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Relative Intelligence · Cybersecurity

How Fortinet (FTNT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on FTNT alone. It places FTNT (Fortinet, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where FTNT stands in the market, and of the alternatives worth a closer look.

Period covered: FTNT's full trading record, from November 2009 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against FTNT →Chart FTNT vs. 21 alternatives →
On this page12 sections

Key findings

How much would $10,000 in FTNT have grown?

This chart tracks a hypothetical $10,000 investment in FTNT over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of FTNT over the same span and FTNT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: The chart covers the past 14 years rather than FTNT's full 16 years, because most of its popular alternatives have not traded that long.

Choose a period

From the end of September 2012 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 32 of the 2,213 stocks and funds worth at least $500 million that traded the whole period ended ahead of FTNT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000$500,000$1M20122014201620182020202220242026$10,000$100,000$1M2012201620202024
  • AVGO$1M+13,673% total · +42.2% a year
  • KLAC$674,517+6,645% total · +35.1% a year
  • SMH$453,446+4,434% total · +31.3% a year
  • PANW$387,235+3,772% total · +29.8% a year
  • TSM$380,802+3,708% total · +29.7% a year
  • FTNT$370,856+3,609% total · +29.4% a year
  • MSFT$217,246+2,072% total · +24.6% a year
  • QLYS$132,202+1,222% total · +20.3% a year
  • SPY (S&P 500)$67,346+573% total · +14.6% a year
  • FFIV$42,542+325% total · +10.9% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 339 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of FTNT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$5,000$10,000$20,000$50,000$100,000202120222023202420252026$5,000$10,000$20,000$50,000$100,000202120222023202420252026
  • ANET$94,783+848% total · +56.8% a year
  • AVGO$79,117+691% total · +51.2% a year
  • ASX$70,798+608% total · +47.9% a year
  • HPE$51,318+413% total · +38.7% a year
  • PANW$49,770+398% total · +37.8% a year
  • CRWD$43,090+331% total · +33.9% a year
  • NET$30,828+208% total · +25.3% a year
  • FTNT$30,603+206% total · +25.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • OKTA$8,811−11.9% total · −2.5% a year
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FTNT at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: FTNT began trading on November 18, 2009, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust or the 2008 financial crisis.

The company

Market value
$125B
Industry
Software - Infrastructure
Price history from
November 2009

Returns

Past 1 year
+101%total return
Past 3 years
+203%+44.7% a year
Past 5 years
+156%+20.7% a year
Past 10 years
+2,626%+39.2% a year
Best calendar year
+142%2021
Worst calendar year
−32.0%2022
Losing years
5 of 16full calendar years

Risk

Volatility
44.8%typical yearly swing, 5 years
Sharpe ratio
0.65return per unit of risk, 5 years
Worst decline ever
−51.2%Aug 2015 to Feb 2016
From its all-time high
−12.2%below the peak

FTNT against the whole market

Where FTNT ranks among every stock and fund, and what across the market has done better.

How does FTNT rank among all stocks?

This section ranks FTNT on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how FTNT stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureFTNTRankStanding
1-year return+101%170 of 3,287top 5%
3-year return+203%395 of 3,017top 13%
5-year return+156%431 of 2,893top 15%
10-year return+2,626%26 of 2,202top 1%
Volatility, 5 years44.8%1,684 of 2,893bottom 43%
Sharpe ratio, 5 years0.65564 of 2,893top 19%
Worst decline, past 10 years−38.3%113 of 2,187top 5%

