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Relative Intelligence · Cybersecurity

How Palo Alto Networks (PANW) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on PANW alone. It places PANW (Palo Alto Networks, 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 PANW stands in the market, and of the alternatives worth a closer look.

Period covered: PANW's full trading record, from July 2012 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 PANW →Chart PANW vs. 21 alternatives →
On this page12 sections

Key findings

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

This chart tracks a hypothetical $10,000 investment in PANW over the past 14 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of PANW over the same span and PANW'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: PANW began trading on July 20, 2012, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 14 years of PANW's record, starting at the end of September 2012.

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. 29 of the 2,213 stocks and funds worth at least $500 million that traded the whole period ended ahead of PANW; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M20122014201620182020202220242026$10,000$100,000$1M2012201620202024
  • NVDA$8M+75,080% total · +60.5% a year
  • MU$2M+18,167% total · +45.1% a year
  • AMD$2M+18,053% total · +45.0% a year
  • AVGO$1M+13,673% total · +42.2% a year
  • SMH$453,446+4,434% total · +31.3% a year
  • PANW$387,235+3,772% total · +29.8% a year
  • FTNT$370,856+3,609% total · +29.4% 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. 122 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of PANW; 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
  • MU$153,675+1,437% total · +72.7% a year
  • LITE$116,261+1,063% total · +63.3% a year
  • AVGO$79,117+691% total · +51.2% a year
  • ASX$70,798+608% total · +47.9% a year
  • AMD$59,452+495% total · +42.8% a year
  • PANW$49,770+398% total · +37.8% a year
  • CRWD$43,090+331% total · +33.9% a year
  • FTNT$30,603+206% total · +25.1% a year
  • FFIV$22,395+124% total · +17.5% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
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PANW 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: PANW began trading on July 20, 2012, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$278B
Industry
Software - Infrastructure
Price history from
July 2012

Returns

Past 1 year
+60.6%total return
Past 3 years
+180%+40.9% a year
Past 5 years
+299%+31.9% a year
Past 10 years
+1,274%+30.0% a year
Best calendar year
+113%2014
Worst calendar year
−29.0%2016
Losing years
2 of 13full calendar years

Risk

Volatility
43.4%typical yearly swing, 5 years
Sharpe ratio
0.86return per unit of risk, 5 years
Worst decline ever
−48.0%Feb 2019 to Mar 2020
From its all-time high
−19.0%below the peak

PANW against the whole market

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

How does PANW rank among all stocks?

This section ranks PANW 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 PANW 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.

MeasurePANWRankStanding
1-year return+60.6%411 of 3,287top 13%
3-year return+180%467 of 3,017top 15%
5-year return+299%172 of 2,893top 6%
10-year return+1,274%72 of 2,202top 3%
Volatility, 5 years43.4%1,633 of 2,893bottom 45%
Sharpe ratio, 5 years0.86217 of 2,893top 8%
Worst decline, past 10 years−48.0%382 of 2,187top 17%

