BLSH vs. FIG

Last updated Aug 1, 2026

BLSH (Bullish) and FIG (Figma, Inc) are both stocks. Both are in the Technology sector — BLSH in Software - Infrastructure, FIG in Software - Application. Their 0.25 correlation means their historical movements had little consistent relationship.

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 -42.46% return, which is significantly lower than FIG's -34.92% return.

BLSH

• 1D: -3.54%
• 1M: -14.78%
• 6M: -27.85%
• YTD: -42.46%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FIG

• 1D: 2.36%
• 1M: 13.96%
• 6M: -6.17%
• YTD: -34.92%
• 1Y: -80.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -71.41%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BLSH Bullish	$39.57M	$33.92M	$47.68M
FIG Figma, Inc	$427.54M	$501.94M	$462.44M

BLSH vs. FIG - Yearly Performance Comparison

	2026 (YTD)	2025
BLSH Bullish	-42.46%	-57.92%
FIG Figma, Inc	-34.92%	-57.22%

Correlation

The correlation between BLSH and FIG is 0.25, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Aug 13, 2025	0.25

Fundamentals

Market Cap BLSH : $3.30B FIG : $11.86B
EPS BLSH : -$6.91 FIG : -$2.88
PS Ratio BLSH : 0.01 FIG : 10.66
PB Ratio BLSH : 1.24 FIG : 8.74
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 / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BLSH

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

FIG

FIG Risk / Return Rank: 8
FIG Sharpe Ratio Rank: 6
FIG Sortino Ratio Rank: 4
FIG Omega Ratio Rank: 6
FIG Calmar Ratio Rank: 7
FIG Martin Ratio Rank: 19

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

	BLSH	FIG	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.91	—
Sortino ratio: Return per unit of downside risk	—	-1.81	—
Omega ratio: Gain probability vs. loss probability	—	0.80	—
Calmar ratio: Return relative to maximum drawdown	—	-0.92	—
Martin ratio: Return relative to average drawdown	—	-1.10	—

Drawdowns

BLSH vs. FIG - Drawdown Comparison

The maximum BLSH drawdown since its inception was -75.79%, smaller than the maximum FIG drawdown of -86.20%. 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	-75.79%	-86.20%	+10.41%
Max Drawdown (1Y) Largest decline over 1 year	—	-86.20%	—
Current Drawdown Current decline from peak	-75.79%	-80.07%	+4.28%
Average Drawdown Average peak-to-trough decline	-54.16%	-69.85%	+15.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	71.65%	—

Volatility

Volatility by Period

	BLSH	FIG	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	24.31%	—
Volatility (6M) Calculated over the trailing 6-month period	—	59.29%	—
Volatility (1Y) Calculated over the trailing 1-year period	82.92%	93.89%	-10.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.92%	93.89%	-10.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.92%	93.89%	-10.97%

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 Aug 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 Aug 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 Aug 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 Aug 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 Aug 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 Aug 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 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.