Fortinet Correlations

FTNT Stock

USD 94.06 2.38 2.47%

The current 90-days correlation between Fortinet and Crowdstrike Holdings is 0.27 (i.e., Modest diversification). The correlation of Fortinet is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Fortinet Correlation With Market

Weak diversification

The correlation between Fortinet and DJI is 0.35 (i.e., Weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Fortinet and DJI in the same portfolio, assuming nothing else is changed.

Check out Investing Opportunities to better understand how to build diversified portfolios, which includes a position in Fortinet. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in board of governors.

For more information on how to buy Fortinet Stock please use our How to Invest in Fortinet guide.

Moving together with Fortinet Stock

0.79	S	SentinelOne	Pair Corr
0.85	NN	Nextnav Acquisition Corp	Pair Corr
0.92	SQ	Block Inc Sell-off Trend	Pair Corr
0.77	ZS	Zscaler	Pair Corr
0.82	EVCM	EverCommerce	Pair Corr
0.75	EVTC	Evertec	Pair Corr
0.64	CETXP	Cemtrex Pref	Pair Corr
0.8	FFIV	F5 Networks	Pair Corr
0.91	FIVN	Five9 Inc	Pair Corr
0.88	FLYW	Flywire Corp	Pair Corr
0.64	BOX	Box Inc Earnings Call This Week	Pair Corr
0.86	FOUR	Shift4 Payments	Pair Corr
0.84	DBX	Dropbox	Pair Corr
0.73	DLO	Dlocal	Pair Corr
0.9	GEN	Gen Digital Sell-off Trend	Pair Corr
0.72	IOT	Samsara	Pair Corr
0.81	NET	Cloudflare	Pair Corr
0.78	ODD	ODDITY Tech	Pair Corr
0.86	PAY	Paymentus Holdings	Pair Corr

Moving against Fortinet Stock

0.71	MQ	Marqeta	Pair Corr
0.57	VRAR	Glimpse Group	Pair Corr
0.4	VRNS	Varonis Systems	Pair Corr
0.58	FAAS	DigiAsia Corp Symbol Change	Pair Corr
0.85	TCX	Tucows Inc	Pair Corr
0.34	PGY	Pagaya Technologies Tech Boost	Pair Corr

Related Correlations Analysis

	CRWD	OKTA	NET	MDB	PANW	SPLK	ADBE	PLTR	ZS	PATH
CRWD		-0.05	0.94	0.5	0.87	0.82	-0.54	0.94	0.82	0.71	CRWD
OKTA	-0.05		0.01	-0.26	0.08	-0.12	0.37	-0.13	0.39	0.25	OKTA
NET	0.94	0.01		0.56	0.86	0.76	-0.49	0.86	0.82	0.75	NET
MDB	0.5	-0.26	0.56		0.47	0.07	0.09	0.55	0.3	0.6	MDB
PANW	0.87	0.08	0.86	0.47		0.72	-0.31	0.86	0.86	0.66	PANW
SPLK	0.82	-0.12	0.76	0.07	0.72		-0.77	0.76	0.64	0.37	SPLK
ADBE	-0.54	0.37	-0.49	0.09	-0.31	-0.77		-0.46	-0.26	-0.08	ADBE
PLTR	0.94	-0.13	0.86	0.55	0.86	0.76	-0.46		0.73	0.63	PLTR
ZS	0.82	0.39	0.82	0.3	0.86	0.64	-0.26	0.73		0.68	ZS
PATH	0.71	0.25	0.75	0.6	0.66	0.37	-0.08	0.63	0.68		PATH
	CRWD	OKTA	NET	MDB	PANW	SPLK	ADBE	PLTR	ZS	PATH

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

NET	+ 0.94	CRWD
PLTR	+ 0.94	CRWD
PANW	+ 0.87	CRWD
PANW	+ 0.86	NET
PLTR	+ 0.86	NET
PLTR	+ 0.86	PANW

High negative correlations

ADBE	- 0.77	SPLK
ADBE	- 0.54	CRWD
ADBE	- 0.49	NET
PLTR	- 0.46	ADBE
ADBE	- 0.31	PANW
ZS	- 0.26	ADBE

Risk-Adjusted Indicators

There is a big difference between Fortinet Stock performing well and Fortinet Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Fortinet's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
CRWD	1.98	0.31	0.18	0.31	1.73	(2.24)	4.04	(3.03)	11.54
OKTA	1.47	(0.44)	0.00	(0.38)	0.00	0.00	2.39	(3.42)	17.64
NET	2.01	0.16	0.12	0.22	1.77	(2.42)	5.47	(3.44)	13.45
MDB	2.48	0.30	0.18	0.29	1.89	(2.95)	6.18	(3.09)	23.05
PANW	1.35	0.06	0.04	0.17	1.75	(1.35)	2.45	(2.51)	9.85
SPLK	1.63	0.25	0.03	(0.36)	1.70	(1.91)	4.36	(3.33)	10.70
ADBE	1.35	(0.19)	0.00	(0.10)	0.00	0.00	2.87	(2.89)	10.09
PLTR	2.56	0.94	0.47	0.52	1.44	(3.07)	8.61	(2.80)	30.33
ZS	1.91	(0.02)	0.00	0.10	3.72	(1.94)	3.73	(3.37)	20.36
PATH	1.93	(0.06)	0.03	0.09	2.53	(1.97)	4.52	(3.82)	12.04

Fortinet Corporate Management

John Whittle	VP of Corporate Devel. and Strategic Alliances and General Counsel	Profile
Chris Perna	Vice Acquisition	Profile
Matthew Pley	Executive Sales	Profile
Trevor Pagliara	Senior Sales	Profile

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