What has beaten PANW 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). PANW sits where the dashed lines cross. Anything in the green box above and to the left earned more than PANW 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 PANW; faint dots are 35 more of the 42 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%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PANWVLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%CIB: +32.9% a year, volatility 32.9%ESLT: +39.8% a year, volatility 34.6%EZPW: +33.2% a year, volatility 35.4%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%EME: +43.0% a year, volatility 35.3%JBL: +35.8% a year, volatility 39.6%SBS: +39.1% a year, volatility 37.1%NVT: +35.4% a year, volatility 38.0%COKE: +41.2% a year, volatility 38.0%MLI: +38.9% a year, volatility 33.4%MOG-A: +36.6% a year, volatility 32.0%IDCC: +39.0% a year, volatility 36.9%LAUR: +37.5% a year, volatility 32.8%SNEX: +33.0% a year, volatility 37.3%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%USLM: +35.6% a year, volatility 36.1%NRP: +37.4% a year, volatility 33.9%ODC: +35.9% a year, volatility 36.9%PANW: +31.9% a year, volatility 43.4%SPY (S&P 500): +12.7% a year, volatility 17.1%FTNT: +20.7% a year, volatility 44.8%ASX: +48.8% a year, volatility 43.0%MU: +68.1% a year, volatility 57.1%SMH: +33.4% a year, volatility 36.9%AMD: +35.7% a year, volatility 57.6%LITE: +57.3% a year, volatility 64.5%AVGO: +48.3% a year, volatility 44.5%LLY: +40.7% a year, volatility 32.8%MPC: +51.2% a year, volatility 33.4%DHT: +38.7% a year, volatility 39.0%ATI: +61.8% a year, volatility 42.9%PWR: +39.3% a year, volatility 37.2%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%INSW: +56.5% a year, volatility 40.5%PANWSPY (S&P 500)FTNTASXMUSMHAMDLITELLYMPCDHTATINHCCAHINSW0.0%20.0%40.0%60.0%80.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than PANWVLO: +44.2% a year, volatility 36.9%TRGP: +41.8% a year, volatility 31.7%MCK: +38.7% a year, volatility 25.0%APH: +33.8% a year, volatility 32.2%CIB: +32.9% a year, volatility 32.9%ESLT: +39.8% a year, volatility 34.6%EZPW: +33.2% a year, volatility 35.4%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%HSBC: +33.1% a year, volatility 25.9%GE: +36.0% a year, volatility 31.0%MUFG: +33.2% a year, volatility 29.4%PBR: +50.3% a year, volatility 37.5%BBVA: +38.7% a year, volatility 33.3%IBKR: +35.4% a year, volatility 35.4%MFG: +33.6% a year, volatility 30.6%PSX: +33.2% a year, volatility 32.9%SMFG: +33.7% a year, volatility 29.4%SU: +33.1% a year, volatility 32.5%IMO: +34.3% a year, volatility 32.0%EME: +43.0% a year, volatility 35.3%JBL: +35.8% a year, volatility 39.6%SBS: +39.1% a year, volatility 37.1%NVT: +35.4% a year, volatility 38.0%COKE: +41.2% a year, volatility 38.0%MLI: +38.9% a year, volatility 33.4%MOG-A: +36.6% a year, volatility 32.0%IDCC: +39.0% a year, volatility 36.9%LAUR: +37.5% a year, volatility 32.8%SNEX: +33.0% a year, volatility 37.3%AROC: +33.1% a year, volatility 36.4%CAAP: +35.1% a year, volatility 35.9%USLM: +35.6% a year, volatility 36.1%NRP: +37.4% a year, volatility 33.9%ODC: +35.9% a year, volatility 36.9%PANW: +31.9% a year, volatility 43.4%SPY (S&P 500): +12.7% a year, volatility 17.1%FTNT: +20.7% a year, volatility 44.8%ASX: +48.8% a year, volatility 43.0%MU: +68.1% a year, volatility 57.1%SMH: +33.4% a year, volatility 36.9%AMD: +35.7% a year, volatility 57.6%LITE: +57.3% a year, volatility 64.5%AVGO: +48.3% a year, volatility 44.5%LLY: +40.7% a year, volatility 32.8%MPC: +51.2% a year, volatility 33.4%DHT: +38.7% a year, volatility 39.0%ATI: +61.8% a year, volatility 42.9%PWR: +39.3% a year, volatility 37.2%NHC: +32.0% a year, volatility 28.5%CAH: +42.1% a year, volatility 24.7%INSW: +56.5% a year, volatility 40.5%PANWSPY (S&P 500)FTNTASXMUSMHAMDLITEAVGOLLYMPCDHTATINHCCAHINSW
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than PANW?

Investments that beat PANW 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 PANW 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 PANW'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 PANW 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 PANW'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× PANW's volatility counts as better.

