BL vs QTWO: Correlation
Measured on weekly returns over the past three years, BlackLine, Inc. (BL) and Q2 Holdings, Inc. (QTWO) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BL and QTWO?
Across a 3-year window, the weekly returns of BL and QTWO correlate at 0.60, strong. Recent behaviour matches the longer record: 0.59 over 1 year against 0.60 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 1029.7 %².
QTWO is one of the assets that tracks BL most closely: it ranks #1 out of the 15 assets we track against BL. Correlation aside, the last 12 months split them widely, with QTWO ahead by 22.3 points (-38.3% versus -16.0%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BL vs QTWO: side by side
| BL (BlackLine, Inc.) | QTWO (Q2 Holdings, Inc.) | |
|---|---|---|
| 1-year return | -38.3% | -16.0% |
| 5-year return | -69.6% | -24.7% |
| Volatility (ann.) | 40.7% | 41.9% |
| Beta vs S&P 500 | 0.83 | 1.41 |
| Max drawdown (3Y) | -63.2% | -62.0% |
| Market cap | $2.0B | $4.1B |
| P/E (trailing) | 60.2 | 45.9 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BL | QTWO |
|---|---|---|
| 2022 | -35.0% | -66.2% |
| 2023 | -7.2% | +61.6% |
| 2024 | -2.7% | +131.9% |
| 2025 | -9.0% | -28.3% |
| 2026 | -39.0% | -9.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BL and QTWO good diversifiers for each other?
Only partially. A correlation of 0.60 means BL and QTWO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BL and QTWO?
The BL/QTWO correlation stands at 0.60 on a 3-year window (1 year: 0.59, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is QTWO a good diversifier for BL?
Only partially. A correlation of 0.60 means BL and QTWO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.60 mean?
A reading of 0.60 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BL correlations · QTWO correlations
