BLND vs Z: Correlation
Blend Labs, Inc. (BLND) and Zillow Group, Inc. - Class C Capital Stock (Z) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLND and Z?
On 3 years of weekly data the BLND/Z correlation comes out at 0.54, moderate. The link has loosened recently: the 1-year correlation (0.43) runs below the 3-year figure (0.54). The 5-year figure is 0.37, and annualized covariance runs at 1884.9 %².
Z is one of the assets that tracks BLND most closely: it ranks #1 out of the 12 assets we track against BLND. Twelve-month performance is nearly a tie, at -57.2% for BLND and -57.9% for Z. One caveat on sizing: BLND is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BLND vs Z: side by side
| BLND (Blend Labs, Inc.) | Z (Zillow Group, Inc. - Class C Capital Stock) | |
|---|---|---|
| 1-year return | -57.2% | -57.9% |
| 5-year return | -90.5% | -63.1% |
| Volatility (ann.) | 75.5% | 46.2% |
| Beta vs S&P 500 | 1.32 | 1.30 |
| Max drawdown (3Y) | -74.2% | -67.4% |
| Market cap | $0.4B | $8.0B |
| P/E (trailing) | – | 154.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLND | Z |
|---|---|---|
| 2022 | -80.4% | -49.6% |
| 2023 | +77.1% | +79.6% |
| 2024 | +65.1% | +28.0% |
| 2025 | -27.8% | -7.9% |
| 2026 | -49.3% | -48.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLND and Z good diversifiers for each other?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BLND and Z?
Using weekly returns as of 2026-08-27: 0.54 over 3 years, with 0.43 over the last year and 0.37 over 5 years.
Is Z a good diversifier for BLND?
To a limited degree. At 0.54 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.54 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/blnd-vs-z.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/blnd-vs-z/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BLND correlations · Z correlations