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

Screen the whole market against PANW for any period in BetterThanSPYOpen these 14 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 PANW?lower diversifies moreExpenseper year
PANWPalo Alto Networks, Inc. · this page
+31.9%43.4%0.86−48.0%+1,274%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.350.09%
Popular alternativesbest 1 shownThe investments people most often weigh against PANW. 1 of 21 passed at least one test.
FTNTFortinet, Inc. · Cybersecurity
Higher return in most periods+20.7%44.8%0.65−38.3%+2,626%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 PANW's specific themes. 8 of 132 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%0.33—
MUMicron Technology, Inc. · Semiconductors
Higher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.47—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatility+33.4%36.9%0.97−45.3%+1,665%0.430.35%
AMDAdvanced Micro Devices, Inc. · Semiconductors
Higher return in most periods+35.7%57.6%0.82−65.5%+7,583%0.43—
LITELumentum Holdings Inc. · Communications Equipment
Higher return in most periods+57.3%64.5%1.03−66.9%+1,904%-0.02—
AVGOBroadcom Inc. · Semiconductors
Higher return, similar volatility+48.3%44.5%1.11−48.3%+2,380%0.17—
The whole marketbest 6 shownEvery other stock and fund worth at least $500 million. 81 of 3,480 passed at least one test.
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.19—
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%0.02—
DHTDHT Holdings, Inc. · Marine Shipping
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%39.0%1.04−39.7%+1,050%-0.03—
ATIATI Inc. · Metals & Mining
On the frontierHigher return, similar volatilityHigher return in most periods+61.8%42.9%1.34−82.4%+929%0.18—
PWRQuanta Services, Inc. · Engineering & Construction
Higher return, lower volatilitySmaller losses in recent crashes+39.3%37.2%1.08−45.5%+2,045%0.04—
NHCNational HealthCare Corporation · Medical - Care Facilities
Similar return, lower volatilityHigher Sharpe, smaller worst decline+32.0%28.5%1.12−35.3%+394%0.12—
What these numbers mean for PANW
Annual return
PANW returned 31.9% 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 $39,900. 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
PANW's volatility over the past 5 years was 43.4%, 2.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PANW's return lands within 43.4% 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
PANW's Sharpe ratio over the past 5 years was 0.86, against 0.79 for the S&P 500, so PANW earned more 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
PANW's worst fall from a peak to a low over the past 10 years was 48.0%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 48.0% fall takes a 92.2% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, PANW's monthly returns had a correlation of 0.35 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 PANW instead: the lower it is, the more that option would diversify a PANW holding. Guide: Correlation and diversification →
Show all 42 stocks and funds worth at least $500 million that earned more than PANW with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with PANWExpense
1
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.19—
2
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.02—
3
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.25—
4
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+1,050%-0.03—
5
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—-0.07—
6
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%-0.04—
7
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%-0.03—
8
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%-0.07—
9
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.26—
10
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.04—
11
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.8%34.6%1.15−35.4%+765%-0.02—
12
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+2,045%0.04—
13
EZPWEZCORP, Inc. · Financial - Credit Services
Whole market+33.2%35.4%0.99−76.6%+202%0.04—
14
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%-0.07—
15
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.05—
16
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.00—
17
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.19—
18
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%-0.07—
19
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%-0.09—
20
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.01—
21
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.22—
22
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%-0.11—
23
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%-0.02—
24
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%-0.16—
25
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+295%-0.24—
26
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%-0.19—
27
EMEEMCOR Group, Inc. · Engineering & Construction
Whole market+43.0%35.3%1.20−48.0%+1,202%-0.05—
28
JBLJabil Inc. · Electronics Manufacturing
Whole market+35.8%39.6%0.97−57.3%+1,264%0.19—
29
SBSCompanhia de Saneamento Básico do Estado de São Paulo - SABESP · Water Utilities
Whole market+39.1%37.1%1.08−62.0%+293%0.03—
30
NVTnVent Electric plc · Electrical Equipment
Whole market+35.4%38.0%0.99−56.2%—0.33—
31
COKECoca-Cola Consolidated, Inc. · Food & Beverages
Whole market+41.2%38.0%1.10−51.7%+1,569%-0.11—
32
MLIMueller Industries, Inc. · Metal Fabrication
Whole market+38.9%33.4%1.16−53.0%+800%0.14—
33
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.22—
34
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+395%0.14—
35
SMHVanEck Semiconductor ETF · Semiconductors
Same or nearby category+33.4%36.9%0.97−45.3%+1,665%0.430.35%
36
LAURLaureate Education, Inc. · Education Services
Whole market+37.5%32.8%1.14−64.5%—0.01—
37
SNEXStoneX Group Inc. · Capital Markets
Whole market+33.0%37.3%0.96−48.7%+670%0.02—
38
AROCArchrock, Inc. · Oilfield Services
Whole market+33.1%36.4%0.97−84.9%+288%-0.08—
39
CAAPCorporacion America Airports S.A. · Infrastructure
Whole market+35.1%35.9%1.02−89.9%—0.10—
40
USLMUnited States Lime & Minerals, Inc. · Construction Materials
Whole market+35.6%36.1%1.03−45.9%+803%0.13—
41
NRPNatural Resource Partners L.P. · Coal
Whole market+37.4%33.9%1.11−78.8%+632%-0.21—
42
ODCOil-Dri Corporation of America · Chemicals - Specialty
Whole market+35.9%36.9%1.02−48.9%+460%0.07—

