DFNS vs TENB: Correlation
Measured on weekly returns over the past three years, T3 Defense Inc. (DFNS) and Tenable Holdings, Inc. (TENB) carry a correlation of -0.26, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DFNS and TENB?
Across a 3-year window, the weekly returns of DFNS and TENB correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.33) sits close to the 3-year figure. Stretching to 5 years gives -0.18, with an annualized covariance of -66307.4 %².
Among the 44 assets we track against DFNS, TENB ranks #32 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months DFNS outperformed by 170.5 percentage points (+193.5% for DFNS against +23.0% for TENB). Note the risk asymmetry: DFNS runs 147.9 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.
DFNS vs TENB: side by side
| DFNS (T3 Defense Inc.) | TENB (Tenable Holdings, Inc.) | |
|---|---|---|
| 1-year return | +193.5% | +23.0% |
| 5-year return | -77.9% | -16.1% |
| Volatility (ann.) | 6136.1% | 41.5% |
| Beta vs S&P 500 | -23.33 | 1.04 |
| Max drawdown (3Y) | -99.9% | -69.1% |
| Market cap | – | $4.1B |
| P/E (trailing) | – | 537.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DFNS | TENB |
|---|---|---|
| 2022 | +5.0% | -30.7% |
| 2023 | -62.5% | +20.7% |
| 2024 | +59.9% | -14.5% |
| 2025 | -89.0% | -40.2% |
| 2026 | +215.4% | +59.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DFNS and TENB good diversifiers for each other?
Yes. With a correlation of -0.26, DFNS and TENB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between DFNS and TENB?
Using weekly returns as of 2026-08-27: -0.26 over 3 years, with -0.33 over the last year and -0.18 over 5 years.
Is TENB a good diversifier for DFNS?
Yes. With a correlation of -0.26, DFNS and TENB have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.26 mean?
A reading of -0.26 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/dfns-vs-tenb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dfns-vs-tenb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DFNS correlations · TENB correlations
