FTNT vs SPY: Correlation
Fortinet (FTNT) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.35.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and SPY?
Across a 3-year window, the weekly returns of FTNT and SPY correlate at 0.35, moderate. Recent behaviour matches the longer record: 0.26 over 1 year against 0.35 over 3. Stretching to 5 years gives 0.49, with an annualized covariance of 213.9 %².
By 3-year correlation, SPY places #19 of the 32 assets tracked against FTNT. Correlation aside, the last 12 months split them widely, with FTNT ahead by 100.5 points (+121.1% versus +20.6%). Across three years, the rolling one-year figure varied moderately, from 0.15 to 0.64. Risk is not evenly split, since FTNT carries 2.9 times the volatility of the other side.
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 SPY: side by side
| FTNT (Fortinet) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +121.1% | +20.6% |
| 5-year return | +170.5% | +82.4% |
| Volatility (ann.) | 42.1% | 14.5% |
| Beta vs S&P 500 | 1.02 | 1.00 |
| Max drawdown (3Y) | -35.1% | -18.8% |
| Market cap | $126.8B | – |
| P/E (trailing) | 60.8 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | Information Technology | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | FTNT | SPY |
|---|---|---|
| 2022 | -32.0% | -18.2% |
| 2023 | +19.7% | +26.2% |
| 2024 | +61.4% | +24.9% |
| 2025 | -16.0% | +17.7% |
| 2026 | +117.6% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
FTNT represents 0.15% of SPY's portfolio, so part of any move in SPY is FTNT itself, and the correlation between them is partly mechanical.
Are FTNT and SPY good diversifiers for each other?
Reasonably. At 0.35, FTNT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between FTNT and SPY?
Using weekly returns as of 2026-08-27: 0.35 over 3 years, with 0.26 over the last year and 0.49 over 5 years.
Is SPY a good diversifier for FTNT?
Reasonably. At 0.35, FTNT and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.35 mean?
A reading of 0.35 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FTNT correlations · SPY correlations
