Backblaze Correlations

BLZE Stock

USD 4.55 0.09 1.94%

The current 90-days correlation between Backblaze and Arqit Quantum is 0.4 (i.e., Very weak diversification). The correlation of Backblaze is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Backblaze Correlation With Market

Very good diversification

The correlation between Backblaze and DJI is -0.22 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Backblaze and DJI in the same portfolio, assuming nothing else is changed.

Build AI portfolio with Backblaze Stock

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Backblaze. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in nation.

For information on how to trade Backblaze Stock refer to our How to Trade Backblaze Stock guide.

Moving together with Backblaze Stock

0.68	FUFU	BitFuFu Class A	Pair Corr
0.75	SAP	SAP SE ADR	Pair Corr
0.66	GRRR	Gorilla Technology	Pair Corr
0.79	OVT	Oculus VisionTech	Pair Corr
0.85	EVPL	Everplay Group PLC	Pair Corr
0.85	ERD	Eroad	Pair Corr
0.79	TNE	Technology One	Pair Corr
0.78	VR1	Vection Technologies	Pair Corr
0.63	MANH	Manhattan Associates	Pair Corr
0.86	MNDY	MondayCom	Pair Corr

Moving against Backblaze Stock

0.73	DAY	Dayforce	Pair Corr
0.57	TTGI	Turnium Technology	Pair Corr
0.56	U	Unity Software	Pair Corr
0.52	GLOB	Globant SA	Pair Corr
0.68	MGIC	Magic Software Enter	Pair Corr
0.59	RDY	Readytech Holdings	Pair Corr

Related Correlations Analysis

	ARQQ	SPT	CCSI	PRTH	CINT	NBP	DOMO	DAVA	BMBL	POET
ARQQ		0.12	0.84	0.75	0.22	0.57	0.73	0.85	0.92	0.1	ARQQ
SPT	0.12		0.25	0.08	-0.18	0.23	0.13	0.13	0.1	0.29	SPT
CCSI	0.84	0.25		0.72	0.25	0.58	0.65	0.86	0.92	0.11	CCSI
PRTH	0.75	0.08	0.72		0.48	0.33	0.34	0.66	0.84	0.36	PRTH
CINT	0.22	-0.18	0.25	0.48		-0.1	-0.17	0.3	0.29	0.3	CINT
NBP	0.57	0.23	0.58	0.33	-0.1		0.61	0.51	0.57	-0.16	NBP
DOMO	0.73	0.13	0.65	0.34	-0.17	0.61		0.6	0.65	-0.51	DOMO
DAVA	0.85	0.13	0.86	0.66	0.3	0.51	0.6		0.9	0.15	DAVA
BMBL	0.92	0.1	0.92	0.84	0.29	0.57	0.65	0.9		0.16	BMBL
POET	0.1	0.29	0.11	0.36	0.3	-0.16	-0.51	0.15	0.16		POET
	ARQQ	SPT	CCSI	PRTH	CINT	NBP	DOMO	DAVA	BMBL	POET

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

BMBL	+ 0.92	ARQQ
BMBL	+ 0.92	CCSI
BMBL	+ 0.9	DAVA
DAVA	+ 0.86	CCSI
DAVA	+ 0.85	ARQQ
CCSI	+ 0.84	ARQQ

High negative correlations

POET	- 0.51	DOMO
CINT	- 0.18	SPT
DOMO	- 0.17	CINT
POET	- 0.16	NBP
NBP	- 0.1	CINT

Risk-Adjusted Indicators

There is a big difference between Backblaze Stock performing well and Backblaze Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Backblaze's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
ARQQ	4.38	(1.01)	(0.25)	0.00	0.00	7.88	(9.81)	24.25
SPT	2.55	(0.40)	(0.34)	0.00	0.00	4.85	(5.32)	15.22
CCSI	2.08	(0.45)	(0.17)	0.00	0.00	3.55	(5.06)	20.98
PRTH	2.54	(0.42)	(0.11)	0.00	0.00	5.63	(4.74)	34.79
CINT	2.17	(0.04)	0.03	2.82	(2.22)	5.51	(4.74)	12.99
NBP	3.29	(0.13)	(0.98)	0.00	0.00	7.25	(7.14)	22.59
DOMO	3.09	(1.28)	(0.42)	0.00	0.00	5.02	(8.19)	28.62
DAVA	2.79	(0.58)	(0.46)	0.00	0.00	4.93	(4.55)	31.38
BMBL	2.51	(0.79)	(0.44)	0.00	0.00	3.85	(5.00)	24.81
POET	4.82	(0.39)	(0.12)	0.00	0.00	12.24	(9.96)	45.50

Backblaze Corporate Management

Gleb Budman	CEO CoFounder	Profile
Anu Patil	Vice Operations	Profile
Jason Wakeam	Chief Officer	Profile
Tina Cessna	Senior Engineering	Profile
Tim Nufire	Chief Director	Profile
Patrick Thomas	Vice Marketing	Profile

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