FLEX vs NTCT: Correlation
How closely do Flex Ltd. (FLEX) and NetScout Systems, Inc. (NTCT) trade together? Their weekly returns over three years give a correlation of 0.50, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FLEX and NTCT?
Over the past 3 years, FLEX and NTCT moved with a correlation of 0.50, which is moderate. The relationship has been stable: the 1-year correlation (0.55) sits close to the 3-year figure. Over 5 years the correlation is 0.43, and the annualized covariance of weekly returns is 769.9 %².
Within FLEX's tracked universe of 45 assets, NTCT comes in at #25 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FLEX ahead by 55.2 points (+114.6% versus +59.4%). Note the risk asymmetry: FLEX runs 1.7 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.
FLEX vs NTCT: side by side
| FLEX (Flex Ltd.) | NTCT (NetScout Systems, Inc.) | |
|---|---|---|
| 1-year return | +114.6% | +59.4% |
| 5-year return | +716.5% | +42.7% |
| Volatility (ann.) | 50.9% | 30.4% |
| Beta vs S&P 500 | 1.70 | 0.85 |
| Max drawdown (3Y) | -40.0% | -38.4% |
| Market cap | $42.6B | $2.9B |
| P/E (trailing) | 43.2 | 23.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FLEX | NTCT |
|---|---|---|
| 2022 | +17.1% | -1.7% |
| 2023 | +41.9% | -32.5% |
| 2024 | +67.2% | -1.3% |
| 2025 | +57.4% | +24.9% |
| 2026 | +90.8% | +45.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FLEX and NTCT good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between FLEX and NTCT?
Using weekly returns as of 2026-08-27: 0.50 over 3 years, with 0.55 over the last year and 0.43 over 5 years.
Is NTCT a good diversifier for FLEX?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
On the −1 to +1 scale, 0.50 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-ntct.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/flex-vs-ntct/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FLEX correlations · NTCT correlations
