Blowfish is not a hashing algorithm. It's an encryption algorithm. What that means is that you can encrypt something using blowfish, and then later on you can decrypt it back to plain text.
SHA512 is a hashing algorithm. That means that (in theory) once you hash the input you can't get the original input back again.
They're 2 different things, designed to be used for different tasks. There is no 'correct' answer to "is blowfish better than SHA512?" You might as well ask "are apples better than kangaroos?"
If you want to read some more on the topic here's some links: