FFIV vs FTNT: Correlation
F5, Inc. (FFIV) 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 FFIV and FTNT?
Across a 3-year window, the weekly returns of FFIV and FTNT correlate at 0.41, moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Stretching to 5 years gives 0.42, with an annualized covariance of 459.0 %².
Within FFIV's tracked universe of 34 assets, FTNT comes in at #18 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FTNT ahead by 92.0 points (+29.1% versus +121.1%). Across three years, the rolling one-year figure varied moderately, from 0.08 to 0.51. Note the risk asymmetry: FTNT runs 1.6 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.
FFIV vs FTNT: side by side
| FFIV (F5, Inc.) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | +29.1% | +121.1% |
| 5-year return | +99.3% | +170.5% |
| Volatility (ann.) | 26.6% | 42.1% |
| Beta vs S&P 500 | 0.77 | 1.02 |
| Max drawdown (3Y) | -34.7% | -35.1% |
| Market cap | $23.2B | $126.8B |
| P/E (trailing) | 31.8 | 60.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | FFIV | FTNT |
|---|---|---|
| 2022 | -41.4% | -32.0% |
| 2023 | +24.7% | +19.7% |
| 2024 | +40.5% | +61.4% |
| 2025 | +1.5% | -16.0% |
| 2026 | +60.7% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIV and FTNT good diversifiers for each other?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FFIV and FTNT?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.47 over the last year and 0.42 over 5 years.
Is FTNT a good diversifier for FFIV?
A fair diversifier. At 0.41, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ffiv-vs-ftnt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ffiv-vs-ftnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FFIV correlations · FTNT correlations
