FTNT vs GNL: Correlation
Measured on weekly returns over the past three years, Fortinet (FTNT) and Global Net Lease, Inc. (GNL) carry a correlation of -0.21, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and GNL?
Across a 3-year window, the weekly returns of FTNT and GNL correlate at -0.21, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.23 lands near the 3-year figure. Stretching to 5 years gives -0.00, with an annualized covariance of -257.3 %².
Among the 32 assets we track against FTNT, GNL ranks #21 by 3-year correlation. Correlation aside, the last 12 months split them widely, with FTNT ahead by 92.9 points (+121.1% versus +28.2%).
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.
FTNT vs GNL: side by side
| FTNT (Fortinet) | GNL (Global Net Lease, Inc.) | |
|---|---|---|
| 1-year return | +121.1% | +28.2% |
| 5-year return | +170.5% | -2.7% |
| Volatility (ann.) | 42.1% | 29.0% |
| Beta vs S&P 500 | 1.02 | 0.50 |
| Max drawdown (3Y) | -35.1% | -35.6% |
| Market cap | $126.8B | $2.1B |
| P/E (trailing) | 60.8 | – |
| Dividend yield | 0.00% | 8.32% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FTNT | GNL |
|---|---|---|
| 2022 | -32.0% | -7.5% |
| 2023 | +19.7% | -9.0% |
| 2024 | +61.4% | -15.3% |
| 2025 | -16.0% | +32.4% |
| 2026 | +117.6% | +13.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTNT and GNL good diversifiers for each other?
Yes. With a correlation of -0.21, FTNT and GNL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between FTNT and GNL?
As of 2026-08-27, the correlation of weekly returns between FTNT and GNL is -0.21 over 3 years, -0.23 over 1 year and -0.00 over 5 years.
Is GNL a good diversifier for FTNT?
Yes. With a correlation of -0.21, FTNT and GNL have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.21 mean?
On the −1 to +1 scale, -0.21 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/ftnt-vs-gnl.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftnt-vs-gnl/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: FTNT correlations · GNL correlations
