SHLS vs. BLDP
SHLS (Shoals Technologies Group, Inc.) and BLDP (Ballard Power Systems Inc.) are both stocks. SHLS operates in Solar (Technology), while BLDP operates in Specialty Industrial Machinery (Industrials). Over the past 5 years, SHLS returned -19.06%/yr vs -25.17%/yr for BLDP. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
SHLS vs. BLDP - Performance Comparison
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Returns By Period
In the year-to-date period, SHLS achieves a 28.71% return, which is significantly lower than BLDP's 70.08% return.
SHLS
- 1D
- 4.99%
- 1M
- 10.39%
- YTD
- 28.71%
- 6M
- 17.38%
- 1Y
- 119.68%
- 3Y*
- -23.12%
- 5Y*
- -19.06%
- 10Y*
- —
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 vs. BLDP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SHLS Shoals Technologies Group, Inc. | 28.71% | 53.71% | -64.41% | -37.01% | 1.52% | -22.36% |
BLDP Ballard Power Systems Inc. | 70.08% | 53.01% | -55.14% | -22.76% | -61.86% | -66.34% |
Correlation
The correlation between SHLS and BLDP 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 SHLS and BLDP shifts across timeframes, from 0.39 (1 year) to 0.53 (all time), reflecting how their relationship changes across market environments.
Fundamentals
SHLS:
$1.83B
BLDP:
$1.30B
SHLS:
$0.20
BLDP:
-$0.27
SHLS:
3.44
BLDP:
12.49
SHLS:
3.05
BLDP:
2.24
SHLS:
$535.53M
BLDP:
$103.13M
SHLS:
$179.38M
BLDP:
$11.79M
SHLS:
$62.07M
BLDP:
-$77.20M
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Return for Risk
SHLS vs. BLDP — Risk / Return Rank
SHLS
BLDP
SHLS vs. BLDP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Shoals Technologies Group, Inc. (SHLS) and Ballard Power Systems Inc. (BLDP). 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.
| SHLS | BLDP | 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 | 1.27 | 1.36 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 2.54 | 3.67 | -1.13 |
| Martin ratioReturn relative to average drawdown | 5.62 | 7.15 | -1.53 |
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Drawdowns
SHLS vs. BLDP - Drawdown Comparison
The maximum SHLS drawdown since its inception was -93.00%, smaller than the maximum BLDP drawdown of -99.55%. Use the drawdown chart below to compare losses from any high point for SHLS and BLDP.
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Drawdown Indicators
| SHLS | BLDP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -93.00% | -99.55% | +6.55% |
Max Drawdown (1Y)Largest decline over 1 year | -47.37% | -50.50% | +3.13% |
Max Drawdown (3Y)Largest decline over 3 years | -89.56% | -78.88% | -10.68% |
Max Drawdown (5Y)Largest decline over 5 years | -92.50% | -94.73% | +2.23% |
Max Drawdown (10Y)Largest decline over 10 years | — | -97.51% | — |
Current DrawdownCurrent decline from peak | -72.77% | -96.73% | +23.96% |
Average DrawdownAverage peak-to-trough decline | -59.33% | -82.22% | +22.89% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.38% | 25.89% | -4.51% |
Volatility
SHLS vs. BLDP - Volatility Comparison
Shoals Technologies Group, Inc. (SHLS) and Ballard Power Systems Inc. (BLDP) have volatilities of 31.03% and 30.81%, 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
| SHLS | BLDP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.03% | 30.81% | +0.22% |
Volatility (6M)Calculated over the trailing 6-month period | 66.77% | 60.32% | +6.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 87.71% | 82.87% | +4.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 78.95% | 69.21% | +9.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 78.66% | 70.94% | +7.72% |
Dividends
SHLS vs. BLDP - Dividend Comparison
Neither SHLS nor BLDP has paid dividends to shareholders.
Financials
SHLS vs. BLDP - Financials Comparison
This section allows you to compare key financial metrics between Shoals Technologies Group, Inc. and Ballard Power Systems 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
SHLS vs. BLDP - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
SHLS and BLDP 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, SHLS dropped -93.00% vs BLDP's -99.55%.
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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