BLX.TO vs. HYDR

Last updated Jun 4, 2026

BLX.TO (Boralex Inc.) is a stock, while HYDR (Global X Hydrogen ETF) is Alternative Energy Equities fund tracking the Solactive Global Hydrogen Index - Benchmark TR Net. Over the past 3 years, BLX.TO returned 3.25%/yr vs 16.90%/yr for HYDR. At a 0.29 correlation, their price movements are largely independent.

Performance

BLX.TO vs. HYDR - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Boralex Inc. (BLX.TO) and Global X Hydrogen ETF (HYDR). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

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

Returns By Period

In the year-to-date period, BLX.TO achieves a 47.05% return, which is significantly lower than HYDR's 112.82% return.

BLX.TO

• 1D: -0.03%
• 1M: 0.78%
• YTD: 47.05%
• 6M: 52.91%
• 1Y: 17.93%
• 3Y*: 3.25%
• 5Y*: 4.33%
• 10Y*: 11.60%

HYDR

• 1D: -4.34%
• 1M: 15.88%
• YTD: 112.82%
• 6M: 85.83%
• 1Y: 261.32%
• 3Y*: 16.90%
• 5Y*: —
• 10Y*: —

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

BLX.TO vs. HYDR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BLX.TO Boralex Inc.	47.05%	-9.71%	-7.05%	-11.59%	20.32%	-5.90%
HYDR Global X Hydrogen ETF	112.82%	37.14%	-27.34%	-37.89%	-43.48%	-12.97%

Correlation

The correlation between BLX.TO and HYDR is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.10
Correlation (3Y) Calculated over the trailing 3-year period	0.24
Correlation (All Time) Calculated using the full available price history since Jul 15, 2021	0.29

The correlation between BLX.TO and HYDR shifts across timeframes, from 0.10 (1 year) to 0.29 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BLX.TO vs. HYDR — Risk / Return Rank

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

BLX.TO

BLX.TO Risk / Return Rank: 58
BLX.TO Sharpe Ratio Rank: 62
BLX.TO Sortino Ratio Rank: 59
BLX.TO Omega Ratio Rank: 60
BLX.TO Calmar Ratio Rank: 55
BLX.TO Martin Ratio Rank: 55

HYDR

HYDR Risk / Return Rank: 92
HYDR Sharpe Ratio Rank: 97
HYDR Sortino Ratio Rank: 93
HYDR Omega Ratio Rank: 87
HYDR Calmar Ratio Rank: 95
HYDR Martin Ratio Rank: 89

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.

BLX.TO vs. HYDR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Boralex Inc. (BLX.TO) and Global X Hydrogen ETF (HYDR). 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.

	BLX.TO	HYDR	Difference
Sharpe ratio: Return per unit of total volatility	0.66	4.92	-4.26
Sortino ratio: Return per unit of downside risk	1.25	4.77	-3.52
Omega ratio: Gain probability vs. loss probability	1.16	1.57	-0.40
Calmar ratio: Return relative to maximum drawdown	0.68	8.31	-7.63
Martin ratio: Return relative to average drawdown	1.29	19.21	-17.92
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLX.TO vs. HYDR - Sharpe Ratio Comparison

The current BLX.TO Sharpe Ratio is 0.66, which is lower than the HYDR Sharpe Ratio of 4.92. The chart below compares the historical Sharpe Ratios of BLX.TO and HYDR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BLX.TO	HYDR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.66	4.92	-4.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.15	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	-0.19	+0.42

Drawdowns

BLX.TO vs. HYDR - Drawdown Comparison

The maximum BLX.TO drawdown since its inception was -73.68%, smaller than the maximum HYDR drawdown of -87.75%. Use the drawdown chart below to compare losses from any high point for BLX.TO and HYDR.

Drawdown Indicators

	BLX.TO	HYDR	Difference
Max Drawdown Largest peak-to-trough decline	-73.68%	-87.75%	+14.07%
Max Drawdown (1Y) Largest decline over 1 year	-26.56%	-31.69%	+5.13%
Max Drawdown (3Y) Largest decline over 3 years	-32.24%	-67.99%	+35.75%
Max Drawdown (5Y) Largest decline over 5 years	-47.22%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-47.87%	—	—
Current Drawdown Current decline from peak	-14.51%	-46.11%	+31.60%
Average Drawdown Average peak-to-trough decline	-32.47%	-62.08%	+29.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.94%	13.67%	+0.27%

Volatility

BLX.TO vs. HYDR - Volatility Comparison

The current volatility for Boralex Inc. (BLX.TO) is 0.64%, while Global X Hydrogen ETF (HYDR) has a volatility of 18.84%. This indicates that BLX.TO experiences smaller price fluctuations and is considered to be less risky than HYDR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLX.TO	HYDR	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	18.84%	-18.20%
Volatility (6M) Calculated over the trailing 6-month period	20.90%	34.98%	-14.08%
Volatility (1Y) Calculated over the trailing 1-year period	27.30%	53.75%	-26.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.23%	45.30%	-17.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.91%	45.30%	-16.39%

Dividends

BLX.TO vs. HYDR - Dividend Comparison

BLX.TO's dividend yield for the trailing twelve months is around 1.79%, less than HYDR's 1.82% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLX.TO Boralex Inc.	1.79%	2.61%	9.27%	4.93%	4.15%	4.79%	3.80%	2.70%	3.75%	2.55%	2.87%	3.60%
HYDR Global X Hydrogen ETF	1.82%	3.82%	0.40%	0.00%	0.00%	0.06%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLX.TO and HYDR in my portfolio?

BLX.TO and HYDR have a correlation of 0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.