NET vs RDWR: Correlation
Cloudflare, Inc. (NET) and Radware Ltd. (RDWR) show a moderate relationship: their 3-year correlation of weekly returns is 0.42.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NET and RDWR?
On 3 years of weekly data the NET/RDWR correlation comes out at 0.42, moderate. The past 12 months show a tighter link (0.59) than the 3-year average (0.42). The 5-year figure is 0.45, and annualized covariance runs at 834.3 %².
RDWR is close to the least connected end of NET's tracked universe, ranking #11 of 15. Correlation aside, the last 12 months split them widely, with NET ahead by 35.3 points (+50.2% versus +14.9%).
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.
NET vs RDWR: side by side
| NET (Cloudflare, Inc.) | RDWR (Radware Ltd.) | |
|---|---|---|
| 1-year return | +50.2% | +14.9% |
| 5-year return | +149.7% | -13.5% |
| Volatility (ann.) | 53.7% | 36.7% |
| Beta vs S&P 500 | 1.68 | 0.85 |
| Max drawdown (3Y) | -45.0% | -29.4% |
| Market cap | $109.8B | $1.2B |
| P/E (trailing) | – | 75.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NET | RDWR |
|---|---|---|
| 2022 | -65.6% | -52.6% |
| 2023 | +84.2% | -15.5% |
| 2024 | +29.3% | +35.1% |
| 2025 | +83.1% | +6.9% |
| 2026 | +56.3% | +22.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NET and RDWR good diversifiers for each other?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between NET and RDWR?
As of 2026-08-27, the correlation of weekly returns between NET and RDWR is 0.42 over 3 years, 0.59 over 1 year and 0.45 over 5 years.
Is RDWR a good diversifier for NET?
A fair diversifier. At 0.42, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.42 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/net-vs-rdwr.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/net-vs-rdwr/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NET correlations · RDWR correlations
