BCE vs FTNT: Correlation
How closely do BCE, Inc. (BCE) and Fortinet (FTNT) trade together? Their weekly returns over three years give a correlation of -0.24, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCE and FTNT?
Across a 3-year window, the weekly returns of BCE and FTNT correlate at -0.24, negative, meaning they tend to move in opposite directions. Lately the two have moved closer together, with the 1-year correlation at 0.03 versus -0.24 over 3 years. Stretching to 5 years gives -0.02, with an annualized covariance of -214.0 %².
FTNT is close to the least connected end of BCE's tracked universe, ranking #24 of 27. Their recent paths diverged sharply: over the last 12 months FTNT outperformed by 122.5 percentage points (-1.4% for BCE against +121.1% for FTNT). Note the risk asymmetry: FTNT runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BCE vs FTNT: side by side
| BCE (BCE, Inc.) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | -1.4% | +121.1% |
| 5-year return | -36.8% | +170.5% |
| Volatility (ann.) | 21.5% | 42.1% |
| Beta vs S&P 500 | -0.06 | 1.02 |
| Max drawdown (3Y) | -43.5% | -35.1% |
| Market cap | $21.8B | $126.8B |
| P/E (trailing) | 4.8 | 60.8 |
| Dividend yield | 7.45% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | BCE | FTNT |
|---|---|---|
| 2022 | -10.6% | -32.0% |
| 2023 | -4.2% | +19.7% |
| 2024 | -35.5% | +61.4% |
| 2025 | +10.2% | -16.0% |
| 2026 | +0.8% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCE and FTNT good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between BCE and FTNT?
As of 2026-08-27, the correlation of weekly returns between BCE and FTNT is -0.24 over 3 years, 0.03 over 1 year and -0.02 over 5 years.
Is FTNT a good diversifier for BCE?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
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Related comparisons
Hubs: BCE correlations · FTNT correlations
