FTNT vs IBP: Correlation
Fortinet (FTNT) and Installed Building Products, Inc. (IBP) show a negative relationship: their 3-year correlation of weekly returns is -0.30.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and IBP?
Across a 3-year window, the weekly returns of FTNT and IBP correlate at -0.30, negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.49) runs below the 3-year figure (-0.30). Stretching to 5 years gives -0.05, with an annualized covariance of -581.2 %².
Among the 32 assets we track against FTNT, IBP sits near the bottom by co-movement, at rank #30. Correlation aside, the last 12 months split them widely, with FTNT ahead by 130.4 points (+121.1% versus -9.3%).
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 IBP: side by side
| FTNT (Fortinet) | IBP (Installed Building Products, Inc.) | |
|---|---|---|
| 1-year return | +121.1% | -9.3% |
| 5-year return | +170.5% | +107.4% |
| Volatility (ann.) | 42.1% | 45.9% |
| Beta vs S&P 500 | 1.02 | 1.13 |
| Max drawdown (3Y) | -35.1% | -42.7% |
| Market cap | $126.8B | $6.4B |
| P/E (trailing) | 60.8 | 26.5 |
| Dividend yield | 0.00% | 0.62% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FTNT | IBP |
|---|---|---|
| 2022 | -32.0% | -37.3% |
| 2023 | +19.7% | +117.6% |
| 2024 | +61.4% | -2.9% |
| 2025 | -16.0% | +50.6% |
| 2026 | +117.6% | -6.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTNT and IBP good diversifiers for each other?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
FAQ
What is the correlation between FTNT and IBP?
Using weekly returns as of 2026-08-27: -0.30 over 3 years, with -0.49 over the last year and -0.05 over 5 years.
Is IBP a good diversifier for FTNT?
By historical standards, yes. A correlation of -0.30 means the two rarely move for the same reasons.
What does a correlation of -0.30 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: FTNT correlations · IBP correlations
