FFIV vs VRNS: Correlation
F5, Inc. (FFIV) and Varonis Systems, Inc. (VRNS) show a moderate relationship: their 3-year correlation of weekly returns is 0.46.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FFIV and VRNS?
Over the past 3 years, FFIV and VRNS moved with a correlation of 0.46, which is moderate. Little has changed lately, as the 1-year reading of 0.53 lands near the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 610.4 %².
Few assets follow FFIV as closely as VRNS, which ranks #2 of 34 tracked partners. Correlation aside, the last 12 months split them widely, with FFIV ahead by 52.5 points (+29.1% versus -23.4%). Note the risk asymmetry: VRNS runs 1.9 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.
FFIV vs VRNS: side by side
| FFIV (F5, Inc.) | VRNS (Varonis Systems, Inc.) | |
|---|---|---|
| 1-year return | +29.1% | -23.4% |
| 5-year return | +99.3% | -35.2% |
| Volatility (ann.) | 26.6% | 50.1% |
| Beta vs S&P 500 | 0.77 | 1.01 |
| Max drawdown (3Y) | -34.7% | -68.1% |
| Market cap | $23.2B | $5.1B |
| P/E (trailing) | 31.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FFIV | VRNS |
|---|---|---|
| 2022 | -41.4% | -50.9% |
| 2023 | +24.7% | +89.1% |
| 2024 | +40.5% | -1.9% |
| 2025 | +1.5% | -26.2% |
| 2026 | +60.7% | +36.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FFIV and VRNS good diversifiers for each other?
Reasonably. At 0.46, FFIV and VRNS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FFIV and VRNS?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.53 over the last year and 0.43 over 5 years.
Is VRNS a good diversifier for FFIV?
Reasonably. At 0.46, FFIV and VRNS keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.46 mean?
A reading of 0.46 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FFIV correlations · VRNS correlations
