CEVA vs FTNT: Correlation
CEVA, Inc. (CEVA) and Fortinet (FTNT) show a moderate relationship: their 3-year correlation of weekly returns is 0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CEVA and FTNT?
Over the past 3 years, CEVA and FTNT moved with a correlation of 0.41, which is moderate. The relationship has been stable: the 1-year correlation (0.33) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 992.4 %².
Among the 12 assets we track against CEVA, FTNT sits near the bottom by co-movement, at rank #8. Correlation aside, the last 12 months split them widely, with FTNT ahead by 95.3 points (+25.8% versus +121.1%).
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.
CEVA vs FTNT: side by side
| CEVA (CEVA, Inc.) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | +25.8% | +121.1% |
| 5-year return | -40.9% | +170.5% |
| Volatility (ann.) | 57.4% | 42.1% |
| Beta vs S&P 500 | 2.37 | 1.02 |
| Max drawdown (3Y) | -55.2% | -35.1% |
| Market cap | $0.8B | $126.8B |
| P/E (trailing) | – | 60.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | Information Technology |
Year-by-year returns
| Year | CEVA | FTNT |
|---|---|---|
| 2022 | -40.8% | -32.0% |
| 2023 | -11.2% | +19.7% |
| 2024 | +38.9% | +61.4% |
| 2025 | -31.8% | -16.0% |
| 2026 | +32.1% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CEVA and FTNT good diversifiers for each other?
Reasonably. At 0.41, CEVA and FTNT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CEVA and FTNT?
As of 2026-08-27, the correlation of weekly returns between CEVA and FTNT is 0.41 over 3 years, 0.33 over 1 year and 0.38 over 5 years.
Is FTNT a good diversifier for CEVA?
Reasonably. At 0.41, CEVA and FTNT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: CEVA correlations · FTNT correlations
