BLND vs ZG: Correlation
How closely do Blend Labs, Inc. (BLND) and Zillow Group, Inc. (ZG) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLND and ZG?
On 3 years of weekly data the BLND/ZG correlation comes out at 0.54, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.41 versus 0.54 over 3 years. The 5-year figure is 0.37, and annualized covariance runs at 1904.3 %².
Few assets follow BLND as closely as ZG, which ranks #2 of 12 tracked partners. Their 12-month results are close: -57.2% for BLND against -55.5% for ZG. Note the risk asymmetry: BLND runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 ZG: side by side
| BLND (Blend Labs, Inc.) | ZG (Zillow Group, Inc.) | |
|---|---|---|
| 1-year return | -57.2% | -55.5% |
| 5-year return | -90.5% | -62.1% |
| Volatility (ann.) | 75.5% | 46.8% |
| Beta vs S&P 500 | 1.32 | 1.28 |
| Max drawdown (3Y) | -74.2% | -66.4% |
| Market cap | $0.4B | $8.2B |
| P/E (trailing) | – | 158.0 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLND | ZG |
|---|---|---|
| 2022 | -80.4% | -49.8% |
| 2023 | +77.1% | +81.7% |
| 2024 | +65.1% | +24.9% |
| 2025 | -27.8% | -3.7% |
| 2026 | -49.3% | -46.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLND and ZG 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 ZG?
The BLND/ZG correlation stands at 0.54 on a 3-year window (1 year: 0.41, 5 years: 0.37), computed from weekly returns as of 2026-08-27.
Is ZG 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.
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Related comparisons
Hubs: BLND correlations · ZG correlations
