Fortinet Correlations

FTNT Stock

USD 81.56 0.38 0.47%

The current 90-days correlation between Fortinet and CoreWeave, Class A is 0.3 (i.e., Weak 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

Very weak diversification

The correlation between Fortinet and DJI is 0.45 (i.e., Very 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.

Build AI portfolio with Fortinet Stock

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 employment.

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

Moving together with Fortinet Stock

0.65	S	SentinelOne	Pair Corr
0.78	AI	C3 Ai Inc	Pair Corr
0.72	BB	BlackBerry	Pair Corr
0.66	DTSS	Datasea	Pair Corr
0.67	ANY	Sphere 3D Corp	Pair Corr
0.77	NOW	ServiceNow	Pair Corr
0.67	PGY	Pagaya Technologies	Pair Corr
0.72	RPD	Rapid7 Inc	Pair Corr
0.67	TLS	Telos Corp	Pair Corr
0.61	002439	Beijing Venustech	Pair Corr
0.74	INTZ	Intrusion	Pair Corr
0.75	IVDA	Iveda Solutions	Pair Corr
0.72	MSFT	Microsoft Sell-off Trend	Pair Corr
0.74	NBIS	Nebius Group NV Aggressive Push	Pair Corr

Moving against Fortinet Stock

0.61	FROG	Jfrog	Pair Corr
0.6	TDC	Teradata Corp	Pair Corr
0.58	600756	Inspur Software	Pair Corr
0.56	300448	Guangzhou Haoyun Security	Pair Corr
0.51	300379	Beijing Tongtech	Pair Corr
0.63	APPN	Appian Corp	Pair Corr
0.5	600271	Aisino Corp	Pair Corr
0.5	QLYS	Qualys Inc	Pair Corr
0.32	300365	Beijing Forever Tech	Pair Corr

Related Correlations Analysis

	CRWV	MSI	ADSK	INFY	SNPS	TEL	WDAY	MSTR	XYZ	STX
CRWV		0.92	0.67	-0.68	0.41	-0.18	0.81	0.94	0.92	-0.69	CRWV
MSI	0.92		0.76	-0.65	0.45	-0.42	0.84	0.95	0.9	-0.8	MSI
ADSK	0.67	0.76		-0.4	0.65	-0.37	0.63	0.76	0.66	-0.52	ADSK
INFY	-0.68	-0.65	-0.4		0.14	0.18	-0.64	-0.77	-0.55	0.6	INFY
SNPS	0.41	0.45	0.65	0.14		-0.27	0.25	0.35	0.44	-0.15	SNPS
TEL	-0.18	-0.42	-0.37	0.18	-0.27		-0.2	-0.31	-0.21	0.59	TEL
WDAY	0.81	0.84	0.63	-0.64	0.25	-0.2		0.85	0.8	-0.75	WDAY
MSTR	0.94	0.95	0.76	-0.77	0.35	-0.31	0.85		0.88	-0.74	MSTR
XYZ	0.92	0.9	0.66	-0.55	0.44	-0.21	0.8	0.88		-0.68	XYZ
STX	-0.69	-0.8	-0.52	0.6	-0.15	0.59	-0.75	-0.74	-0.68		STX
	CRWV	MSI	ADSK	INFY	SNPS	TEL	WDAY	MSTR	XYZ	STX

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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

MSTR	+ 0.95	MSI
MSTR	+ 0.94	CRWV
MSI	+ 0.92	CRWV
XYZ	+ 0.92	CRWV
XYZ	+ 0.9	MSI
XYZ	+ 0.88	MSTR

High negative correlations

STX	- 0.8	MSI
MSTR	- 0.77	INFY
STX	- 0.75	WDAY
STX	- 0.74	MSTR
STX	- 0.69	CRWV
STX	- 0.68	XYZ

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
CRWV	4.17	(0.79)	0.00	(0.51)	0.00	0.00	8.05	(8.30)	28.02
MSI	0.90	(0.31)	0.00	(0.68)	0.00	0.00	1.14	(2.19)	7.63
ADSK	0.97	(0.18)	0.00	(0.12)	0.00	0.00	1.64	(2.20)	6.14
INFY	1.47	0.12	0.06	0.25	1.59	(1.69)	3.54	(2.79)	10.66
SNPS	1.71	(0.06)	(0.01)	0.03	2.70	(1.63)	3.80	(3.61)	13.47
TEL	1.18	0.01	0.02	0.08	2.30	(1.11)	2.20	(3.55)	9.90
WDAY	1.44	(0.20)	0.00	(0.13)	0.00	0.00	3.03	(3.27)	11.69
MSTR	3.45	(1.15)	0.00	(0.50)	0.00	0.00	5.62	(7.55)	15.68
XYZ	2.09	(0.34)	0.00	(0.09)	0.00	0.00	2.96	(5.28)	14.15
STX	3.27	0.35	0.11	0.29	3.30	(3.72)	6.69	(6.56)	26.42

Fortinet Corporate Management

John Whittle	VP of Corporate Devel. and Strategic Alliances and General Counsel	Profile
Carl Windsor	Chief Officer	Profile
Chris Perna	Vice Acquisition	Profile
Matthew Pley	Executive Sales	Profile
Lizzie CohenLaloum	Regional Region	Profile

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