CRWD vs PANW: Correlation
How closely do CrowdStrike (CRWD) and Palo Alto Networks (PANW) trade together? Their weekly returns over three years give a correlation of 0.73, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CRWD and PANW?
On 3 years of weekly data the CRWD/PANW correlation comes out at 0.73, strong. Lately the two have moved closer together, with the 1-year correlation at 0.89 versus 0.73 over 3 years. The 5-year figure is 0.72, and annualized covariance runs at 1540.8 %².
Few assets follow CRWD as closely as PANW, which ranks #1 of 31 tracked partners. The trailing year gives CRWD the advantage: +115.8% versus +104.1%, a 11.7-point spread. The rolling one-year correlation moved between 0.51 and 0.89 over the past three years, a moderate range.
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 PANW: side by side
| CRWD (CrowdStrike) | PANW (Palo Alto Networks) | |
|---|---|---|
| 1-year return | +115.8% | +104.1% |
| 5-year return | +218.4% | +400.7% |
| Volatility (ann.) | 50.2% | 42.0% |
| Beta vs S&P 500 | 1.87 | 1.32 |
| Max drawdown (3Y) | -44.4% | -36.0% |
| Market cap | $233.4B | $312.0B |
| P/E (trailing) | 3256.6 | 294.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | CRWD | PANW |
|---|---|---|
| 2022 | -48.6% | -24.8% |
| 2023 | +142.5% | +111.3% |
| 2024 | +34.0% | +23.4% |
| 2025 | +37.0% | +1.2% |
| 2026 | +94.5% | +107.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CRWD and PANW good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CRWD and PANW?
As of 2026-08-27, the correlation of weekly returns between CRWD and PANW is 0.73 over 3 years, 0.89 over 1 year and 0.72 over 5 years.
Is PANW a good diversifier for CRWD?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/crwd-vs-panw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/crwd-vs-panw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CRWD correlations · PANW correlations
