BLZE vs FTEK: Correlation
How closely do Backblaze, Inc. (BLZE) and Fuel Tech, Inc. (FTEK) trade together? Their weekly returns over three years give a correlation of 0.35, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and FTEK?
On 3 years of weekly data the BLZE/FTEK correlation comes out at 0.35, moderate. The relationship has been stable: the 1-year correlation (0.43) sits close to the 3-year figure. The 5-year figure is 0.36, and annualized covariance runs at 1878.0 %².
Within BLZE's tracked universe of 20 assets, FTEK comes in at #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BLZE outperformed by 135.7 percentage points (+85.9% for BLZE against -49.8% for FTEK). Risk is not evenly split, since BLZE carries 1.6 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.
BLZE vs FTEK: side by side
| BLZE (Backblaze, Inc.) | FTEK (Fuel Tech, Inc.) | |
|---|---|---|
| 1-year return | +85.9% | -49.8% |
| 5-year return | -23.4% | -21.1% |
| Volatility (ann.) | 92.9% | 58.1% |
| Beta vs S&P 500 | 1.92 | 0.70 |
| Max drawdown (3Y) | -72.0% | -67.2% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | FTEK |
|---|---|---|
| 2022 | -63.6% | -9.3% |
| 2023 | +23.4% | -17.3% |
| 2024 | -20.7% | +0.0% |
| 2025 | -22.6% | +48.6% |
| 2026 | +227.0% | -6.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and FTEK good diversifiers for each other?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BLZE and FTEK?
The BLZE/FTEK correlation stands at 0.35 on a 3-year window (1 year: 0.43, 5 years: 0.36), computed from weekly returns as of 2026-08-27.
Is FTEK a good diversifier for BLZE?
A fair diversifier. At 0.35, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.35 mean?
A reading of 0.35 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: BLZE correlations · FTEK correlations
