BLSH vs. FIG

Last updated Jun 23, 2026

BLSH (Bullish) and FIG (Figma, Inc) are both stocks. Both are in the Technology sector — BLSH in Software - Infrastructure, FIG in Software - Application. At a 0.30 correlation, their price movements are largely independent.

Performance

BLSH vs. FIG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bullish (BLSH) and Figma, Inc (FIG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BLSH achieves a -33.75% return, which is significantly higher than FIG's -48.94% return.

BLSH

• 1D: 4.11%
• 1M: -28.68%
• YTD: -33.75%
• 6M: -44.88%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIG

• 1D: 1.06%
• 1M: -15.98%
• YTD: -48.94%
• 6M: -51.39%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BLSH vs. FIG - Yearly Performance Comparison

	2026 (YTD)	2025
BLSH Bullish	-33.75%	-57.92%
FIG Figma, Inc	-48.94%	-57.22%

Correlation

The correlation between BLSH and FIG is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.30

Fundamentals

Market Cap BLSH : $3.79B FIG : $9.99B
EPS BLSH : -$6.90 FIG : -$2.91
PS Ratio BLSH : 0.02 FIG : 8.28
PB Ratio BLSH : 1.43 FIG : 6.86
Total Revenue (TTM) BLSH : $216.53B FIG : $1.16B
Gross Profit (TTM) BLSH : $45.04M FIG : $926.29M
EBITDA (TTM) BLSH : -$446.11M FIG : -$1.43B

Return for Risk

BLSH vs. FIG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bullish (BLSH) and Figma, Inc (FIG). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Drawdowns

BLSH vs. FIG - Drawdown Comparison

The maximum BLSH drawdown since its inception was -73.49%, smaller than the maximum FIG drawdown of -86.18%. Use the drawdown chart below to compare losses from any high point for BLSH and FIG.

Drawdown Indicators

	BLSH	FIG	Difference
Max Drawdown Largest peak-to-trough decline	-73.49%	-86.18%	+12.69%
Current Drawdown Current decline from peak	-72.12%	-84.36%	+12.24%
Average Drawdown Average peak-to-trough decline	-51.65%	-68.30%	+16.65%

Volatility

Volatility by Period

	BLSH	FIG	Difference
Volatility (1Y) Calculated over the trailing 1-year period	84.28%	94.13%	-9.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	84.28%	94.13%	-9.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	84.28%	94.13%	-9.85%

Dividends

BLSH vs. FIG - Dividend Comparison

Neither BLSH nor FIG has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

BLSH vs. FIG - Profitability Comparison

The chart below illustrates the profitability comparison between Bullish and Figma, Inc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BLSH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Bullish reported a gross profit of 17.78M and revenue of 51.81B. Therefore, the gross margin over that period was 0.0%.

FIG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Figma, Inc reported a gross profit of 264.77M and revenue of 333.44M. Therefore, the gross margin over that period was 79.4%.

BLSH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Bullish reported an operating income of -57.85M and revenue of 51.81B, resulting in an operating margin of -0.1%.

FIG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Figma, Inc reported an operating income of -137.40M and revenue of 333.44M, resulting in an operating margin of -41.2%.

BLSH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Bullish reported a net income of -581.71M and revenue of 51.81B, resulting in a net margin of -1.1%.

FIG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Figma, Inc reported a net income of -142.40M and revenue of 333.44M, resulting in a net margin of -42.7%.

Frequently Asked Questions

Can I hold both BLSH and FIG in my portfolio?

BLSH and FIG have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.