BLZE vs QQQ: Correlation
How closely do Backblaze, Inc. (BLZE) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.33, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BLZE and QQQ?
Over the past 3 years, BLZE and QQQ moved with a correlation of 0.33, which is moderate. Recent behaviour matches the longer record: 0.39 over 1 year against 0.33 over 3. Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 598.0 %².
Within BLZE's tracked universe of 20 assets, QQQ comes in at #12 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BLZE outperformed by 59.6 percentage points (+85.9% for BLZE against +26.3% for QQQ). One caveat on sizing: BLZE is 4.7 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 QQQ: side by side
| BLZE (Backblaze, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +85.9% | +26.3% |
| 5-year return | -23.4% | +95.4% |
| Volatility (ann.) | 92.9% | 19.6% |
| Beta vs S&P 500 | 1.92 | 1.28 |
| Max drawdown (3Y) | -72.0% | -22.8% |
| Market cap | $0.9B | – |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | BLZE | QQQ |
|---|---|---|
| 2022 | -63.6% | -32.6% |
| 2023 | +23.4% | +54.9% |
| 2024 | -20.7% | +25.6% |
| 2025 | -22.6% | +20.8% |
| 2026 | +227.0% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BLZE and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between BLZE and QQQ?
The BLZE/QQQ correlation stands at 0.33 on a 3-year window (1 year: 0.39, 5 years: 0.41), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for BLZE?
Yes, to a useful degree: a correlation of 0.33 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.33 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.
Use this data
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Related comparisons
Hubs: BLZE correlations · QQQ correlations
