CRWD vs FTNT: Correlation
How closely do CrowdStrike (CRWD) and Fortinet (FTNT) trade together? Their weekly returns over three years give a correlation of 0.57, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and FTNT?
Over the past 3 years, CRWD and FTNT moved with a correlation of 0.57, which is moderate. The link has tightened recently: the 1-year correlation (0.67) runs above the 3-year figure (0.57). Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 1211.9 %².
Among the 31 assets we track against CRWD, FTNT ranks #14 by 3-year correlation. Over the last 12 months FTNT came out ahead by 5.3 percentage points (+115.8% against +121.1%). On a rolling one-year basis the correlation drifted between 0.25 and 0.69, a moderate band.
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.
CRWD vs FTNT: side by side
| CRWD (CrowdStrike) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | +115.8% | +121.1% |
| 5-year return | +218.4% | +170.5% |
| Volatility (ann.) | 50.2% | 42.1% |
| Beta vs S&P 500 | 1.87 | 1.02 |
| Max drawdown (3Y) | -44.4% | -35.1% |
| Market cap | $233.4B | $126.8B |
| P/E (trailing) | 3256.6 | 60.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | CRWD | FTNT |
|---|---|---|
| 2022 | -48.6% | -32.0% |
| 2023 | +142.5% | +19.7% |
| 2024 | +34.0% | +61.4% |
| 2025 | +37.0% | -16.0% |
| 2026 | +94.5% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRWD and FTNT good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRWD and FTNT?
The CRWD/FTNT correlation stands at 0.57 on a 3-year window (1 year: 0.67, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is FTNT a good diversifier for CRWD?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 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
$ curl https://www.pairbook.io/api/v1/pairs/crwd-vs-ftnt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/crwd-vs-ftnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CRWD correlations · FTNT correlations
