BLZE vs EQNR: Correlation
Backblaze, Inc. (BLZE) and Equinor ASA (EQNR) show a negative relationship: their 3-year correlation of weekly returns is -0.26.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and EQNR?
Over the past 3 years, BLZE and EQNR moved with a correlation of -0.26, which is negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.36 lands near the 3-year figure. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -803.0 %².
Among the 20 assets we track against BLZE, EQNR sits near the bottom by co-movement, at rank #18. Over the last 12 months BLZE came out ahead by 8.7 percentage points (+85.9% against +77.2%). One caveat on sizing: BLZE is 2.8 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.
BLZE vs EQNR: side by side
| BLZE (Backblaze, Inc.) | EQNR (Equinor ASA) | |
|---|---|---|
| 1-year return | +85.9% | +77.2% |
| 5-year return | -23.4% | +180.6% |
| Volatility (ann.) | 92.9% | 33.2% |
| Beta vs S&P 500 | 1.92 | -0.25 |
| Max drawdown (3Y) | -72.0% | -27.6% |
| Market cap | $0.9B | $98.6B |
| P/E (trailing) | – | 11.2 |
| Dividend yield | 0.00% | 3.73% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | EQNR |
|---|---|---|
| 2022 | -63.6% | +42.8% |
| 2023 | +23.4% | -0.8% |
| 2024 | -20.7% | -16.0% |
| 2025 | -22.6% | +6.1% |
| 2026 | +227.0% | +81.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and EQNR good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLZE and EQNR?
As of 2026-08-27, the correlation of weekly returns between BLZE and EQNR is -0.26 over 3 years, -0.36 over 1 year and -0.14 over 5 years.
Is EQNR a good diversifier for BLZE?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/blze-vs-eqnr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blze-vs-eqnr/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLZE correlations · EQNR correlations
