CFLT vs. NET

Last updated Jun 25, 2026

CFLT (Confluent, Inc.) and NET (Cloudflare, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

CFLT vs. NET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Confluent, Inc. (CFLT) and Cloudflare, Inc. (NET). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

CFLT

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

NET

• 1D: -0.65%
• 1M: 3.38%
• YTD: 13.36%
• 6M: 10.27%
• 1Y: 19.87%
• 3Y*: 52.18%
• 5Y*: 16.34%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

CFLT vs. NET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CFLT Confluent, Inc.	2.48%	8.15%	19.49%	5.22%	-70.83%	73.27%
NET Cloudflare, Inc.	13.36%	83.09%	29.33%	84.16%	-65.62%	26.76%

Correlation

The correlation between CFLT and NET is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 24, 2021	0.61

Over the past year, the correlation between CFLT and NET has dropped to 0.25 - well below their long-term average of 0.61, suggesting their price drivers have been diverging.

Fundamentals

Market Cap CFLT : $10.90B NET : $78.80B
EPS CFLT : -$0.85 NET : -$0.25
PS Ratio CFLT : 9.20 NET : 33.44
PB Ratio CFLT : 9.33 NET : 51.62
Total Revenue (TTM) CFLT : $1.17B NET : $2.33B
Gross Profit (TTM) CFLT : $866.84M NET : $1.71B
EBITDA (TTM) CFLT : -$339.97M NET : $168.53M

Return for Risk

CFLT vs. NET — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

CFLT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

NET

NET Risk / Return Rank: 55
NET Sharpe Ratio Rank: 55
NET Sortino Ratio Rank: 53
NET Omega Ratio Rank: 54
NET Calmar Ratio Rank: 56
NET Martin Ratio Rank: 57

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

CFLT vs. NET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Confluent, Inc. (CFLT) and Cloudflare, Inc. (NET). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CFLT	NET	Difference
Sharpe ratio: Return per unit of total volatility	—	0.33	—
Sortino ratio: Return per unit of downside risk	—	0.84	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	0.54	—
Martin ratio: Return relative to average drawdown	—	1.15	—

Drawdowns

Drawdown Indicators

	CFLT	NET	Difference
Max Drawdown Largest peak-to-trough decline	—	-82.58%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-36.76%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-45.00%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-82.58%	—
Current Drawdown Current decline from peak	—	-18.04%	—
Average Drawdown Average peak-to-trough decline	—	-37.43%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	17.33%	—

Volatility

Volatility by Period

	CFLT	NET	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	21.39%	—
Volatility (6M) Calculated over the trailing 6-month period	—	53.95%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	60.04%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	68.55%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	67.68%	—

Dividends

CFLT vs. NET - Dividend Comparison

Neither CFLT nor NET has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

CFLT vs. NET - Profitability Comparison

The chart below illustrates the profitability comparison between Confluent, Inc. and Cloudflare, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CFLT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Confluent, Inc. reported a gross profit of 235.16M and revenue of 314.82M. Therefore, the gross margin over that period was 74.7%.

NET - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cloudflare, Inc. reported a gross profit of 455.60M and revenue of 639.76M. Therefore, the gross margin over that period was 71.2%.

CFLT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Confluent, Inc. reported an operating income of -99.17M and revenue of 314.82M, resulting in an operating margin of -31.5%.

NET - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cloudflare, Inc. reported an operating income of -61.99M and revenue of 639.76M, resulting in an operating margin of -9.7%.

CFLT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Confluent, Inc. reported a net income of -79.25M and revenue of 314.82M, resulting in a net margin of -25.2%.

NET - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cloudflare, Inc. reported a net income of -22.93M and revenue of 639.76M, resulting in a net margin of -3.6%.

Frequently Asked Questions

Can I hold both CFLT and NET in my portfolio?

CFLT and NET have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.