BLZE vs NTR: Correlation
Measured on weekly returns over the past three years, Backblaze, Inc. (BLZE) and Nutrien Ltd. (NTR) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and NTR?
Over the past 3 years, BLZE and NTR moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.40 versus -0.24 over 3 years. Over 5 years the correlation is -0.03, and the annualized covariance of weekly returns is -635.9 %².
Among the 20 assets we track against BLZE, NTR sits near the bottom by co-movement, at rank #16. Their recent paths diverged sharply: over the last 12 months BLZE outperformed by 58.2 percentage points (+85.9% for BLZE against +27.7% for NTR). Note the risk asymmetry: BLZE runs 3.3 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 NTR: side by side
| BLZE (Backblaze, Inc.) | NTR (Nutrien Ltd.) | |
|---|---|---|
| 1-year return | +85.9% | +27.7% |
| 5-year return | -23.4% | +39.5% |
| Volatility (ann.) | 92.9% | 28.2% |
| Beta vs S&P 500 | 1.92 | 0.22 |
| Max drawdown (3Y) | -72.0% | -28.3% |
| Market cap | $0.9B | $34.9B |
| P/E (trailing) | – | 14.9 |
| Dividend yield | 0.00% | 2.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | NTR |
|---|---|---|
| 2022 | -63.6% | -0.7% |
| 2023 | +23.4% | -20.2% |
| 2024 | -20.7% | -17.0% |
| 2025 | -22.6% | +40.8% |
| 2026 | +227.0% | +20.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and NTR good diversifiers for each other?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BLZE and NTR?
Using weekly returns as of 2026-08-27: -0.24 over 3 years, with -0.40 over the last year and -0.03 over 5 years.
Is NTR a good diversifier for BLZE?
Yes: at -0.24, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.24 mean?
A reading of -0.24 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-ntr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/blze-vs-ntr/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BLZE correlations · NTR correlations
