BLKB vs TCX: Correlation
Blackbaud, Inc. (BLKB) and Tucows Inc. (TCX) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLKB and TCX?
Across a 3-year window, the weekly returns of BLKB and TCX correlate at 0.44, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.55 versus 0.44 over 3 years. Stretching to 5 years gives 0.34, with an annualized covariance of 1258.3 %².
Among the 16 assets we track against BLKB, TCX ranks #9 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BLKB outperformed by 20.3 percentage points (-27.0% for BLKB against -47.3% for TCX). Risk is not evenly split, since TCX carries 1.8 times the volatility of the other side.
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.
BLKB vs TCX: side by side
| BLKB (Blackbaud, Inc.) | TCX (Tucows Inc.) | |
|---|---|---|
| 1-year return | -27.0% | -47.3% |
| 5-year return | -30.1% | -86.5% |
| Volatility (ann.) | 39.2% | 72.4% |
| Beta vs S&P 500 | 0.81 | 1.23 |
| Max drawdown (3Y) | -69.8% | -69.3% |
| Market cap | $2.2B | $0.1B |
| P/E (trailing) | 14.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLKB | TCX |
|---|---|---|
| 2022 | -25.5% | -59.5% |
| 2023 | +47.3% | -20.4% |
| 2024 | -14.7% | -36.5% |
| 2025 | -14.3% | +30.8% |
| 2026 | -23.3% | -55.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLKB and TCX good diversifiers for each other?
Reasonably. At 0.44, BLKB and TCX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BLKB and TCX?
As of 2026-08-27, the correlation of weekly returns between BLKB and TCX is 0.44 over 3 years, 0.55 over 1 year and 0.34 over 5 years.
Is TCX a good diversifier for BLKB?
Reasonably. At 0.44, BLKB and TCX keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
A reading of 0.44 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: BLKB correlations · TCX correlations
