BLZE vs. APLD

Last updated Apr 1, 2026

Compare and contrast key facts about Backblaze, Inc. (BLZE) and Applied Digital Corporation (APLD).

Performance

BLZE vs. APLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Backblaze, Inc. (BLZE) and Applied Digital Corporation (APLD). The values are adjusted to include any dividend payments, if applicable.

BLZE vs. APLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BLZE Backblaze, Inc.	-25.97%	-22.59%	-20.69%	23.41%	-63.59%	-15.13%
APLD Applied Digital Corporation	-3.18%	220.94%	13.35%	266.30%	-92.68%	5.01%

Fundamentals

Market Cap BLZE : $193.92M APLD : $6.33B
EPS BLZE : -$0.46 APLD : -$0.51
PS Ratio BLZE : 1.33 APLD : 20.33
PB Ratio BLZE : 2.33 APLD : 4.37
Total Revenue (TTM) BLZE : $145.84M APLD : $281.74M
Gross Profit (TTM) BLZE : $88.79M APLD : $46.19M
EBITDA (TTM) BLZE : -$2.83M APLD : -$49.02M

Returns By Period

In the year-to-date period, BLZE achieves a -25.97% return, which is significantly lower than APLD's -3.18% return.

BLZE

• 1D: 4.23%
• 1M: -8.24%
• YTD: -25.97%
• 6M: -62.82%
• 1Y: -28.57%
• 3Y*: -11.93%
• 5Y*: —
• 10Y*: —

APLD

• 1D: 15.55%
• 1M: -12.94%
• YTD: -3.18%
• 6M: 3.49%
• 1Y: 322.42%
• 3Y*: 119.66%
• 5Y*: 76.65%
• 10Y*: 75.92%

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

Return for Risk

BLZE vs. APLD — Risk / Return Rank

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

BLZE

BLZE Risk / Return Rank: 26
BLZE Sharpe Ratio Rank: 23
BLZE Sortino Ratio Rank: 25
BLZE Omega Ratio Rank: 25
BLZE Calmar Ratio Rank: 28
BLZE Martin Ratio Rank: 28

APLD

APLD Risk / Return Rank: 94
APLD Sharpe Ratio Rank: 95
APLD Sortino Ratio Rank: 93
APLD Omega Ratio Rank: 90
APLD Calmar Ratio Rank: 96
APLD Martin Ratio Rank: 94

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.

BLZE vs. APLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Backblaze, Inc. (BLZE) and Applied Digital Corporation (APLD). 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.

	BLZE	APLD	Difference
Sharpe ratio Return per unit of total volatility	-0.42	2.57	-2.99
Sortino ratio Return per unit of downside risk	-0.19	3.14	-3.33
Omega ratio Gain probability vs. loss probability	0.97	1.39	-0.42
Calmar ratio Return relative to maximum drawdown	-0.44	6.26	-6.70
Martin ratio Return relative to average drawdown	-0.82	14.46	-15.28
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLZE vs. APLD - Sharpe Ratio Comparison

The current BLZE Sharpe Ratio is -0.42, which is lower than the APLD Sharpe Ratio of 2.57. The chart below compares the historical Sharpe Ratios of BLZE and APLD, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BLZE	APLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	2.57	-2.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.41	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.43	0.04	-0.46

Correlation

The correlation between BLZE and APLD is 0.25, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

BLZE vs. APLD - Dividend Comparison

Neither BLZE nor APLD has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

BLZE vs. APLD - Drawdown Comparison

The maximum BLZE drawdown since its inception was -89.49%, smaller than the maximum APLD drawdown of -99.70%. Use the drawdown chart below to compare losses from any high point for BLZE and APLD.

Drawdown Indicators

	BLZE	APLD	Difference
Max Drawdown Largest peak-to-trough decline	-89.49%	-99.70%	+10.21%
Max Drawdown (1Y) Largest decline over 1 year	-69.21%	-50.31%	-18.90%
Max Drawdown (5Y) Largest decline over 5 years	—	-97.10%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-97.10%	—
Current Drawdown Current decline from peak	-89.05%	-42.59%	-46.46%
Average Drawdown Average peak-to-trough decline	-77.40%	-84.03%	+6.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.47%	21.79%	+15.68%

Volatility

BLZE vs. APLD - Volatility Comparison

The current volatility for Backblaze, Inc. (BLZE) is 9.13%, while Applied Digital Corporation (APLD) has a volatility of 32.29%. This indicates that BLZE experiences smaller price fluctuations and is considered to be less risky than APLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLZE	APLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.13%	32.29%	-23.16%
Volatility (6M) Calculated over the trailing 6-month period	55.52%	77.82%	-22.30%
Volatility (1Y) Calculated over the trailing 1-year period	68.20%	126.27%	-58.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	77.49%	187.90%	-110.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	77.49%	295.81%	-218.32%

Financials

BLZE vs. APLD - Profitability Comparison

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

BLZE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Backblaze, Inc. reported a gross profit of 23.43M and revenue of 37.76M. Therefore, the gross margin over that period was 62.0%.

APLD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported a gross profit of 26.04M and revenue of 126.59M. Therefore, the gross margin over that period was 20.6%.

BLZE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Backblaze, Inc. reported an operating income of -4.67M and revenue of 37.76M, resulting in an operating margin of -12.4%.

APLD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported an operating income of -30.96M and revenue of 126.59M, resulting in an operating margin of -24.5%.

BLZE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Backblaze, Inc. reported a net income of -5.41M and revenue of 37.76M, resulting in a net margin of -14.3%.

APLD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Applied Digital Corporation reported a net income of -17.51M and revenue of 126.59M, resulting in a net margin of -13.8%.