Backblaze Correlations

BLZE Stock

USD 3.76 0.08 2.08%

The current 90-days correlation between Backblaze and BYTES TECHGRP LS is 0.03 (i.e., Significant 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 -0.27 (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

0.87	U	Unity Software	Pair Corr
0.7	9NY	BYTES TECHGRP LS	Pair Corr
0.81	BL	Blackline	Pair Corr
0.74	DT	Dynatrace Holdings LLC	Pair Corr
0.78	DV	DoubleVerify Holdings Earnings Call This Week	Pair Corr
0.84	35U	PAR TECHNOLOGY DL	Pair Corr
0.72	MQ	Marqeta Earnings Call This Week	Pair Corr
0.76	PD	Pagerduty	Pair Corr
0.7	VS	Versus Systems	Pair Corr
0.8	WK	Workiva Sell-off Trend	Pair Corr
0.71	ZD	Ziff Davis	Pair Corr
0.66	DMRC	Digimarc Earnings Call This Week	Pair Corr
0.84	RM	RM Plc	Pair Corr
0.75	2TY	PagerDuty	Pair Corr
0.77	DOCU	DocuSign	Pair Corr
0.78	VERI	Veritone	Pair Corr
0.8	VERX	Vertex Tech Boost	Pair Corr
0.84	6NCA	NCINO INC DL	Pair Corr
0.84	DSGX	Descartes Systems	Pair Corr
0.76	LY0	Lyft Inc	Pair Corr
0.7	DUOT	Duos Technologies	Pair Corr
0.62	0M5	Bill Holdings	Pair Corr

Moving against Backblaze Stock

0.47	JG	Aurora Mobile	Pair Corr
0.79	60Z	UNIFIEDPOST GRP SANV	Pair Corr
0.77	DSG	Dillistone Group PLC	Pair Corr
0.43	RNI	OXFORD METRICS LS	Pair Corr
0.5	89P	CLAVISTER HOLDING	Pair Corr

Related Correlations Analysis

	U	BGE	XV7	9NY	BL	DT	DV	JG	35U
U		0.61	0.03	0.72	0.97	0.9	0.88	-0.67	0.95	U
BGE	0.61		-0.43	0.55	0.58	0.66	0.67	-0.64	0.6	BGE
XV7	0.03	-0.43		-0.04	-0.02	-0.29	-0.03	0.44	0.0	XV7
9NY	0.72	0.55	-0.04		0.73	0.68	0.79	-0.61	0.74	9NY
BL	0.97	0.58	-0.02	0.73		0.92	0.86	-0.71	0.92	BL
DT	0.9	0.66	-0.29	0.68	0.92		0.82	-0.71	0.87	DT
DV	0.88	0.67	-0.03	0.79	0.86	0.82		-0.6	0.83	DV
JG	-0.67	-0.64	0.44	-0.61	-0.71	-0.71	-0.6		-0.68	JG
35U	0.95	0.6	0.0	0.74	0.92	0.87	0.83	-0.68		35U
	U	BGE	XV7	9NY	BL	DT	DV	JG	35U

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

BL	+ 0.97	U
35U	+ 0.95	U
DT	+ 0.92	BL
35U	+ 0.92	BL
DT	+ 0.9	U
DV	+ 0.88	U

High negative correlations

JG	- 0.71	DT
JG	- 0.71	BL
35U	- 0.68	JG
JG	- 0.67	U
JG	- 0.64	BGE
JG	- 0.61	9NY

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	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
U	3.78	(1.18)	0.00	(0.34)	0.00	0.00	7.12	(8.22)	35.96
BGE	3.84	0.40	0.02	(0.33)	6.01	(11.86)	12.50	(7.14)	65.15
XV7	1.63	(0.03)	0.00	(0.17)	0.00	0.00	3.17	(4.62)	16.01
9NY	5.18	0.15	0.00	(0.07)	6.48	(6.18)	13.99	(11.71)	28.82
BL	2.15	(0.80)	0.00	(0.30)	0.00	0.00	3.01	(7.06)	15.09
DT	1.62	(0.35)	0.00	(0.31)	0.00	0.00	2.62	(3.61)	13.36
DV	1.75	0.02	(0.01)	0.12	2.55	(1.87)	3.71	(4.25)	11.88
JG	2.82	0.27	0.06	2.87	3.30	(3.02)	5.92	(4.84)	18.85
35U	3.20	(0.73)	0.00	(0.39)	0.00	0.00	6.21	(8.55)	20.29

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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