BLZE vs KMT: Correlation
Backblaze, Inc. (BLZE) and Kennametal Inc. (KMT) show a negative relationship: their 3-year correlation of weekly returns is -0.22.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and KMT?
Across a 3-year window, the weekly returns of BLZE and KMT correlate at -0.22, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.38) runs below the 3-year figure (-0.22). Stretching to 5 years gives -0.00, with an annualized covariance of -687.2 %².
Within BLZE's tracked universe of 20 assets, KMT comes in at #15 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BLZE outperformed by 42.6 percentage points (+85.9% for BLZE against +43.3% for KMT). One caveat on sizing: BLZE is 2.7 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 KMT: side by side
| BLZE (Backblaze, Inc.) | KMT (Kennametal Inc.) | |
|---|---|---|
| 1-year return | +85.9% | +43.3% |
| 5-year return | -23.4% | -6.6% |
| Volatility (ann.) | 92.9% | 33.9% |
| Beta vs S&P 500 | 1.92 | 0.73 |
| Max drawdown (3Y) | -72.0% | -42.9% |
| Market cap | $0.9B | $2.3B |
| P/E (trailing) | – | 6.8 |
| Dividend yield | 0.00% | 2.67% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | KMT |
|---|---|---|
| 2022 | -63.6% | -31.0% |
| 2023 | +23.4% | +10.5% |
| 2024 | -20.7% | -3.9% |
| 2025 | -22.6% | +22.6% |
| 2026 | +227.0% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and KMT good diversifiers for each other?
Yes. With a correlation of -0.22, BLZE and KMT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BLZE and KMT?
As of 2026-08-27, the correlation of weekly returns between BLZE and KMT is -0.22 over 3 years, -0.38 over 1 year and -0.00 over 5 years.
Is KMT a good diversifier for BLZE?
Yes. With a correlation of -0.22, BLZE and KMT have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.22 mean?
On the −1 to +1 scale, -0.22 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
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Related comparisons
Hubs: BLZE correlations · KMT correlations