PANW against its popular alternatives

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

How do PANW'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 PANW, which divides the map into what did better or worse on each measure.

Green points earned more than PANW 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%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPANW: 31.9% a year, volatility 43.4%SPY (S&P 500): 12.7% a year, volatility 17.1%FTNT: 20.7% a year, volatility 44.8%CRWD: 26.3% a year, volatility 52.7%DDOG: 10.1% a year, volatility 59.7%NET: 10.7% a year, volatility 69.1%OKTA: −5.4% a year, volatility 60.1%RPD: −36.2% a year, volatility 58.4%VRNS: −5.2% a year, volatility 53.7%OSPN: −1.2% a year, volatility 48.5%S: −18.9% a year, volatility 62.9%TENB: −5.3% a year, volatility 47.7%ZS: −6.3% a year, volatility 57.9%FFIV: 17.1% a year, volatility 30.8%QLYS: 10.7% a year, volatility 42.8%MSFT: 12.5% a year, volatility 28.2%AMZN: 9.0% a year, volatility 36.6%CHKP: 2.8% a year, volatility 29.0%GOOG: 19.0% a year, volatility 32.0%CSCO: 16.8% a year, volatility 26.1%RDWR: −3.5% a year, volatility 38.8%GEN: 0.4% a year, volatility 32.9%AKAM: −3.7% a year, volatility 39.2%PANWSPY (S&P 500)FTNTCRWDDDOGNETOKTARPDVRNSOSPNSTENBZSFFIVQLYSMSFTAMZNCHKPGOOGCSCORDWRGENAKAM0.0%20.0%40.0%60.0%80.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityPANW: 31.9% a year, volatility 43.4%SPY (S&P 500): 12.7% a year, volatility 17.1%FTNT: 20.7% a year, volatility 44.8%CRWD: 26.3% a year, volatility 52.7%DDOG: 10.1% a year, volatility 59.7%NET: 10.7% a year, volatility 69.1%OKTA: −5.4% a year, volatility 60.1%RPD: −36.2% a year, volatility 58.4%VRNS: −5.2% a year, volatility 53.7%OSPN: −1.2% a year, volatility 48.5%S: −18.9% a year, volatility 62.9%TENB: −5.3% a year, volatility 47.7%ZS: −6.3% a year, volatility 57.9%FFIV: 17.1% a year, volatility 30.8%QLYS: 10.7% a year, volatility 42.8%MSFT: 12.5% a year, volatility 28.2%AMZN: 9.0% a year, volatility 36.6%CHKP: 2.8% a year, volatility 29.0%GOOG: 19.0% a year, volatility 32.0%CSCO: 16.8% a year, volatility 26.1%RDWR: −3.5% a year, volatility 38.8%GEN: 0.4% a year, volatility 32.9%AKAM: −3.7% a year, volatility 39.2%PANWSPY (S&P 500)FTNTCRWDDDOGNETOKTARPDVRNSOSPNSFFIVQLYSAMZNCHKPGOOGRDWRGEN
All figures
InvestmentAnnual returnVolatility
PANW This pagePalo Alto Networks, Inc.+31.9%43.4%
CRWD CrowdStrike Holdings, Inc.+26.3%52.7%
FTNT Fortinet, Inc.+20.7%44.8%
GOOG Alphabet Inc.+19.0%32.0%
FFIV F5, Inc.+17.1%30.8%
CSCO Cisco Systems, Inc.+16.8%26.1%
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%
AMZN Amazon.com, Inc.+9.0%36.6%
CHKP Check Point Software Technologies Ltd.+2.8%29.0%
GEN Gen Digital Inc.+0.4%32.9%
OSPN OneSpan Inc.−1.2%48.5%
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%
RPD Rapid7, Inc.−36.2%58.4%
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Has PANW consistently beaten its popular alternatives?