What has beaten FTNT on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). FTNT sits where the dashed lines cross. Anything in the green box above and to the left earned more than FTNT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to FTNT; faint dots are 91 more of the 179 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than FTNTCOR: +24.2% a year, volatility 22.8%CAKE: +25.8% a year, volatility 39.9%DTM: +24.5% a year, volatility 25.2%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%FSS: +23.3% a year, volatility 31.7%MPLX: +23.5% a year, volatility 18.8%LLY: +40.7% a year, volatility 32.8%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%WELL: +26.0% a year, volatility 23.8%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%SU: +33.1% a year, volatility 32.5%TRGP: +41.8% a year, volatility 31.7%CNQ: +26.5% a year, volatility 32.5%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%GLW: +31.4% a year, volatility 42.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%AEM: +29.5% a year, volatility 38.4%ING: +24.7% a year, volatility 31.1%IMO: +34.3% a year, volatility 32.0%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%LNG: +23.4% a year, volatility 30.2%ESLT: +39.8% a year, volatility 34.6%CVE: +26.5% a year, volatility 39.4%URI: +24.3% a year, volatility 39.1%EME: +43.0% a year, volatility 35.3%FTI: +54.1% a year, volatility 41.3%DB: +22.1% a year, volatility 37.4%NUE: +21.7% a year, volatility 37.4%ARGX: +24.1% a year, volatility 39.9%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%STLD: +32.2% a year, volatility 38.0%NWG: +27.7% a year, volatility 34.1%JBL: +35.8% a year, volatility 39.6%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%SBS: +39.1% a year, volatility 37.1%CIB: +32.9% a year, volatility 32.9%TS: +24.3% a year, volatility 33.3%KOF: +22.3% a year, volatility 24.7%NVT: +35.4% a year, volatility 38.0%EQT: +22.5% a year, volatility 40.9%CW: +30.8% a year, volatility 28.7%PAA: +27.0% a year, volatility 25.6%DINO: +31.8% a year, volatility 38.8%RS: +24.8% a year, volatility 28.1%BCH: +25.2% a year, volatility 28.2%RL: +28.6% a year, volatility 36.9%TPR: +28.1% a year, volatility 40.8%GDX: +22.9% a year, volatility 38.2%USFD: +22.7% a year, volatility 29.8%COKE: +41.2% a year, volatility 38.0%UTHR: +23.6% a year, volatility 35.1%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%WES: +23.5% a year, volatility 27.6%WF: +26.3% a year, volatility 31.6%MOG-A: +36.6% a year, volatility 32.0%WWD: +23.8% a year, volatility 32.3%CLH: +23.1% a year, volatility 28.6%APG: +23.0% a year, volatility 31.9%NRG: +21.9% a year, volatility 41.8%AIT: +28.5% a year, volatility 30.3%EXEL: +24.4% a year, volatility 35.8%FTNT: +20.7% a year, volatility 44.8%SPY (S&P 500): +12.7% a year, volatility 17.1%HPE: +32.9% a year, volatility 42.2%AVGO: +48.3% a year, volatility 44.5%ANET: +49.0% a year, volatility 49.0%PANW: +31.9% a year, volatility 43.4%ASX: +48.8% a year, volatility 43.0%TSM: +31.5% a year, volatility 38.5%SMH: +33.4% a year, volatility 36.9%MRVL: +29.5% a year, volatility 65.2%LITE: +57.3% a year, volatility 64.5%KLAC: +38.7% a year, volatility 46.7%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%VLO: +44.2% a year, volatility 36.9%GILD: +22.8% a year, volatility 24.9%WMT: +20.8% a year, volatility 22.6%TEVA: +32.2% a year, volatility 42.8%DXJ: +26.6% a year, volatility 19.1%XLE: +22.6% a year, volatility 25.5%CAH: +42.1% a year, volatility 24.7%FTNTSPY (S&P 500)HPEAVGOANETPANWASXTSMSMHMRVLLITEKLACMPCINSWVLOGILDWMTDXJCAH0.0%20.0%40.0%60.0%80.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than FTNTCOR: +24.2% a year, volatility 22.8%CAKE: +25.8% a year, volatility 39.9%DTM: +24.5% a year, volatility 25.2%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%FSS: +23.3% a year, volatility 31.7%MPLX: +23.5% a year, volatility 18.8%LLY: +40.7% a year, volatility 32.8%XOM: +27.1% a year, volatility 26.5%ABBV: +26.1% a year, volatility 23.4%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%CAT: +31.1% a year, volatility 31.9%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%WELL: +26.0% a year, volatility 23.8%SAN: +31.7% a year, volatility 33.9%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%SCCO: +32.0% a year, volatility 40.7%PSX: +33.2% a year, volatility 32.9%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%PWR: +39.3% a year, volatility 37.2%VRTX: +22.6% a year, volatility 29.1%SU: +33.1% a year, volatility 32.5%TRGP: +41.8% a year, volatility 31.7%CNQ: +26.5% a year, volatility 32.5%BNY: +22.7% a year, volatility 24.4%WMB: +24.6% a year, volatility 24.0%GLW: +31.4% a year, volatility 42.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%AEM: +29.5% a year, volatility 38.4%ING: +24.7% a year, volatility 31.1%IMO: +34.3% a year, volatility 32.0%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%WAB: +25.6% a year, volatility 26.2%WPM: +27.5% a year, volatility 36.9%LNG: +23.4% a year, volatility 30.2%ESLT: +39.8% a year, volatility 34.6%CVE: +26.5% a year, volatility 39.4%URI: +24.3% a year, volatility 39.1%EME: +43.0% a year, volatility 35.3%FTI: +54.1% a year, volatility 41.3%DB: +22.1% a year, volatility 37.4%NUE: +21.7% a year, volatility 37.4%ARGX: +24.1% a year, volatility 39.9%BAP: +30.8% a year, volatility 30.3%KB: +25.3% a year, volatility 34.4%STLD: +32.2% a year, volatility 38.0%NWG: +27.7% a year, volatility 34.1%JBL: +35.8% a year, volatility 39.6%IRM: +24.6% a year, volatility 30.3%CASY: +29.9% a year, volatility 29.3%SBS: +39.1% a year, volatility 37.1%CIB: +32.9% a year, volatility 32.9%TS: +24.3% a year, volatility 33.3%KOF: +22.3% a year, volatility 24.7%NVT: +35.4% a year, volatility 38.0%EQT: +22.5% a year, volatility 40.9%CW: +30.8% a year, volatility 28.7%PAA: +27.0% a year, volatility 25.6%DINO: +31.8% a year, volatility 38.8%RS: +24.8% a year, volatility 28.1%BCH: +25.2% a year, volatility 28.2%RL: +28.6% a year, volatility 36.9%TPR: +28.1% a year, volatility 40.8%GDX: +22.9% a year, volatility 38.2%USFD: +22.7% a year, volatility 29.8%COKE: +41.2% a year, volatility 38.0%UTHR: +23.6% a year, volatility 35.1%UNM: +30.6% a year, volatility 29.3%MLI: +38.9% a year, volatility 33.4%WES: +23.5% a year, volatility 27.6%WF: +26.3% a year, volatility 31.6%MOG-A: +36.6% a year, volatility 32.0%WWD: +23.8% a year, volatility 32.3%CLH: +23.1% a year, volatility 28.6%APG: +23.0% a year, volatility 31.9%NRG: +21.9% a year, volatility 41.8%AIT: +28.5% a year, volatility 30.3%EXEL: +24.4% a year, volatility 35.8%FTNT: +20.7% a year, volatility 44.8%SPY (S&P 500): +12.7% a year, volatility 17.1%HPE: +32.9% a year, volatility 42.2%AVGO: +48.3% a year, volatility 44.5%ANET: +49.0% a year, volatility 49.0%PANW: +31.9% a year, volatility 43.4%ASX: +48.8% a year, volatility 43.0%TSM: +31.5% a year, volatility 38.5%SMH: +33.4% a year, volatility 36.9%MRVL: +29.5% a year, volatility 65.2%LITE: +57.3% a year, volatility 64.5%KLAC: +38.7% a year, volatility 46.7%MPC: +51.2% a year, volatility 33.4%INSW: +56.5% a year, volatility 40.5%VLO: +44.2% a year, volatility 36.9%GILD: +22.8% a year, volatility 24.9%WMT: +20.8% a year, volatility 22.6%TEVA: +32.2% a year, volatility 42.8%DXJ: +26.6% a year, volatility 19.1%XLE: +22.6% a year, volatility 25.5%CAH: +42.1% a year, volatility 24.7%FTNTSPY (S&P 500)HPEAVGOPANWASXMRVLLITEKLACMPCINSWVLOGILDWMTDXJCAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than FTNT?

