BlackLine, Inc. Common Stock (BL) — Stock Correlations & Overview
Over the past year, BL has moved most closely with WCLD, FRSH, XSW. Explore the stocks most correlated and inversely correlated with BL below, along with its price, financials, and company profile.
Stocks correlated with BL
Correlation of daily returns. Higher positive values move with BL; negative values move opposite it. Informational only, not investment advice.
Most correlated with BL
| Symbol | Company | Correlation |
|---|---|---|
| WCLD | WisdomTree Cloud Computing Fund | 0.74 |
| FRSH | Freshworks Inc. Class A Common StockSERVICES-PREPACKAGED SOFTWARE | 0.70 |
| XSW | State Street SPDR S&P Software & Services ETF | 0.70 |
| WK | Workiva Inc.SERVICES-PREPACKAGED SOFTWARE | 0.69 |
| BOX | BOX, INC.SERVICES-PREPACKAGED SOFTWARE | 0.69 |
Most inversely correlated with BL
| Symbol | Company | Correlation |
|---|---|---|
| HDGE | AdvisorShares Ranger Equity Bear ETF | -0.53 |
| DWSH | AdvisorShares Dorsey Wright Short ETF | -0.50 |
| WEBS | Direxion Daily Dow Jones Internet Bear 3X ETF | -0.47 |
| MSFD | Direxion Shares ETF Trust Direxion Daily MSFT Bear 1X ETF | -0.38 |
| PALD | Direxion Shares ETF Trust Direxion Daily PANW Bear 1X ETF | -0.37 |
Frequently asked questions about BL correlations
- Which stocks are most correlated with BL?
- Based on one year of daily returns, the stocks most correlated with BlackLine, Inc. Common Stock (BL) are WCLD (0.74), FRSH (0.70) and XSW (0.70). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with BL?
- Over the past year, the stocks most inversely correlated with BlackLine, Inc. Common Stock (BL) are HDGE (-0.53), DWSH (-0.50) and WEBS (-0.47). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these BL correlations calculated?
- We compute the correlation of daily returns between BL and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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