NET vs SNOW: Correlation
How closely do Cloudflare, Inc. (NET) and Snowflake Inc. (SNOW) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NET and SNOW?
Over the past 3 years, NET and SNOW moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.59 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.61, and the annualized covariance of weekly returns is 1652.7 %².
By 3-year correlation, SNOW places #5 of the 15 assets tracked against NET. Over the last 12 months SNOW came out ahead by 14.0 percentage points (+50.2% against +64.2%).
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 SNOW: side by side
| NET (Cloudflare, Inc.) | SNOW (Snowflake Inc.) | |
|---|---|---|
| 1-year return | +50.2% | +64.2% |
| 5-year return | +149.7% | +10.5% |
| Volatility (ann.) | 53.7% | 55.4% |
| Beta vs S&P 500 | 1.68 | 1.41 |
| Max drawdown (3Y) | -45.0% | -56.3% |
| Market cap | $109.8B | $114.1B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NET | SNOW |
|---|---|---|
| 2022 | -65.6% | -57.6% |
| 2023 | +84.2% | +38.6% |
| 2024 | +29.3% | -22.4% |
| 2025 | +83.1% | +42.1% |
| 2026 | +56.3% | +50.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NET and SNOW 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 NET and SNOW?
As of 2026-08-27, the correlation of weekly returns between NET and SNOW is 0.56 over 3 years, 0.59 over 1 year and 0.61 over 5 years.
Is SNOW a good diversifier for NET?
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?
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-snow.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/net-vs-snow/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: NET correlations · SNOW correlations