Investments that beat FTNT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat FTNT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks FTNT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than FTNT follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than FTNT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× FTNT's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than FTNT's.

Screen the whole market against FTNT for any period in BetterThanSPYOpen these 19 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with FTNT?lower diversifies moreExpenseper year
FTNTFortinet, Inc. · this page
+20.7%44.8%0.65−38.3%+2,626%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.360.09%
Popular alternativesbest 4 shownThe investments people most often weigh against FTNT. 4 of 21 passed at least one test.
HPEHewlett Packard Enterprise Company · Computer Hardware
Higher return, lower volatilityHigher return in most periods+32.9%42.2%0.89−56.9%+483%0.47—
AVGOBroadcom Inc. · Semiconductors
Higher return, similar volatility+48.3%44.5%1.11−48.3%+2,380%0.17—
ANETArista Networks, Inc. · Communications Equipment
Higher return, similar volatility+49.0%49.0%1.06−52.2%+3,439%0.04—
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, similar volatility+31.9%43.4%0.86−48.0%+1,274%0.63—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Cybersecurity and Software and the categories next to it (Cloud Computing, Application Software, Communications Equipment, Enterprise Software, Payment Processing, Semiconductors), plus FTNT's specific themes. 9 of 138 passed at least one test.
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, similar volatilityHigher return in most periods+48.8%43.0%1.15−52.5%+967%0.22—
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatility+31.5%38.5%0.91−56.6%+1,505%0.11—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatility+33.4%36.9%0.97−45.3%+1,665%0.330.35%
MRVLMarvell Technology, Inc. · Semiconductors
Higher return in most periods+29.5%65.2%0.72−61.9%+1,874%0.41—
LITELumentum Holdings Inc. · Communications Equipment
Higher return in most periods+57.3%64.5%1.03−66.9%+1,904%0.05—
KLACKLA Corporation · Semiconductor Equipment
Higher return, similar volatility+38.7%46.7%0.94−46.3%+2,534%0.20—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 286 of 3,475 passed at least one test.
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.06—
INSWInternational Seaways, Inc. · Oil & Gas
On the frontierHigher return, lower volatilityHigher return in most periods+56.5%40.5%1.31−57.4%—-0.11—
VLOValero Energy Corporation · Oil & Gas
Higher return, lower volatilityHigher return in most periods+44.2%36.9%1.18−71.9%+1,061%-0.02—
GILDGilead Sciences, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst decline+22.8%24.9%0.95−30.5%+200%0.06—
WMTWalmart Inc. · Discount Retail
Similar return, lower volatilityHigher Sharpe, smaller worst decline+20.8%22.6%0.96−25.7%+508%0.06—
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Higher return, similar volatilityHigher return in most periods+32.2%42.8%0.86−85.5%−3.6%-0.14—
DXJWisdomTree Japan Hedged Equity Fund · International Equity
On the frontierHigher return, lower volatility+26.6%19.1%1.34−39.1%+428%0.120.48%
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Higher return, lower volatility+22.6%25.5%0.93−66.8%+189%-0.050.08%
What these numbers mean for FTNT
Annual return
FTNT returned 20.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $25,600. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
FTNT's volatility over the past 5 years was 44.8%, 2.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FTNT's return lands within 44.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
FTNT's Sharpe ratio over the past 5 years was 0.65, against 0.79 for the S&P 500, so FTNT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
FTNT's worst fall from a peak to a low over the past 10 years was 38.3%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 38.3% fall takes a 62.1% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, FTNT's monthly returns had a correlation of 0.36 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FTNT instead: the lower it is, the more that option would diversify a FTNT holding. Guide: Correlation and diversification →
Show all 179 stocks and funds worth at least $500 million that earned more than FTNT with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with FTNTExpense
1
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.06—
2
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—-0.11—
3
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%-0.02—
4
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.06—
5
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+406%0.01—
6
CAKEThe Cheesecake Factory Incorporated · Restaurants
Whole market+25.8%39.9%0.78−75.6%+187%0.29—
7
HPEHewlett Packard Enterprise Company · Computer Hardware
Popular alternative+32.9%42.2%0.89−56.9%+483%0.47—
8
DTMDT Midstream, Inc. · Oil & Gas Midstream
Whole market+24.5%25.2%1.00−23.6%—0.02—
9
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%-0.16—
10
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.19—
11
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.15—
12
FSSFederal Signal Corporation · Industrial Machinery
Whole market+23.3%31.7%0.82−33.0%+882%0.05—
13
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.12—
14
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.30—
15
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%-0.11—
16
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%0.17—
17
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.00—
18
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.27—
19
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.120.48%
20
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.14—
21
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%-0.06—
22
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.15—
23
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%-0.04—
24
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.22—
