FTNT vs ZS: Correlation
How closely do Fortinet (FTNT) and Zscaler, Inc. (ZS) trade together? Their weekly returns over three years give a correlation of 0.44, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FTNT and ZS?
Across a 3-year window, the weekly returns of FTNT and ZS correlate at 0.44, moderate. The relationship has been stable: the 1-year correlation (0.44) sits close to the 3-year figure. Stretching to 5 years gives 0.53, with an annualized covariance of 842.9 %².
By 3-year correlation, ZS places #12 of the 32 assets tracked against FTNT. Correlation aside, the last 12 months split them widely, with FTNT ahead by 152.5 points (+121.1% versus -31.4%).
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 ZS: side by side
| FTNT (Fortinet) | ZS (Zscaler, Inc.) | |
|---|---|---|
| 1-year return | +121.1% | -31.4% |
| 5-year return | +170.5% | -32.7% |
| Volatility (ann.) | 42.1% | 45.7% |
| Beta vs S&P 500 | 1.02 | 1.47 |
| Max drawdown (3Y) | -35.1% | -64.9% |
| Market cap | $126.8B | $30.3B |
| P/E (trailing) | 60.8 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | FTNT | ZS |
|---|---|---|
| 2022 | -32.0% | -65.2% |
| 2023 | +19.7% | +98.0% |
| 2024 | +61.4% | -18.6% |
| 2025 | -16.0% | +24.7% |
| 2026 | +117.6% | -16.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FTNT and ZS 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 ZS?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.44 over the last year and 0.53 over 5 years.
Is ZS 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?
A reading of 0.44 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ftnt-vs-zs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ftnt-vs-zs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FTNT correlations · ZS correlations
