FLEX vs FTNT: Correlation
How closely do Flex Ltd. (FLEX) and Fortinet (FTNT) trade together? Their weekly returns over three years give a correlation of 0.46, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and FTNT?
Across a 3-year window, the weekly returns of FLEX and FTNT correlate at 0.46, moderate. Little has changed lately, as the 1-year reading of 0.55 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 976.0 %².
By 3-year correlation, FTNT places #30 of the 45 assets tracked against FLEX. The trailing year gives FTNT the advantage: +114.6% versus +121.1%, a 6.5-point spread. The rolling one-year correlation moved between 0.07 and 0.54 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.
FLEX vs FTNT: side by side
| FLEX (Flex Ltd.) | FTNT (Fortinet) | |
|---|---|---|
| 1-year return | +114.6% | +121.1% |
| 5-year return | +716.5% | +170.5% |
| Volatility (ann.) | 50.9% | 42.1% |
| Beta vs S&P 500 | 1.70 | 1.02 |
| Max drawdown (3Y) | -40.0% | -35.1% |
| Market cap | $42.6B | $126.8B |
| P/E (trailing) | 43.2 | 60.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | FLEX | FTNT |
|---|---|---|
| 2022 | +17.1% | -32.0% |
| 2023 | +41.9% | +19.7% |
| 2024 | +67.2% | +61.4% |
| 2025 | +57.4% | -16.0% |
| 2026 | +90.8% | +117.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and FTNT good diversifiers for each other?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FLEX and FTNT?
Using weekly returns as of 2026-08-27: 0.46 over 3 years, with 0.55 over the last year and 0.43 over 5 years.
Is FTNT a good diversifier for FLEX?
A fair diversifier. At 0.46, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.46 mean?
On the −1 to +1 scale, 0.46 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/flex-vs-ftnt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/flex-vs-ftnt/)
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Related comparisons
Hubs: FLEX correlations · FTNT correlations
