BL vs. BKKT

Last updated Jun 13, 2026

BL (BlackLine, Inc.) and BKKT (Bakkt Holdings, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. Over the past 5 years, BL returned -22.99%/yr vs -49.57%/yr for BKKT. At a 0.35 correlation, their price movements are largely independent.

Performance

BL vs. BKKT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackLine, Inc. (BL) and Bakkt Holdings, Inc. (BKKT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BL achieves a -48.04% return, which is significantly lower than BKKT's -16.04% return.

BL

• 1D: 2.86%
• 1M: 13.87%
• YTD: -48.04%
• 6M: -51.03%
• 1Y: -48.48%
• 3Y*: -19.03%
• 5Y*: -22.99%
• 10Y*: —

BKKT

• 1D: 0.96%
• 1M: 5.11%
• YTD: -16.04%
• 6M: -27.08%
• 1Y: -35.10%
• 3Y*: -37.93%
• 5Y*: -49.57%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BL vs. BKKT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BL BlackLine, Inc.	-48.04%	-9.00%	-2.69%	-7.18%	-35.03%	-22.37%	24.31%
BKKT Bakkt Holdings, Inc.	-16.04%	-59.47%	-55.57%	87.39%	-86.02%	-15.58%	-8.36%

Correlation

The correlation between BL and BKKT is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.27
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (All Time) Calculated using the full available price history since Nov 19, 2020	0.35

Over the past year, the correlation between BL and BKKT has dropped to 0.14 - well below their long-term average of 0.35, suggesting their price drivers have been diverging.

Fundamentals

EPS BL : $0.39 BKKT : -$18.68
PS Ratio BL : 2.70 BKKT : 0.04
Total Revenue (TTM) BL : $716.65M BKKT : $1.28B
Gross Profit (TTM) BL : $539.92M BKKT : $470.36M
EBITDA (TTM) BL : $87.84M BKKT : -$124.76M

Return for Risk

BL vs. BKKT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BL

BL Risk / Return Rank: 6
BL Sharpe Ratio Rank: 4
BL Sortino Ratio Rank: 6
BL Omega Ratio Rank: 6
BL Calmar Ratio Rank: 9
BL Martin Ratio Rank: 2

BKKT

BKKT Risk / Return Rank: 38
BKKT Sharpe Ratio Rank: 33
BKKT Sortino Ratio Rank: 49
BKKT Omega Ratio Rank: 47
BKKT Calmar Ratio Rank: 29
BKKT Martin Ratio Rank: 34

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BL vs. BKKT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackLine, Inc. (BL) and Bakkt Holdings, Inc. (BKKT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BL	BKKT	Difference
Sharpe ratio: Return per unit of total volatility	-1.04	-0.24	-0.81
Sortino ratio: Return per unit of downside risk	-1.53	0.71	-2.24
Omega ratio: Gain probability vs. loss probability	0.81	1.08	-0.27
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.42	-0.43
Martin ratio: Return relative to average drawdown	-1.81	-0.55	-1.26

BL vs. BKKT - Sharpe Ratio Comparison

The current BL Sharpe Ratio is -1.04, which is lower than the BKKT Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of BL and BKKT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BL vs. BKKT - Drawdown Comparison

The maximum BL drawdown since its inception was -83.22%, smaller than the maximum BKKT drawdown of -99.41%. Use the drawdown chart below to compare losses from any high point for BL and BKKT.

Drawdown Indicators

	BL	BKKT	Difference
Max Drawdown Largest peak-to-trough decline	-83.22%	-99.41%	+16.19%
Max Drawdown (1Y) Largest decline over 1 year	-57.11%	-84.57%	+27.46%
Max Drawdown (3Y) Largest decline over 3 years	-63.25%	-89.36%	+26.11%
Max Drawdown (5Y) Largest decline over 5 years	-80.80%	-99.41%	+18.61%
Current Drawdown Current decline from peak	-80.89%	-99.21%	+18.32%
Average Drawdown Average peak-to-trough decline	-35.17%	-84.79%	+49.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.79%	63.50%	-36.71%

Volatility

BL vs. BKKT - Volatility Comparison

The current volatility for BlackLine, Inc. (BL) is 19.95%, while Bakkt Holdings, Inc. (BKKT) has a volatility of 35.05%. This indicates that BL experiences smaller price fluctuations and is considered to be less risky than BKKT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BL	BKKT	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.95%	35.05%	-15.10%
Volatility (6M) Calculated over the trailing 6-month period	41.65%	80.47%	-38.82%
Volatility (1Y) Calculated over the trailing 1-year period	46.61%	149.01%	-102.40%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.70%	189.60%	-144.90%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.85%	182.84%	-137.99%

Dividends

BL vs. BKKT - Dividend Comparison

Neither BL nor BKKT has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both BL and BKKT in my portfolio?

BL and BKKT have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BL or BKKT?

BKKT has higher volatility (35.05%) compared to BL (19.95%). In terms of maximum drawdown, BL dropped -83.22% vs BKKT's -99.41%.

Which has better risk-adjusted returns?

BKKT currently has the higher Sharpe Ratio (-0.24 vs -1.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.