BLZE vs OTEX: Correlation
Backblaze, Inc. (BLZE) and Open Text Corporation (OTEX) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and OTEX?
Across a 3-year window, the weekly returns of BLZE and OTEX correlate at 0.45, moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Stretching to 5 years gives 0.41, with an annualized covariance of 1345.6 %².
Among the 20 assets we track against BLZE, OTEX ranks #5 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BLZE outperformed by 106.6 percentage points (+85.9% for BLZE against -20.7% for OTEX). Note the risk asymmetry: BLZE runs 2.9 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 OTEX: side by side
| BLZE (Backblaze, Inc.) | OTEX (Open Text Corporation) | |
|---|---|---|
| 1-year return | +85.9% | -20.7% |
| 5-year return | -23.4% | -46.4% |
| Volatility (ann.) | 92.9% | 32.4% |
| Beta vs S&P 500 | 1.92 | 1.06 |
| Max drawdown (3Y) | -72.0% | -50.4% |
| Market cap | $0.9B | $6.1B |
| P/E (trailing) | – | 9.4 |
| Dividend yield | 0.00% | 4.52% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BLZE | OTEX |
|---|---|---|
| 2022 | -63.6% | -35.9% |
| 2023 | +23.4% | +45.4% |
| 2024 | -20.7% | -30.4% |
| 2025 | -22.6% | +19.3% |
| 2026 | +227.0% | -21.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and OTEX good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLZE and OTEX?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.51 over the last year and 0.41 over 5 years.
Is OTEX a good diversifier for BLZE?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BLZE correlations · OTEX correlations