25
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%-0.03—
26
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.08—
27
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.05—
28
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.40—
29
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%-0.03—
30
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.13—
31
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.03—
32
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.04—
33
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%-0.09—
34
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.16—
35
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.15—
36
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+521%0.13—
37
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%-0.10—
38
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.07—
39
CNQCanadian Natural Resources Limited · Oil & Gas
Whole market+26.5%32.5%0.89−77.5%+433%-0.08—
40
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+341%0.19—
41
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+288%0.00—
42
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+616%0.12—
43
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+190%-0.09—
44
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+347%0.10—
45
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+955%0.11—
46
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+544%0.28—
47
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+278%-0.11—
48
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+352%-0.10—
49
INGING Groep N.V. · Banks
Whole market+24.7%31.1%0.87−74.4%+339%-0.02—
50
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%-0.11—
51
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+373%0.10—
52
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+654%0.33—
53
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+264%0.19—
54
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+510%-0.03—
55
LNGCheniere Energy, Inc. · Oil & Gas
Whole market+23.4%30.2%0.85−57.5%+616%-0.11—
56
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%0.24—
57
CVECenovus Energy Inc. · Integrated Oil & Gas
Whole market+26.5%39.4%0.80−89.2%+163%-0.13—
58
URIUnited Rentals, Inc. · Equipment Rental
Whole market+24.3%39.1%0.75−63.3%+1,270%0.15—
59
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%0.10—
60
FTITechnipFMC plc · Oilfield Services
Whole market+54.1%41.3%1.26−85.8%+178%-0.06—
61
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Same or nearby category+31.5%38.5%0.91−56.6%+1,505%0.11—
62
XLEState Street Energy Select Sector SPDR ETF · Energy Equity
Whole market+22.6%25.5%0.93−66.8%+189%-0.050.08%
63
DBDeutsche Bank AG · Banks
Whole market+22.1%37.4%0.72−72.7%+165%0.08—
64
NUENucor Corporation · Metals & Mining
Whole market+21.7%37.4%0.72−57.2%+569%0.24—
65
ARGXargenx SE · Biotechnology
Whole market+24.1%39.9%0.74−38.2%—0.14—
66
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+298%0.30—
67
KBKB Financial Group Inc. · Banks
Whole market+25.3%34.4%0.83−64.1%+390%-0.07—
68
STLDSteel Dynamics, Inc. · Metals & Mining
Whole market+32.2%38.0%0.93−68.5%+1,018%0.26—
69
NWGNatWest Group plc · Banks
Whole market+27.7%34.1%0.89−67.4%+495%0.02—
70
JBLJabil Inc. · Electronics Manufacturing
Whole market+35.8%39.6%0.97−57.3%+1,264%0.29—
71
IRMIron Mountain Incorporated · Specialty REITs
Whole market+24.6%30.3%0.88−39.0%+470%0.18—
72
CASYCasey's General Stores, Inc. · Convenience Stores
Whole market+29.9%29.3%1.04−36.1%+537%-0.04—
73
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+293%-0.05—
74
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.07—
75
TSTenaris S.A. · Oilfield Services
Whole market+24.3%33.3%0.82−75.1%+181%-0.03—
76
KOFCoca-Cola FEMSA, S.A.B. de C.V. · Food & Beverages
Whole market+22.3%24.7%0.94−55.1%+119%0.08—
77
NVTnVent Electric plc · Electrical Equipment
Whole market+35.4%38.0%0.99−56.2%—0.25—
78
EQTEQT Corporation · Oil & Gas
Whole market+22.5%40.9%0.70−87.5%+69.1%-0.04—
79
CWCurtiss-Wright Corporation · Aerospace & Defense
Whole market+30.8%28.7%1.08−48.7%+512%0.18—
80
PAAPlains All American Pipeline, L.P. · Oil & Gas Midstream
Whole market+27.0%25.6%1.06−87.9%+64.0%0.02—
81
DINOHF Sinclair Corporation · Oil & Gas
Whole market+31.8%38.8%0.91−77.3%+649%-0.01—
82
RSReliance Steel & Aluminum Co. · Metals & Mining
Whole market+24.8%28.1%0.93−40.8%+626%0.28—
83
BCHBanco de Chile · Banks
Whole market+25.2%28.2%0.94−58.4%+180%-0.13—
84
RLRalph Lauren Corporation · Apparel & Footwear
Whole market+28.6%36.9%0.87−55.1%+370%0.26—
85
TPRTapestry, Inc. · Luxury Goods
Whole market+28.1%40.8%0.82−78.9%+328%0.26—
86
GDXVanEck Gold Miners ETF · Gold Mining
Whole market+22.9%38.2%0.73−49.8%+283%-0.070.51%
87
USFDUS Foods Holding Corp. · Food Distribution
Whole market+22.7%29.8%0.84−77.3%+347%0.08—
88
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%-0.03—
89
UTHRUnited Therapeutics Corporation · Biotechnology
Whole market+23.6%35.1%0.78−55.6%+390%-0.04—
90
UNMUnum Group · Life Insurance
Whole market+30.6%29.3%1.06−81.0%+256%0.18—
91
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.12—
92
WESWestern Midstream Partners, LP · Oil & Gas Midstream
Whole market+23.5%27.6%0.91−91.9%+128%0.10—
93
WFWoori Financial Group Inc. · Banks
Whole market+26.3%31.6%0.90−67.2%+282%-0.10—
94
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.29—
95
WWDWoodward, Inc. · Aerospace & Defense
Whole market+23.8%32.3%0.82−60.6%+488%0.14—
96
CLHClean Harbors, Inc. · Environmental Services
Whole market+23.1%28.6%0.88−64.5%+588%0.01—
97
APGAPi Group Corporation · Engineering & Construction
Whole market+23.0%31.9%0.81−49.6%—0.12—
98
NRGNRG Energy, Inc. · Independent Power Producers
Whole market+21.9%41.8%0.69−48.8%+933%0.08—
99
AITApplied Industrial Technologies, Inc. · Industrial Distribution
Whole market+28.5%30.3%0.98−59.3%+742%0.15—
100
EXELExelixis, Inc. · Biotechnology
Whole market+24.4%35.8%0.79−57.2%+448%0.30—

FTNT against its popular alternatives

The investments people most often weigh against FTNT, compared period by period and year by year.

