FTNT vs GTN: Correlation
Measured on weekly returns over the past three years, Fortinet (FTNT) and Gray Media, Inc. (GTN) carry a correlation of -0.23, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and GTN?
On 3 years of weekly data the FTNT/GTN correlation comes out at -0.23, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.39 versus -0.23 over 3 years. The 5-year figure is -0.08, and annualized covariance runs at -667.9 %².
Among the 32 assets we track against FTNT, GTN ranks #23 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FTNT outperformed by 139.1 percentage points (+121.1% for FTNT against -18.0% for GTN). One caveat on sizing: GTN is 1.6 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 GTN: side by side
| FTNT (Fortinet) | GTN (Gray Media, Inc.) | |
|---|---|---|
| 1-year return | +121.1% | -18.0% |
| 5-year return | +170.5% | -73.2% |
| Volatility (ann.) | 42.1% | 68.6% |
| Beta vs S&P 500 | 1.02 | 0.76 |
| Max drawdown (3Y) | -35.1% | -68.1% |
| Market cap | $126.8B | $0.5B |
| P/E (trailing) | 60.8 | – |
| Dividend yield | 0.00% | 6.50% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FTNT | GTN |
|---|---|---|
| 2022 | -32.0% | -43.4% |
| 2023 | +19.7% | -16.7% |
| 2024 | +61.4% | -62.4% |
| 2025 | -16.0% | +64.6% |
| 2026 | +117.6% | +2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTNT and GTN good diversifiers for each other?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between FTNT and GTN?
Using weekly returns as of 2026-08-27: -0.23 over 3 years, with -0.39 over the last year and -0.08 over 5 years.
Is GTN a good diversifier for FTNT?
Yes: at -0.23, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.23 mean?
On the −1 to +1 scale, -0.23 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-gtn.json
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Related comparisons
Hubs: FTNT correlations · GTN correlations