This section compares PANW 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 PANW helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than PANW 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
PANW Palo Alto Networks, Inc. (this page)—−8.5%−2.4%+101%+89.7%+60.6%+180%+299%+1,274%43.4%0.86−48.0%—$278B—
FTNT QualifiedFortinet, Inc.5/5 short2/3 long−2.5%+6.6%+107%+119%+101%+203%+156%+2,626%44.8%0.65−38.3%—$125B—
CRWD Software - InfrastructureCrowdStrike Holdings, Inc.4/5 short1/3 long−8.8%+14.5%+110%+101%+80.6%+409%+221%—52.7%0.71−67.7%—$233B—
FFIV Software - InfrastructureF5, Inc.2/5 short1/3 long+1.5%+10.9%+45.4%+78.0%+54.0%+208%+120%+287%30.8%0.67−54.6%—$26B—
DDOG Software - ApplicationDatadog, Inc.2/5 short1/3 long+4.6%−2.6%+97.6%+91.7%+64.1%+198%+61.4%—59.7%0.45−68.1%—$92B—
NET Software - InfrastructureCloudflare, Inc.1/5 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—
RPD Software - InfrastructureRapid7, Inc.3/5 short0/3 long+6.0%+10.6%+127%−7.4%−29.6%−73.4%−89.4%−12.2%58.4%-0.48−96.4%—$891M—
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—
AMZN Specialty RetailAmazon.com, Inc.2/5 short0/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
VRNS Software - InfrastructureVaronis Systems, Inc.2/5 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—
CHKP Software - InfrastructureCheck Point Software Technologies Ltd.2/5 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—
OSPN Software - InfrastructureOneSpan Inc.2/5 short0/3 long+3.7%+18.6%+62.5%+53.1%+22.7%+115%−5.9%+31.6%48.5%0.22−76.6%—$673M—
S Software - InfrastructureSentinelOne, Inc.2/5 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.2/5 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—
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—
GOOG Internet Content & InformationAlphabet Inc.1/5 short0/3 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%+752%32.0%0.71−44.6%—$4.1T—
CSCO Communication EquipmentCisco Systems, Inc.1/5 short0/3 long−3.9%−3.2%+22.6%+42.2%+53.8%+118%+118%+374%26.1%0.73−42.0%—$421B—
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—
GEN Software - InfrastructureGen Digital Inc.0/5 short0/3 long−17.4%−9.3%+19.0%−6.3%−8.1%+48.7%+2.2%+107%32.9%0.18−48.4%—$14B—
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—
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How did PANW do year by year?