How do FTNT's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at FTNT, which divides the map into what did better or worse on each measure.

Green points earned more than FTNT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%90.0%100.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%50.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFTNT: 20.7% a year, volatility 44.8%SPY (S&P 500): 12.7% a year, volatility 17.1%HPE: 32.9% a year, volatility 42.2%AVGO: 48.3% a year, volatility 44.5%PANW: 31.9% a year, volatility 43.4%NET: 10.7% a year, volatility 69.1%OKTA: −5.4% a year, volatility 60.1%ZS: −6.3% a year, volatility 57.9%VRNS: −5.2% a year, volatility 53.7%DDOG: 10.1% a year, volatility 59.7%S: −18.9% a year, volatility 62.9%TENB: −5.3% a year, volatility 47.7%TLS: −30.5% a year, volatility 93.9%ANET: 49.0% a year, volatility 49.0%CRWD: 26.3% a year, volatility 52.7%QLYS: 10.7% a year, volatility 42.8%MSFT: 12.5% a year, volatility 28.2%FFIV: 17.1% a year, volatility 30.8%RDWR: −3.5% a year, volatility 38.8%CHKP: 2.8% a year, volatility 29.0%CSCO: 16.8% a year, volatility 26.1%ATEN: 14.0% a year, volatility 42.8%AKAM: −3.7% a year, volatility 39.2%FTNTSPY (S&P 500)HPEAVGOPANWNETOKTAZSVRNSDDOGSTENBTLSANETCRWDQLYSFFIVRDWRCHKPCSCOATEN0.0%20.0%40.0%60.0%80.0%100%−40.0%−20.0%0.0%20.0%40.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityFTNT: 20.7% a year, volatility 44.8%SPY (S&P 500): 12.7% a year, volatility 17.1%HPE: 32.9% a year, volatility 42.2%AVGO: 48.3% a year, volatility 44.5%PANW: 31.9% a year, volatility 43.4%NET: 10.7% a year, volatility 69.1%OKTA: −5.4% a year, volatility 60.1%ZS: −6.3% a year, volatility 57.9%VRNS: −5.2% a year, volatility 53.7%DDOG: 10.1% a year, volatility 59.7%S: −18.9% a year, volatility 62.9%TENB: −5.3% a year, volatility 47.7%TLS: −30.5% a year, volatility 93.9%ANET: 49.0% a year, volatility 49.0%CRWD: 26.3% a year, volatility 52.7%QLYS: 10.7% a year, volatility 42.8%MSFT: 12.5% a year, volatility 28.2%FFIV: 17.1% a year, volatility 30.8%RDWR: −3.5% a year, volatility 38.8%CHKP: 2.8% a year, volatility 29.0%CSCO: 16.8% a year, volatility 26.1%ATEN: 14.0% a year, volatility 42.8%AKAM: −3.7% a year, volatility 39.2%FTNTSPY (S&P 500)HPEAVGOPANWNETOKTAZSDDOGSTENBTLSANETCRWDFFIVCHKP
All figures
InvestmentAnnual returnVolatility
ANET Arista Networks, Inc.+49.0%49.0%
AVGO Broadcom Inc.+48.3%44.5%
HPE Hewlett Packard Enterprise Company+32.9%42.2%
PANW Palo Alto Networks, Inc.+31.9%43.4%
CRWD CrowdStrike Holdings, Inc.+26.3%52.7%
FTNT This pageFortinet, Inc.+20.7%44.8%
FFIV F5, Inc.+17.1%30.8%
CSCO Cisco Systems, Inc.+16.8%26.1%
ATEN A10 Networks, Inc.+14.0%42.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MSFT Microsoft Corporation+12.5%28.2%
NET Cloudflare, Inc.+10.7%69.1%
QLYS Qualys, Inc.+10.7%42.8%
DDOG Datadog, Inc.+10.1%59.7%
CHKP Check Point Software Technologies Ltd.+2.8%29.0%
RDWR Radware Ltd.−3.5%38.8%
AKAM Akamai Technologies, Inc.−3.7%39.2%
VRNS Varonis Systems, Inc.−5.2%53.7%
TENB Tenable Holdings, Inc.−5.3%47.7%
OKTA Okta, Inc.−5.4%60.1%
ZS Zscaler, Inc.−6.3%57.9%
S SentinelOne, Inc.−18.9%62.9%
TLS Telos Corporation−30.5%93.9%
Open these 23 in EasyCompare

Has FTNT consistently beaten its popular alternatives?

