PANW vs TENB: Correlation
How closely do Palo Alto Networks (PANW) and Tenable Holdings, Inc. (TENB) trade together? Their weekly returns over three years give a correlation of 0.61, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PANW and TENB?
Over the past 3 years, PANW and TENB moved with a correlation of 0.61, which is strong. Little has changed lately, as the 1-year reading of 0.71 lands near the 3-year figure. Over 5 years the correlation is 0.59, and the annualized covariance of weekly returns is 1062.4 %².
TENB is one of the assets that tracks PANW most closely: it ranks #2 out of the 30 assets we track against PANW. Their recent paths diverged sharply: over the last 12 months PANW outperformed by 81.1 percentage points (+104.1% for PANW against +23.0% for TENB).
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.
PANW vs TENB: side by side
| PANW (Palo Alto Networks) | TENB (Tenable Holdings, Inc.) | |
|---|---|---|
| 1-year return | +104.1% | +23.0% |
| 5-year return | +400.7% | -16.1% |
| Volatility (ann.) | 42.0% | 41.5% |
| Beta vs S&P 500 | 1.32 | 1.04 |
| Max drawdown (3Y) | -36.0% | -69.1% |
| Market cap | $312.0B | $4.1B |
| P/E (trailing) | 294.5 | 537.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Information Technology | US Listed |
Year-by-year returns
| Year | PANW | TENB |
|---|---|---|
| 2022 | -24.8% | -30.7% |
| 2023 | +111.3% | +20.7% |
| 2024 | +23.4% | -14.5% |
| 2025 | +1.2% | -40.2% |
| 2026 | +107.8% | +59.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PANW and TENB good diversifiers for each other?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between PANW and TENB?
As of 2026-08-27, the correlation of weekly returns between PANW and TENB is 0.61 over 3 years, 0.71 over 1 year and 0.59 over 5 years.
Is TENB a good diversifier for PANW?
Somewhat, no more. With 0.61 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.61 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/panw-vs-tenb.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/panw-vs-tenb/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PANW correlations · TENB correlations
