BZAI vs COP: Correlation
Blaize Holdings, Inc. (BZAI) and ConocoPhillips (COP) show a negative relationship: their 3-year correlation of weekly returns is -0.21.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BZAI and COP?
Across a 3-year window, the weekly returns of BZAI and COP correlate at -0.21, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.33) than the 3-year average (-0.21). Stretching to 5 years gives -0.15, with an annualized covariance of -591.5 %².
By 3-year correlation, COP places #10 of the 16 assets tracked against BZAI. Their recent paths diverged sharply: over the last 12 months COP outperformed by 123.8 percentage points (-87.3% for BZAI against +36.5% for COP). Note the risk asymmetry: BZAI 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.
BZAI vs COP: side by side
| BZAI (Blaize Holdings, Inc.) | COP (ConocoPhillips) | |
|---|---|---|
| 1-year return | -87.3% | +36.5% |
| 5-year return | -94.8% | +175.2% |
| Volatility (ann.) | 97.0% | 29.1% |
| Beta vs S&P 500 | 0.55 | 0.25 |
| Max drawdown (3Y) | -97.0% | -36.3% |
| Market cap | $0.1B | $155.6B |
| P/E (trailing) | – | 17.3 |
| Dividend yield | 0.00% | 2.53% |
| Sector / category | US Listed | Energy |
Year-by-year returns
| Year | BZAI | COP |
|---|---|---|
| 2022 | – | +71.7% |
| 2023 | +5.6% | +2.0% |
| 2024 | +39.8% | -12.2% |
| 2025 | -87.0% | -2.3% |
| 2026 | -73.8% | +41.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BZAI and COP good diversifiers for each other?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
FAQ
What is the correlation between BZAI and COP?
The BZAI/COP correlation stands at -0.21 on a 3-year window (1 year: -0.33, 5 years: -0.15), computed from weekly returns as of 2026-08-27.
Is COP a good diversifier for BZAI?
By historical standards, yes. A correlation of -0.21 means the two rarely move for the same reasons.
What does a correlation of -0.21 mean?
A reading of -0.21 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Hubs: BZAI correlations · COP correlations