This section compares FTNT with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than FTNT helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than FTNT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
FTNT Fortinet, Inc. (this page)—−2.5%+6.6%+107%+119%+101%+203%+156%+2,626%44.8%0.65−38.3%—$125B—
HPE QualifiedHewlett Packard Enterprise Company3/5 short2/3 long−9.1%+26.3%+103%+135%+150%+296%+315%+483%42.2%0.89−56.9%—$74B—
ANET Computer HardwareArista Networks, Inc.0/5 short3/3 long−11.8%+7.0%+8.6%+35.6%+23.7%+289%+634%+3,439%49.0%1.06−52.2%—$229B—
CRWD Software - InfrastructureCrowdStrike Holdings, Inc.1/5 short2/3 long−8.8%+14.5%+110%+101%+80.6%+409%+221%—52.7%0.71−67.7%—$233B—
AVGO SemiconductorsBroadcom Inc.0/5 short2/3 long−7.8%−11.4%−16.0%−3.3%−3.5%+305%+617%+2,380%44.5%1.11−48.3%—$1.6T—
PANW Software - InfrastructurePalo Alto Networks, Inc.0/5 short1/3 long−8.5%−2.4%+101%+89.7%+60.6%+180%+299%+1,274%43.4%0.86−48.0%—$278B—
NET Software - InfrastructureCloudflare, Inc.0/5 short1/3 long−17.1%+7.0%+42.3%+48.7%+36.8%+391%+66.1%—69.1%0.49−82.6%—$104B—
OKTA Software - InfrastructureOkta, Inc.5/5 short0/3 long+1.4%+30.7%+156%+132%+120%+157%−24.3%—60.1%0.21−84.6%—$32B—
QLYS Software - InfrastructureQualys, Inc.3/5 short0/3 long+5.2%+21.8%+132%+45.4%+49.2%+22.3%+65.9%+412%42.8%0.45−63.0%—$6.6B—
MSFT Software - InfrastructureMicrosoft Corporation2/5 short0/3 long+6.0%+32.5%+27.7%+13.2%+3.8%+66.6%+80.3%+946%28.2%0.56−37.1%—$3.9T—
FFIV Software - InfrastructureF5, Inc.2/5 short0/3 long+1.5%+10.9%+45.4%+78.0%+54.0%+208%+120%+287%30.8%0.67−54.6%—$26B—
ZS Software - InfrastructureZscaler, Inc.2/5 short0/3 long+3.6%+43.2%+59.1%−2.7%−29.9%+32.3%−27.9%—57.9%0.18−76.4%—$35B—
VRNS Software - InfrastructureVaronis Systems, Inc.1/5 short0/3 long+0.5%+2.6%+99.4%+51.9%−21.8%+51.1%−23.3%+412%53.7%0.20−78.2%—$5.6B—
RDWR Software - InfrastructureRadware Ltd.1/5 short0/3 long−0.6%−3.6%+14.6%+23.3%+14.4%+84.0%−16.3%+136%38.8%0.10−65.5%—$1.2B—
CHKP Software - InfrastructureCheck Point Software Technologies Ltd.1/5 short0/3 long+4.9%+3.8%+2.0%−22.2%−27.1%+4.6%+14.8%+82.7%29.0%0.24−51.8%—$14B—
DDOG Software - ApplicationDatadog, Inc.1/5 short0/3 long+4.6%−2.6%+97.6%+91.7%+64.1%+198%+61.4%—59.7%0.45−68.1%—$92B—
S Software - InfrastructureSentinelOne, Inc.1/5 short0/3 long−7.6%+13.1%+53.6%+50.3%+28.4%+37.7%−64.8%—62.9%-0.01−84.4%—$7.5B—
TENB Software - InfrastructureTenable Holdings, Inc.1/5 short0/3 long+7.7%+3.2%+99.7%+71.5%+31.0%−8.7%−24.0%—47.7%0.12−74.4%—$4.3B—
TLS Information Technology ServicesTelos Corporation1/5 short0/3 long+9.4%−3.5%+0.5%−11.1%−37.9%+89.3%−83.8%—93.9%0.12−96.0%—$330M—
CSCO Communication EquipmentCisco Systems, Inc.0/5 short0/3 long−3.9%−3.2%+22.6%+42.2%+53.8%+118%+118%+374%26.1%0.73−42.0%—$421B—
ATEN Software - InfrastructureA10 Networks, Inc.0/5 short0/3 long−8.6%−31.0%−9.1%+43.0%+40.8%+134%+92.7%+180%42.8%0.52−64.0%—$1.8B—
AKAM Software - InfrastructureAkamai Technologies, Inc.0/5 short0/3 long−23.7%−27.2%−8.2%+5.3%+20.7%−13.8%−17.1%+58.0%39.2%0.10−46.8%—$13B—
Open these 22 in EasyCompare

How did FTNT do year by year?

This table shows each investment's total return in every full calendar year since 2010, along with where FTNT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with FTNT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: FTNT began trading on November 18, 2009, so the table starts with 2010, its first full calendar year, and cannot show how it fared during the dot-com bust or the 2008 financial crisis.

