BLZE vs NTWK: Correlation
How closely do Backblaze, Inc. (BLZE) and NETSOL Technologies Inc. (NTWK) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and NTWK?
On 3 years of weekly data the BLZE/NTWK correlation comes out at 0.40, moderate. Recent behaviour matches the longer record: 0.45 over 1 year against 0.40 over 3. The 5-year figure is 0.34, and annualized covariance runs at 1759.9 %².
Within BLZE's tracked universe of 20 assets, NTWK comes in at #8 by 3-year correlation. The last year tells two different stories: BLZE led by 85.4 percentage points, +85.9% for BLZE against +0.5% for NTWK. Note the risk asymmetry: BLZE runs 2.0 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 NTWK: side by side
| BLZE (Backblaze, Inc.) | NTWK (NETSOL Technologies Inc.) | |
|---|---|---|
| 1-year return | +85.9% | +0.5% |
| 5-year return | -23.4% | -4.3% |
| Volatility (ann.) | 92.9% | 47.2% |
| Beta vs S&P 500 | 1.92 | 0.85 |
| Max drawdown (3Y) | -72.0% | -46.4% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | 26.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | NTWK |
|---|---|---|
| 2022 | -63.6% | -27.0% |
| 2023 | +23.4% | -23.9% |
| 2024 | -20.7% | +19.1% |
| 2025 | -22.6% | +15.6% |
| 2026 | +227.0% | +32.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and NTWK good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLZE and NTWK?
Using weekly returns as of 2026-08-27: 0.40 over 3 years, with 0.45 over the last year and 0.34 over 5 years.
Is NTWK a good diversifier for BLZE?
Yes, to a useful degree: a correlation of 0.40 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.40 mean?
A reading of 0.40 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-ntwk.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/blze-vs-ntwk/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BLZE correlations · NTWK correlations