This table shows each investment's total return in every full calendar year since 2013, along with where PANW ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with PANW and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: PANW began trading on July 20, 2012, so the table starts with 2013, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

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

InvestmentYears ahead of PANW2025202420232022202120202019201820172016201520142013
PANW This pagePalo Alto Networks, Inc.—+1.2%+23.4%+111%−24.8%+56.7%+53.7%+22.8%+29.9%+15.9%−29.0%+43.7%+113%+7.4%
Rank among alternativesTop quarter in 6 of 1311 of 229 of 222 of 225 of 226 of 2110 of 2111 of 184 of 1612 of 1515 of 153 of 142 of 1310 of 13
SPY S&P 500State Street SPDR S&P 500 ETF7 of 13+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%
FTNT Fortinet, Inc.6 of 13−16.0%+61.4%+19.7%−32.0%+142%+39.2%+51.5%+61.2%+45.2%−3.4%+1.6%+60.1%−8.8%
CRWD CrowdStrike Holdings, Inc.4 of 6+37.0%+34.0%+143%−48.6%−3.3%+325%———————
FFIV F5, Inc.2 of 13+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%
DDOG Datadog, Inc.2 of 6−4.8%+17.7%+65.1%−58.7%+80.9%+161%———————
NET Cloudflare, Inc.4 of 6+83.1%+29.3%+84.2%−65.6%+73.0%+345%———————
OKTA Okta, Inc.4 of 8+9.7%−13.0%+32.5%−69.5%−11.8%+120%+80.8%+149%—————
QLYS Qualys, Inc.4 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%
RPD Rapid7, Inc.5 of 10−62.2%−29.5%+68.0%−71.1%+30.5%+60.9%+79.8%+67.0%+53.3%−19.6%———
MSFT Microsoft Corporation5 of 13+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%
AMZN Amazon.com, Inc.7 of 13+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%+118%−22.2%+59.0%
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%——
CHKP Check Point Software Technologies Ltd.4 of 13−0.6%+22.2%+21.1%+8.2%−12.3%+19.8%+8.1%−0.9%+22.7%+3.8%+3.6%+21.8%+35.4%
OSPN OneSpan Inc.4 of 13−28.5%+73.0%−4.3%−33.9%−18.1%+20.8%+32.2%−6.8%+1.8%−18.4%−40.7%+265%−5.3%
S SentinelOne, Inc.0 of 4−32.4%−19.1%+88.1%−71.1%—————————
TENB Tenable Holdings, Inc.1 of 7−40.3%−14.5%+20.7%−30.7%+5.4%+118%+8.0%——————
ZS Zscaler, Inc.3 of 7+24.7%−18.6%+98.0%−65.2%+60.9%+329%+18.6%——————
GOOG Alphabet Inc.7 of 13+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%−1.0%+35.6%+1.7%+44.5%−6.0%+58.5%
CSCO Cisco Systems, Inc.5 of 13+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%
RDWR Radware Ltd.5 of 13+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%
GEN Gen Digital Inc.5 of 13+1.1%+22.4%+9.2%−15.8%+27.6%+44.4%+37.1%−31.8%+18.5%+43.9%−16.0%+11.7%+27.9%
AKAM Akamai Technologies, Inc.3 of 13−8.8%−19.2%+40.4%−28.0%+11.5%+21.6%+41.4%−6.1%−2.5%+26.7%−16.4%+33.5%+15.3%
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Risk and diversification

How PANW 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 PANW's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents PANW's five deepest drawdowns since it began trading in 2012, 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: PANW began trading on July 20, 2012, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

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

DuringPANW fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
Covid crash−48.0%−12.4%Feb 2019Mar 202013 monthsJul 20204 months
2015 China and oil sell-off−45.2%+15.9%Jul 2015Apr 201721 monthsMay 201813 months
No named crash−44.9%+11.9%Sep 2012Jun 20139 monthsFeb 20148 months
No named crash−36.0%+0.3%Oct 2025Feb 20264 monthsMay 20263 months
2022 bear market−36.0%−10.7%Apr 2022Jan 20239 monthsMay 20234 months

How did PANW do in stock market crashes?