Newest year first. Green marks a year in which the fund came out ahead of FTNT; gray means the two finished within a fraction of a point. The rank row places FTNT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of FTNT2025202420232022202120202019201820172016201520142013201220112010
FTNT This pageFortinet, Inc.—−16.0%+61.4%+19.7%−32.0%+142%+39.2%+51.5%+61.2%+45.2%−3.4%+1.6%+60.1%−8.8%−3.7%+34.6%+84.1%
Rank among alternativesTop quarter in 5 of 1619 of 223 of 2217 of 2212 of 221 of 2114 of 203 of 172 of 155 of 1411 of 147 of 134 of 1010 of 106 of 81 of 84 of 8
SPY S&P 500State Street SPDR S&P 500 ETF6 of 16+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%
HPE Hewlett Packard Enterprise Company3 of 10+15.5%+29.1%+9.7%+4.5%+37.4%−21.9%+23.7%−5.7%+8.6%+54.2%——————
ANET Arista Networks, Inc.8 of 11+18.6%+87.7%+94.1%−15.6%+97.9%+42.9%−3.5%−10.5%+143%+24.2%+28.2%—————
CRWD CrowdStrike Holdings, Inc.3 of 6+37.0%+34.0%+143%−48.6%−3.3%+325%——————————
AVGO Broadcom Inc.11 of 16+50.6%+110%+104%−13.3%+56.5%+45.0%+29.0%+2.2%+48.2%+23.6%+46.1%+93.4%+70.0%+12.0%+3.0%+55.4%
PANW Palo Alto Networks, Inc.7 of 13+1.2%+23.4%+111%−24.8%+56.7%+53.7%+22.8%+29.9%+15.9%−29.0%+43.7%+113%+7.4%———
NET Cloudflare, Inc.3 of 6+83.1%+29.3%+84.2%−65.6%+73.0%+345%——————————
OKTA Okta, Inc.5 of 8+9.7%−13.0%+32.5%−69.5%−11.8%+120%+80.8%+149%————————
QLYS Qualys, Inc.7 of 13−5.2%−28.6%+74.9%−18.2%+12.6%+46.2%+11.6%+25.9%+87.5%−4.3%−12.3%+63.3%+56.3%———
MSFT Microsoft Corporation9 of 16+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%+20.8%+40.8%+15.1%+22.7%+27.5%+44.3%+5.8%−4.5%−6.5%
FFIV F5, Inc.5 of 16+1.5%+40.5%+24.7%−41.3%+39.1%+26.0%−13.8%+23.5%−9.3%+49.3%−25.7%+43.6%−6.5%−8.5%−18.5%+146%
ZS Zscaler, Inc.3 of 7+24.7%−18.6%+98.0%−65.2%+60.9%+329%+18.6%—————————
VRNS Varonis Systems, Inc.4 of 11−26.2%−1.9%+89.1%−50.9%−10.6%+111%+46.9%+9.0%+81.2%+42.4%−42.7%—————
RDWR Radware Ltd.4 of 16+6.9%+35.1%−15.5%−52.6%+50.0%+7.6%+13.5%+17.1%+33.1%−5.0%−30.3%+22.5%+9.0%+12.8%−22.0%+148%
CHKP Check Point Software Technologies Ltd.6 of 16−0.6%+22.2%+21.1%+8.2%−12.3%+19.8%+8.1%−0.9%+22.7%+3.8%+3.6%+21.8%+35.4%−9.3%+13.6%+36.5%
DDOG Datadog, Inc.3 of 6−4.8%+17.7%+65.1%−58.7%+80.9%+161%——————————
S SentinelOne, Inc.1 of 4−32.4%−19.1%+88.1%−71.1%————————————
TENB Tenable Holdings, Inc.3 of 7−40.3%−14.5%+20.7%−30.7%+5.4%+118%+8.0%—————————
TLS Telos Corporation1 of 5+49.1%−6.3%−28.3%−67.0%−53.2%———————————
CSCO Cisco Systems, Inc.5 of 16+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%+16.6%+31.3%+15.1%+0.6%+28.0%+16.7%+11.6%−9.6%−15.5%
ATEN A10 Networks, Inc.5 of 11−2.6%+42.1%−19.4%+1.7%+68.5%+43.6%+10.2%−19.2%−7.1%+26.7%+50.5%—————
AKAM Akamai Technologies, Inc.6 of 16−8.8%−19.2%+40.4%−28.0%+11.5%+21.6%+41.4%−6.1%−2.5%+26.7%−16.4%+33.5%+15.3%+26.7%−31.4%+85.7%
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Risk and diversification

How FTNT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were FTNT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents FTNT's five deepest drawdowns since it began trading in 2009, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: FTNT began trading on November 18, 2009, so this list cannot include the dot-com bust or the 2008 financial crisis. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means FTNT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringFTNT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2015 China and oil sell-off−51.2%−10.7%Aug 2015Feb 20166 monthsFeb 20182 years
2011 euro debt crisis−42.3%−14.8%Jul 2011Sep 20112 monthsApr 20127 months
No named crash−41.8%+15.5%Apr 2012Jun 201314 monthsDec 201418 months
No named crash−38.3%−2.7%Jul 2023Nov 20234 monthsOct 202411 months
Covid crash−37.6%−28.2%Feb 2020Mar 20201 monthMay 20202 months

How did FTNT do in stock market crashes?

