Backblaze Correlations

BLZE Stock

USD 5.17 0.17 3.40%

The current 90-days correlation between Backblaze and Arqit Quantum is 0.28 (i.e., Modest 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

Weak diversification

The correlation between Backblaze and DJI is 0.35 (i.e., Weak 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.

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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

0.88	JG	Aurora Mobile	Pair Corr
0.95	RXT	Rackspace Technology	Pair Corr
0.92	SAP	SAP SE ADR	Pair Corr
0.95	TTD	Trade Desk	Pair Corr
0.82	ALAR	Alarum Technologies Tech Boost	Pair Corr
0.87	CLSK	CleanSpark Aggressive Push	Pair Corr
0.85	UPLD	Upland Software	Pair Corr
0.62	PIFMY	Indofood Sukses Makmur	Pair Corr
0.84	HPQ	HP Inc	Pair Corr

Moving against Backblaze Stock

0.82	MGIC	Magic Software Enter	Pair Corr
0.76	EC	Ecopetrol SA ADR	Pair Corr
0.64	PTAIY	Astra International Tbk	Pair Corr
0.58	PUTKY	United Tractors Tbk	Pair Corr
0.54	RDZN	Roadzen Tech Boost	Pair Corr
0.44	ZM	Zoom Video Communications	Pair Corr
0.33	USDC	USDATA Corp	Pair Corr
0.33	PKX	POSCO Holdings	Pair Corr
0.84	CSCO	Cisco Systems	Pair Corr
0.84	JNJ	Johnson Johnson	Pair Corr
0.83	TRV	The Travelers Companies	Pair Corr
0.79	FTV	Fortive Corp	Pair Corr
0.73	KO	Coca Cola Sell-off Trend	Pair Corr
0.7	ADAMI	New York Mortgage Symbol Change	Pair Corr
0.68	CASXF	Casa Minerals	Pair Corr
0.6	AXP	American Express	Pair Corr
0.56	MCD	McDonalds	Pair Corr
0.55	WMT	Walmart Common Stock	Pair Corr
0.55	AA	Alcoa Corp	Pair Corr
0.46	JPM	JPMorgan Chase Earnings Call This Week	Pair Corr
0.38	VZ	Verizon Communications	Pair Corr

Related Correlations Analysis

	ARQQ	SPT	CCSI	PRTH	CINT	NBP	DOMO	DAVA	BMBL	POET
ARQQ		0.42	0.78	0.85	0.12	0.63	0.79	0.79	0.89	0.65	ARQQ
SPT	0.42		0.4	0.37	0.29	0.15	0.12	0.32	0.42	0.73	SPT
CCSI	0.78	0.4		0.84	0.41	0.48	0.74	0.89	0.92	0.55	CCSI
PRTH	0.85	0.37	0.84		0.2	0.6	0.7	0.78	0.91	0.65	PRTH
CINT	0.12	0.29	0.41	0.2		-0.33	0.26	0.29	0.29	0.07	CINT
NBP	0.63	0.15	0.48	0.6	-0.33		0.39	0.49	0.58	0.55	NBP
DOMO	0.79	0.12	0.74	0.7	0.26	0.39		0.81	0.82	0.18	DOMO
DAVA	0.79	0.32	0.89	0.78	0.29	0.49	0.81		0.89	0.46	DAVA
BMBL	0.89	0.42	0.92	0.91	0.29	0.58	0.82	0.89		0.61	BMBL
POET	0.65	0.73	0.55	0.65	0.07	0.55	0.18	0.46	0.61		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	CCSI
BMBL	+ 0.91	PRTH
BMBL	+ 0.89	ARQQ
DAVA	+ 0.89	CCSI
BMBL	+ 0.89	DAVA
PRTH	+ 0.85	ARQQ

High negative correlations

NBP

- 0.33

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	5.79	(1.02)	(0.11)	0.00	0.00	11.26	(10.64)	46.11
SPT	2.36	(0.32)	(0.13)	0.00	0.00	4.85	(4.92)	15.22
CCSI	2.14	(0.55)	(0.22)	0.00	0.00	3.56	(4.81)	20.98
PRTH	2.86	(0.21)	(1.56)	0.00	0.00	5.23	(5.03)	35.34
CINT	2.10	(0.25)	(0.06)	0.00	0.00	4.63	(4.74)	12.82
NBP	4.23	(0.01)	0.07	4.96	(5.06)	8.79	(9.15)	33.43
DOMO	2.48	(1.05)	(0.34)	0.00	0.00	5.02	(7.11)	28.80
DAVA	2.66	(0.42)	0.70	0.00	0.00	4.93	(5.07)	34.91
BMBL	2.63	(0.89)	(0.33)	0.00	0.00	3.85	(5.00)	29.73
POET	5.38	(0.52)	(0.03)	0.00	0.00	12.24	(9.96)	38.39

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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