This section measures how far PANW, 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: PANW began trading on July 20, 2012, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. 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 PANW.

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
PANW This pagePalo Alto Networks, Inc.—−2.1%−30.6%−46.8%−29.1%−3.3%−40.2%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
FTNT Fortinet, Inc.1 of 6−4.9%−30.6%−36.5%−29.0%−4.4%−50.2%−23.0%−4.1%——
CRWD CrowdStrike Holdings, Inc.0 of 3−7.1%−42.7%−50.0%———————
FFIV F5, Inc.3 of 6−5.6%−42.7%−32.1%−24.7%−5.5%−35.0%−31.6%−3.7%−59.2%−96.8%
DDOG Datadog, Inc.1 of 3−9.5%−53.0%−38.8%———————
NET Cloudflare, Inc.1 of 3−11.1%−69.5%−31.8%———————
OKTA Okta, Inc.1 of 5−7.0%−76.4%−31.1%−33.4%−2.9%—————
QLYS Qualys, Inc.3 of 6−4.2%−24.9%−27.9%−24.4%−6.2%−55.8%————
RPD Rapid7, Inc.2 of 6−19.3%−65.8%−39.5%−28.2%−3.3%−62.2%————
MSFT Microsoft Corporation3 of 6−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
AMZN Amazon.com, Inc.2 of 6−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
VRNS Varonis Systems, Inc.1 of 6−12.4%−54.6%−44.3%−31.5%−4.4%−43.4%————
CHKP Check Point Software Technologies Ltd.4 of 6−1.9%−26.6%−30.2%−15.9%−3.5%−16.7%−18.5%−1.3%−34.4%−89.3%
OSPN OneSpan Inc.2 of 6−7.6%−52.0%−42.6%−37.1%−6.3%−35.7%−63.5%−3.3%−90.9%−95.9%
S SentinelOne, Inc.0 of 2−10.4%−59.8%————————
TENB Tenable Holdings, Inc.1 of 4−5.2%−51.8%−40.9%−47.0%——————
ZS Zscaler, Inc.2 of 4−8.3%−55.3%−39.4%−24.4%——————
GOOG Alphabet Inc.3 of 6−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
CSCO Cisco Systems, Inc.4 of 6−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
RDWR Radware Ltd.2 of 6−7.0%−45.4%−29.8%−18.9%−3.5%−49.2%−42.6%−2.9%−70.5%−88.9%
GEN Gen Digital Inc.3 of 6−10.5%−33.6%−19.8%−22.7%−5.5%−17.1%−20.8%−5.5%−55.7%−63.1%
AKAM Akamai Technologies, Inc.2 of 6−4.9%−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 PANW 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 PANW 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 PANW's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
PANW This pagePalo Alto Networks, Inc.118%49%2.441.14
FTNT Fortinet, Inc.159%92%1.721.09
QLYS Qualys, Inc.81%51%1.570.63
MSFT Microsoft Corporation127%91%1.390.96
GOOG Alphabet Inc.132%110%1.201.12
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
AMZN Amazon.com, Inc.134%139%0.961.31
AKAM Akamai Technologies, Inc.57%66%0.860.55
RDWR Radware Ltd.80%104%0.760.88
CHKP Check Point Software Technologies Ltd.59%83%0.710.58
GEN Gen Digital Inc.87%129%0.670.99
OSPN OneSpan Inc.102%191%0.531.10
RPD Rapid7, Inc.81%182%0.451.20
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What diversifies PANW?

