BLZE vs MCK: Correlation
How closely do Backblaze, Inc. (BLZE) and McKesson Corporation (MCK) trade together? Their weekly returns over three years give a correlation of -0.25, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and MCK?
Over the past 3 years, BLZE and MCK moved with a correlation of -0.25, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.30 over 1 year against -0.25 over 3. Over 5 years the correlation is -0.16, and the annualized covariance of weekly returns is -581.8 %².
Out of 20 assets tracked against BLZE, MCK lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with BLZE ahead by 55.1 points (+85.9% versus +30.8%). Note the risk asymmetry: BLZE runs 3.7 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 MCK: side by side
| BLZE (Backblaze, Inc.) | MCK (McKesson Corporation) | |
|---|---|---|
| 1-year return | +85.9% | +30.8% |
| 5-year return | -23.4% | +354.8% |
| Volatility (ann.) | 92.9% | 25.1% |
| Beta vs S&P 500 | 1.92 | 0.16 |
| Max drawdown (3Y) | -72.0% | -27.2% |
| Market cap | $0.9B | $103.8B |
| P/E (trailing) | – | 24.0 |
| Dividend yield | 0.00% | 0.37% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BLZE | MCK |
|---|---|---|
| 2022 | -63.6% | +51.8% |
| 2023 | +23.4% | +24.1% |
| 2024 | -20.7% | +23.7% |
| 2025 | -22.6% | +44.5% |
| 2026 | +227.0% | +8.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and MCK good diversifiers for each other?
Yes. With a correlation of -0.25, BLZE and MCK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BLZE and MCK?
The BLZE/MCK correlation stands at -0.25 on a 3-year window (1 year: -0.30, 5 years: -0.16), computed from weekly returns as of 2026-08-27.
Is MCK a good diversifier for BLZE?
Yes. With a correlation of -0.25, BLZE and MCK have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 mean?
On the −1 to +1 scale, -0.25 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-mck.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/blze-vs-mck/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLZE correlations · MCK correlations
