CFLT vs. ZS

Last updated Apr 2, 2026

Compare and contrast key facts about Confluent, Inc. (CFLT) and Zscaler, Inc. (ZS).

Performance

CFLT vs. ZS - Performance Comparison

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

CFLT vs. ZS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CFLT Confluent, Inc.	2.48%	8.15%	19.49%	5.22%	-70.83%	69.35%
ZS Zscaler, Inc.	-39.24%	24.67%	-18.57%	98.00%	-65.18%	46.30%

Fundamentals

Market Cap CFLT : $10.90B ZS : $21.82B
EPS CFLT : -$0.85 ZS : -$0.43
PS Ratio CFLT : 9.20 ZS : 7.17
PB Ratio CFLT : 9.33 ZS : 9.94
Total Revenue (TTM) CFLT : $1.17B ZS : $3.00B
Gross Profit (TTM) CFLT : $866.84M ZS : $2.30B
EBITDA (TTM) CFLT : -$339.97M ZS : $56.95M

Returns By Period

In the year-to-date period, CFLT achieves a 2.48% return, which is significantly higher than ZS's -39.24% return.

CFLT

• 1D: 0.00%
• 1M: 0.94%
• YTD: 2.48%
• 6M: 57.15%
• 1Y: 31.54%
• 3Y*: 12.30%
• 5Y*: —
• 10Y*: —

ZS

• 1D: -2.58%
• 1M: -8.02%
• YTD: -39.24%
• 6M: -55.12%
• 1Y: -32.03%
• 3Y*: 5.37%
• 5Y*: -4.91%
• 10Y*: —

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

Return for Risk

CFLT vs. ZS — Risk / Return Rank

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

CFLT

CFLT Risk / Return Rank: 51
CFLT Sharpe Ratio Rank: 49
CFLT Sortino Ratio Rank: 48
CFLT Omega Ratio Rank: 58
CFLT Calmar Ratio Rank: 51
CFLT Martin Ratio Rank: 52

ZS

ZS Risk / Return Rank: 16
ZS Sharpe Ratio Rank: 11
ZS Sortino Ratio Rank: 14
ZS Omega Ratio Rank: 13
ZS Calmar Ratio Rank: 24
ZS Martin Ratio Rank: 18

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. ZS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Confluent, Inc. (CFLT) and Zscaler, Inc. (ZS). 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.

	CFLT	ZS	Difference
Sharpe ratio Return per unit of total volatility	0.22	-0.70	+0.92
Sortino ratio Return per unit of downside risk	0.76	-0.79	+1.55
Omega ratio Gain probability vs. loss probability	1.15	0.89	+0.26
Calmar ratio Return relative to maximum drawdown	0.42	-0.52	+0.94
Martin ratio Return relative to average drawdown	0.97	-1.18	+2.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CFLT vs. ZS - Sharpe Ratio Comparison

The current CFLT Sharpe Ratio is 0.22, which is higher than the ZS Sharpe Ratio of -0.70. The chart below compares the historical Sharpe Ratios of CFLT and ZS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CFLT	ZS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.22	-0.70	+0.92
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.09	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.34	-0.44

Correlation

The correlation between CFLT and ZS is 0.60, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CFLT vs. ZS - Dividend Comparison

Neither CFLT nor ZS has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

CFLT vs. ZS - Drawdown Comparison

The maximum CFLT drawdown since its inception was -83.00%, which is greater than ZS's maximum drawdown of -76.41%. Use the drawdown chart below to compare losses from any high point for CFLT and ZS.

Drawdown Indicators

	CFLT	ZS	Difference
Max Drawdown Largest peak-to-trough decline	-83.00%	-76.41%	-6.59%
Max Drawdown (1Y) Largest decline over 1 year	-41.83%	-60.40%	+18.57%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.41%	—
Current Drawdown Current decline from peak	-66.89%	-62.94%	-3.95%
Average Drawdown Average peak-to-trough decline	-64.03%	-31.98%	-32.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.06%	26.39%	-8.33%

Volatility

CFLT vs. ZS - Volatility Comparison

The current volatility for Confluent, Inc. (CFLT) is 1.22%, while Zscaler, Inc. (ZS) has a volatility of 13.44%. This indicates that CFLT experiences smaller price fluctuations and is considered to be less risky than ZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CFLT	ZS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.22%	13.44%	-12.22%
Volatility (6M) Calculated over the trailing 6-month period	33.33%	36.35%	-3.02%
Volatility (1Y) Calculated over the trailing 1-year period	63.54%	46.06%	+17.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	76.23%	53.26%	+22.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	76.23%	57.01%	+19.22%

Financials

CFLT vs. ZS - Profitability Comparison

The chart below illustrates the profitability comparison between Confluent, Inc. and Zscaler, 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 Apr 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%.

ZS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Zscaler, Inc. reported a gross profit of 624.49M and revenue of 815.75M. Therefore, the gross margin over that period was 76.6%.

CFLT - Operating Margin

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

ZS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Zscaler, Inc. reported an operating income of -51.77M and revenue of 815.75M, resulting in an operating margin of -6.4%.

CFLT - Net Margin

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

ZS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Zscaler, Inc. reported a net income of -34.31M and revenue of 815.75M, resulting in a net margin of -4.2%.