BTAI vs FTNT: Correlation
BioXcel Therapeutics, Inc. (BTAI) and Fortinet (FTNT) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BTAI and FTNT?
Across a 3-year window, the weekly returns of BTAI and FTNT correlate at -0.24, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (0.09) runs above the 3-year figure (-0.24). Stretching to 5 years gives -0.07, with an annualized covariance of -1608.1 %².
FTNT is close to the least connected end of BTAI's tracked universe, ranking #11 of 11. The last year tells two different stories: FTNT led by 202.9 percentage points, -81.8% for BTAI against +121.1% for FTNT. One caveat on sizing: BTAI is 3.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
BTAI vs FTNT: side by side
| BTAI (BioXcel Therapeutics, Inc.) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | -81.8% | +121.1% |
| 5-year return | -99.8% | +170.5% |
| Volatility (ann.) | 162.0% | 42.1% |
| Beta vs S&P 500 | 2.19 | 1.02 |
| Max drawdown (3Y) | -99.2% | -35.1% |
| Market cap | – | $126.8B |
| P/E (trailing) | – | 60.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | BTAI | FTNT |
|---|---|---|
| 2022 | +5.7% | -32.0% |
| 2023 | -86.3% | +19.7% |
| 2024 | -87.3% | +61.4% |
| 2025 | -73.3% | -16.0% |
| 2026 | -55.1% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BTAI 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 BTAI and FTNT?
As of 2026-08-27, the correlation of weekly returns between BTAI and FTNT is -0.24 over 3 years, 0.09 over 1 year and -0.07 over 5 years.
Is FTNT a good diversifier for BTAI?
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.
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Related comparisons
Hubs: BTAI correlations · FTNT correlations
