BLZE vs GBTG: Correlation
How closely do Backblaze, Inc. (BLZE) and Global Business Travel Group, Inc. (GBTG) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and GBTG?
On 3 years of weekly data the BLZE/GBTG correlation comes out at 0.47, moderate. Little has changed lately, as the 1-year reading of 0.52 lands near the 3-year figure. The 5-year figure is 0.39, and annualized covariance runs at 2198.9 %².
In BLZE's tracked universe of 20 assets, GBTG sits right near the top at #3. The last year tells two different stories: BLZE led by 71.1 percentage points, +85.9% for BLZE against +14.8% for GBTG. Note the risk asymmetry: BLZE runs 1.8 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.
BLZE vs GBTG: side by side
| BLZE (Backblaze, Inc.) | GBTG (Global Business Travel Group, Inc.) | |
|---|---|---|
| 1-year return | +85.9% | +14.8% |
| 5-year return | -23.4% | n/a |
| Volatility (ann.) | 92.9% | 50.5% |
| Beta vs S&P 500 | 1.92 | 1.39 |
| Max drawdown (3Y) | -72.0% | -48.0% |
| Market cap | $0.9B | $4.9B |
| P/E (trailing) | – | 59.1 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | GBTG |
|---|---|---|
| 2022 | -63.6% | – |
| 2023 | +23.4% | -4.4% |
| 2024 | -20.7% | +43.9% |
| 2025 | -22.6% | -17.6% |
| 2026 | +227.0% | +23.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and GBTG good diversifiers for each other?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BLZE and GBTG?
Using weekly returns as of 2026-08-27: 0.47 over 3 years, with 0.52 over the last year and 0.39 over 5 years.
Is GBTG a good diversifier for BLZE?
A fair diversifier. At 0.47, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/blze-vs-gbtg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blze-vs-gbtg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BLZE correlations · GBTG correlations