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 PANW's. Because such investments tend not to fall at the same time, pairing PANW 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 PANW lost money. The last two columns show a portfolio that is 80% PANW and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022201680/20 mix volatility80/20 mix annual return
PANW Palo Alto Networks, Inc. (this page)1.00+299%0.86−24.8%−29.0%41.8%+37.9%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.17+119%1.48+3.8%—33.2%+35.1%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.16+225%1.34+6.0%+1.1%33.9%+37.2%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund-0.09+101%1.04+10.4%+29.8%33.3%+34.9%
HDV Dividend & IncomeiShares Core High Dividend ETF-0.07+83.3%1.00+7.1%+15.9%33.4%+34.1%
SMH TechnologyVanEck Semiconductor ETF0.43+323%0.97−33.5%+35.6%36.9%+39.4%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.18+85.0%0.96−5.1%+6.3%33.9%+34.2%
GLD CommoditiesSPDR Gold Shares-0.20+126%0.96−0.8%+8.0%32.9%+35.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.37+136%0.93−10.4%+7.4%35.2%+35.8%

Stocks

InvestmentCorrelation5Y returnSharpe2022201680/20 mix volatility80/20 mix annual return
PANW Palo Alto Networks, Inc. (this page)1.00+299%0.86−24.8%−29.0%41.8%+37.9%
CAH Medical - DistributionCardinal Health, Inc.0.25+479%1.55+54.1%−17.5%35.1%+39.6%
CLS Hardware, Equipment & PartsCelestica Inc.0.10+3,143%1.47+1.3%+7.4%36.5%+54.7%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.01+1,636%1.46+17.0%+18.3%34.7%+50.5%
MCK Medical - DistributionMcKesson Corporation-0.07+413%1.44+51.8%−28.3%33.5%+39.5%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.02+690%1.41+86.6%+0.7%34.2%+42.5%
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Common questions

What was PANW's worst drawdown?

PANW's deepest decline since it began trading in 2012 was 48.0%, from February 2019 to March 2020. It took four months from the low to climb back to its old high. Because PANW launched in July 2012, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were PANW's best and worst years?

Over 13 full calendar years, PANW's best year was 2014, when it returned 113%. Its worst was 2016, with a return of -29.0%.

Is there a better investment than PANW?

Among PANW's popular alternatives, FTNT was ahead of PANW in most short and long periods. Looking beyond its popular alternatives, SMH (semiconductors) earned more than PANW with less volatility over the past 5 years: 33.4% a year at 36.9% volatility, against 31.9% a year at 43.4%.

Is PANW more volatile than the S&P 500?

Yes. PANW's volatility over the past 5 years was 43.4%, 2.5 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, PANW's return lands within 43.4% 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 PANW's Sharpe ratio?

PANW's Sharpe ratio over the past 5 years was 0.86, against 0.79 for the S&P 500, so PANW earned more 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 PANW with the S&P 500?

Over the past 5 years, PANW's monthly returns had a correlation of 0.35 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 PANW instead: the lower it is, the more that option would diversify a PANW holding.

What are the best alternatives to PANW?

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

Did PANW outperform the S&P 500?

PANW finished ahead of the S&P 500 (SPY) in six of 13 full calendar years. In 2025, it returned +1.2%, against +17.7% for the index.

How did PANW do in stock market crashes?

PANW fell less than the S&P 500 (SPY) in two of the six major crashes it has traded through, and further in four. The clearest case was the 2015 China and oil sell-off, when PANW fell 40.2% and the S&P 500 fell 12.8%.

What diversifies PANW?

These had a low correlation with PANW over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.17), DXJ (correlation 0.16) and EMLP (correlation -0.09); among large stocks, CAH (correlation 0.25), CLS (correlation 0.10) and FIX (correlation 0.01). A correlation near zero means the two have moved largely independently.

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