BZAI vs ICE: Correlation
Blaize Holdings, Inc. (BZAI) and Intercontinental Exchange (ICE) show a negative relationship: their 3-year correlation of weekly returns is -0.18.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BZAI and ICE?
Over the past 3 years, BZAI and ICE moved with a correlation of -0.18, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.23) sits close to the 3-year figure. Over 5 years the correlation is -0.14, and the annualized covariance of weekly returns is -378.7 %².
Among the 16 assets we track against BZAI, ICE ranks #8 by 3-year correlation. The last year tells two different stories: ICE led by 79.4 percentage points, -87.3% for BZAI against -7.9% for ICE. Risk is not evenly split, since BZAI carries 4.6 times the volatility of the other side.
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 ICE: side by side
| BZAI (Blaize Holdings, Inc.) | ICE (Intercontinental Exchange) | |
|---|---|---|
| 1-year return | -87.3% | -7.9% |
| 5-year return | -94.8% | +44.2% |
| Volatility (ann.) | 97.0% | 21.2% |
| Beta vs S&P 500 | 0.55 | 0.62 |
| Max drawdown (3Y) | -97.0% | -33.9% |
| Market cap | $0.1B | $90.5B |
| P/E (trailing) | – | 22.7 |
| Dividend yield | 0.00% | 1.24% |
| Sector / category | US Listed | Financials |
Year-by-year returns
| Year | BZAI | ICE |
|---|---|---|
| 2022 | – | -23.9% |
| 2023 | +5.6% | +27.1% |
| 2024 | +39.8% | +17.5% |
| 2025 | -87.0% | +9.9% |
| 2026 | -73.8% | +0.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BZAI and ICE good diversifiers for each other?
Yes. With a correlation of -0.18, BZAI and ICE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BZAI and ICE?
Using weekly returns as of 2026-08-27: -0.18 over 3 years, with -0.23 over the last year and -0.14 over 5 years.
Is ICE a good diversifier for BZAI?
Yes. With a correlation of -0.18, BZAI and ICE have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.18 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: BZAI correlations · ICE correlations
