FTNT vs INOD: Correlation
Measured on weekly returns over the past three years, Fortinet (FTNT) and Innodata Inc. (INOD) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and INOD?
On 3 years of weekly data the FTNT/INOD correlation comes out at 0.44, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.44). The 5-year figure is 0.37, and annualized covariance runs at 2268.7 %².
Among the 32 assets we track against FTNT, INOD ranks #11 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months FTNT outperformed by 69.5 percentage points (+121.1% for FTNT against +51.6% for INOD). One caveat on sizing: INOD is 2.9 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 INOD: side by side
| FTNT (Fortinet) | INOD (Innodata Inc.) | |
|---|---|---|
| 1-year return | +121.1% | +51.6% |
| 5-year return | +170.5% | +620.6% |
| Volatility (ann.) | 42.1% | 122.9% |
| Beta vs S&P 500 | 1.02 | 3.71 |
| Max drawdown (3Y) | -35.1% | -63.0% |
| Market cap | $126.8B | $2.0B |
| P/E (trailing) | 60.8 | 43.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FTNT | INOD |
|---|---|---|
| 2022 | -32.0% | -49.8% |
| 2023 | +19.7% | +174.1% |
| 2024 | +61.4% | +385.5% |
| 2025 | -16.0% | +28.9% |
| 2026 | +117.6% | +16.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTNT and INOD good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between FTNT and INOD?
As of 2026-08-27, the correlation of weekly returns between FTNT and INOD is 0.44 over 3 years, 0.64 over 1 year and 0.37 over 5 years.
Is INOD a good diversifier for FTNT?
Yes, to a useful degree: a correlation of 0.44 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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-inod.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftnt-vs-inod/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FTNT correlations · INOD correlations
