FTNT vs PANW: Correlation
Fortinet (FTNT) and Palo Alto Networks (PANW) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and PANW?
Over the past 3 years, FTNT and PANW moved with a correlation of 0.56, which is moderate. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Over 5 years the correlation is 0.60, and the annualized covariance of weekly returns is 995.3 %².
PANW is one of the assets that tracks FTNT most closely: it ranks #2 out of the 32 assets we track against FTNT. The last year tells two different stories: FTNT led by 17.0 percentage points, +121.1% for FTNT against +104.1% for PANW. Across three years, the rolling one-year figure varied moderately, from 0.32 to 0.75.
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 PANW: side by side
| FTNT (Fortinet) | PANW (Palo Alto Networks) | |
|---|---|---|
| 1-year return | +121.1% | +104.1% |
| 5-year return | +170.5% | +400.7% |
| Volatility (ann.) | 42.1% | 42.0% |
| Beta vs S&P 500 | 1.02 | 1.32 |
| Max drawdown (3Y) | -35.1% | -36.0% |
| Market cap | $126.8B | $312.0B |
| P/E (trailing) | 60.8 | 294.5 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | Information Technology |
Year-by-year returns
| Year | FTNT | PANW |
|---|---|---|
| 2022 | -32.0% | -24.8% |
| 2023 | +19.7% | +111.3% |
| 2024 | +61.4% | +23.4% |
| 2025 | -16.0% | +1.2% |
| 2026 | +117.6% | +107.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTNT and PANW good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between FTNT and PANW?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.64 over the last year and 0.60 over 5 years.
Is PANW a good diversifier for FTNT?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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-panw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ftnt-vs-panw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: FTNT correlations · PANW correlations