This section measures how far FTNT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: FTNT began trading on November 18, 2009, so its row reads "Not yet trading" for the dot-com bust or the 2008 financial crisis. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than FTNT.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
FTNT This pageFortinet, Inc.—−4.9%−30.6%−36.5%−29.0%−4.4%−50.2%−23.0%−4.1%Not yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF7 of 8−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
HPE Hewlett Packard Enterprise Company1 of 5−7.2%−30.5%−45.3%−27.4%−9.6%—————
ANET Arista Networks, Inc.3 of 6−1.5%−36.6%−31.2%−31.2%−6.1%−36.6%————
CRWD CrowdStrike Holdings, Inc.0 of 3−7.1%−42.7%−50.0%———————
AVGO Broadcom Inc.4 of 8−2.8%−34.3%−46.8%−15.2%−4.5%−21.6%−26.7%0.0%——
PANW Palo Alto Networks, Inc.3 of 6−2.1%−30.6%−46.8%−29.1%−3.3%−40.2%————
NET Cloudflare, Inc.1 of 3−11.1%−69.5%−31.8%———————
OKTA Okta, Inc.2 of 5−7.0%−76.4%−31.1%−33.4%−2.9%—————
QLYS Qualys, Inc.4 of 6−4.2%−24.9%−27.9%−24.4%−6.2%−55.8%————
MSFT Microsoft Corporation6 of 8−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
FFIV F5, Inc.3 of 8−5.6%−42.7%−32.1%−24.7%−5.5%−35.0%−31.6%−3.7%−59.2%−96.8%
ZS Zscaler, Inc.1 of 4−8.3%−55.3%−39.4%−24.4%——————
VRNS Varonis Systems, Inc.1 of 6−12.4%−54.6%−44.3%−31.5%−4.4%−43.4%————
RDWR Radware Ltd.5 of 8−7.0%−45.4%−29.8%−18.9%−3.5%−49.2%−42.6%−2.9%−70.5%−88.9%
CHKP Check Point Software Technologies Ltd.8 of 8−1.9%−26.6%−30.2%−15.9%−3.5%−16.7%−18.5%−1.3%−34.4%−89.3%
DDOG Datadog, Inc.0 of 3−9.5%−53.0%−38.8%———————
S SentinelOne, Inc.0 of 2−10.4%−59.8%————————
TENB Tenable Holdings, Inc.0 of 4−5.2%−51.8%−40.9%−47.0%——————
TLS Telos Corporation0 of 2−20.2%−55.1%————————
CSCO Cisco Systems, Inc.6 of 8−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
ATEN A10 Networks, Inc.4 of 6−5.8%−23.3%−51.5%−10.9%−2.8%−39.3%————
AKAM Akamai Technologies, Inc.3 of 8−4.9%−36.0%−21.9%−20.6%−4.9%−47.6%−39.2%−4.5%−77.0%−99.8%
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How closely does FTNT move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares FTNT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than FTNT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
FTNT This pageFortinet, Inc.159%92%1.721.09
PANW Palo Alto Networks, Inc.118%49%2.441.14
ANET Arista Networks, Inc.174%91%1.921.40
AVGO Broadcom Inc.158%86%1.851.19
QLYS Qualys, Inc.81%51%1.570.63
MSFT Microsoft Corporation127%91%1.390.96
HPE Hewlett Packard Enterprise Company116%102%1.141.31
VRNS Varonis Systems, Inc.99%89%1.111.00
CSCO Cisco Systems, Inc.101%96%1.060.97
FFIV F5, Inc.87%84%1.031.04
AKAM Akamai Technologies, Inc.57%66%0.860.55
ATEN A10 Networks, Inc.86%101%0.851.04
RDWR Radware Ltd.80%104%0.760.88
CHKP Check Point Software Technologies Ltd.59%83%0.710.58
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What diversifies FTNT?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with FTNT's. Because such investments tend not to fall at the same time, pairing FTNT with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which FTNT lost money. The last two columns show a portfolio that is 80% FTNT and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2025202220162013201280/20 mix volatility80/20 mix annual return
FTNT Fortinet, Inc. (this page)1.00+156%0.65−16.0%−32.0%−3.4%−8.8%−3.7%44.3%+25.1%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.02+119%1.48+27.1%+3.8%———35.5%+25.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.12+225%1.34+32.8%+6.0%+1.1%+41.3%+19.6%35.8%+27.1%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.09+101%1.04+9.7%+10.4%+29.8%+16.6%—35.8%+24.7%
HDV Dividend & IncomeiShares Core High Dividend ETF0.10+83.3%1.00+11.9%+7.1%+15.9%+23.8%+9.6%35.9%+24.0%
SMH TechnologyVanEck Semiconductor ETF0.33+323%0.97+49.2%−33.5%+35.6%+33.4%+8.6%38.3%+29.3%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.25+85.0%0.96+23.1%−5.1%+6.3%+26.4%+20.9%36.1%+24.2%
GLD CommoditiesSPDR Gold Shares-0.11+126%0.96+63.7%−0.8%+8.0%−28.3%+6.6%35.2%+25.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.40+136%0.93+26.6%−10.4%+7.4%——37.3%+25.8%

Stocks

InvestmentCorrelation5Y returnSharpe2025202220162013201280/20 mix volatility80/20 mix annual return
FTNT Fortinet, Inc. (this page)1.00+156%0.65−16.0%−32.0%−3.4%−8.8%−3.7%44.3%+25.1%
CAH Medical - DistributionCardinal Health, Inc.0.15+479%1.55+76.3%+54.1%−17.5%+66.0%+3.8%36.6%+29.5%
CLS Hardware, Equipment & PartsCelestica Inc.0.08+3,143%1.47+220%+1.3%+7.4%+27.6%+11.2%38.2%+43.4%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.21+1,636%1.46+121%+17.0%+18.3%+61.7%+15.7%38.3%+38.6%
MCK Medical - DistributionMcKesson Corporation-0.04+413%1.44+44.5%+51.8%−28.3%+67.7%+25.6%35.6%+29.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.06+690%1.41+19.2%+86.6%+0.7%+48.6%+94.3%36.4%+32.0%
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Common questions

What was FTNT's worst drawdown?

FTNT's deepest decline since it began trading in 2009 was 51.2%, from August 2015 to February 2016. It took 24 months from the low to climb back to its old high. Because FTNT launched in November 2009, that record does not include the dot-com bust or the 2008 financial crisis.

What were FTNT's best and worst years?

Over 16 full calendar years, FTNT's best year was 2021, when it returned 142%. Its worst was 2022, with a return of -32.0%.

Is there a better investment than FTNT?

Among FTNT's popular alternatives, HPE earned more than FTNT with less volatility over the past 5 years: 32.9% a year at 42.2% volatility, against 20.7% a year at 44.8%. Looking beyond its popular alternatives, TSM (semiconductors) and SMH (semiconductors) earned more than FTNT with less volatility over the past 5 years. TSM returned 31.5% a year at 38.5% volatility, against 20.7% a year at 44.8%.

Is FTNT more volatile than the S&P 500?

Yes. FTNT's volatility over the past 5 years was 44.8%, 2.6 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, FTNT's return lands within 44.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is FTNT's Sharpe ratio?

FTNT's Sharpe ratio over the past 5 years was 0.65, against 0.79 for the S&P 500, so FTNT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is FTNT with the S&P 500?

Over the past 5 years, FTNT's monthly returns had a correlation of 0.36 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against FTNT instead: the lower it is, the more that option would diversify a FTNT holding.

What are the best alternatives to FTNT?

Of the 21 popular alternatives we compared, one outperformed FTNT in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: HPE.

Did FTNT outperform the S&P 500?

FTNT finished ahead of the S&P 500 (SPY) in nine of 16 full calendar years. In 2025, it returned -16.0%, against +17.7% for the index.

How did FTNT do in stock market crashes?

FTNT fell less than the S&P 500 (SPY) in one of the eight major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when FTNT fell 50.2% and the S&P 500 fell 12.8%.

What diversifies FTNT?

These had a low correlation with FTNT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.02), DXJ (correlation 0.12) and EMLP (correlation 0.09); among large stocks, CAH (correlation 0.15), CLS (correlation 0.08) and FIX (correlation 0.21). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to FTNT

Other stocks and ETFs