.03%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BLDP | SHLS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 30.81% | 31.03% | -0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 60.32% | 66.77% | -6.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 82.87% | 87.71% | -4.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 69.21% | 78.95% | -9.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.94% | 78.66% | -7.72% |
Dividends
BLDP vs. SHLS - Dividend Comparison
Neither BLDP nor SHLS has paid dividends to shareholders.
Financials
BLDP vs. SHLS - Financials Comparison
This section allows you to compare key financial metrics between Ballard Power Systems Inc. and Shoals Technologies Group, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BLDP vs. SHLS - Profitability Comparison
BLDP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ballard Power Systems Inc. reported a gross profit of 2.72M and revenue of 19.15M. Therefore, the gross margin over that period was 14.2%.
SHLS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Shoals Technologies Group, Inc. reported a gross profit of 41.01M and revenue of 140.56M. Therefore, the gross margin over that period was 29.2%.
BLDP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ballard Power Systems Inc. reported an operating income of -12.89M and revenue of 19.15M, resulting in an operating margin of -67.3%.
SHLS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Shoals Technologies Group, Inc. reported an operating income of 7.72M and revenue of 140.56M, resulting in an operating margin of 5.5%.
BLDP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ballard Power Systems Inc. reported a net income of -11.23M and revenue of 19.15M, resulting in a net margin of -58.7%.
SHLS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Shoals Technologies Group, Inc. reported a net income of -297.00K and revenue of 140.56M, resulting in a net margin of -0.2%.
Frequently Asked Questions
BLDP and SHLS have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHLS has higher volatility (31.03%) compared to BLDP (30.81%). In terms of maximum drawdown, BLDP dropped -99.55% vs SHLS's -93.00%.
BLDP currently has the higher Sharpe Ratio (2.24 vs 1.38), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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