GTLB vs NTNX: Correlation
GitLab Inc. (GTLB) and Nutanix, Inc. (NTNX) show a moderate relationship: their 3-year correlation of weekly returns is 0.53.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GTLB and NTNX?
Over the past 3 years, GTLB and NTNX moved with a correlation of 0.53, which is moderate. The relationship has been stable: the 1-year correlation (0.60) sits close to the 3-year figure. Over 5 years the correlation is 0.38, and the annualized covariance of weekly returns is 1257.7 %².
By 3-year correlation, NTNX places #10 of the 19 assets tracked against GTLB. On 12-month performance NTNX holds a 5.5-point edge, -5.2% against +0.3%.
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.
GTLB vs NTNX: side by side
| GTLB (GitLab Inc.) | NTNX (Nutanix, Inc.) | |
|---|---|---|
| 1-year return | -5.2% | +0.3% |
| 5-year return | -56.9% | +90.4% |
| Volatility (ann.) | 52.0% | 45.6% |
| Beta vs S&P 500 | 1.49 | 1.28 |
| Max drawdown (3Y) | -75.0% | -58.6% |
| Market cap | $7.6B | $18.9B |
| P/E (trailing) | – | 12.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GTLB | NTNX |
|---|---|---|
| 2022 | -47.8% | -18.2% |
| 2023 | +38.6% | +83.1% |
| 2024 | -10.5% | +28.3% |
| 2025 | -33.4% | -15.5% |
| 2026 | +19.4% | +35.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GTLB and NTNX good diversifiers for each other?
To a limited degree. At 0.53 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 GTLB and NTNX?
As of 2026-08-27, the correlation of weekly returns between GTLB and NTNX is 0.53 over 3 years, 0.60 over 1 year and 0.38 over 5 years.
Is NTNX a good diversifier for GTLB?
To a limited degree. At 0.53 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 0.53 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/gtlb-vs-ntnx.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gtlb-vs-ntnx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GTLB correlations · NTNX correlations
