FLEX vs. NET
FLEX (Flex Ltd.) and NET (Cloudflare, Inc.) are both stocks. Both are in the Technology sector — FLEX in Electronic Components, NET in Software - Infrastructure. Over the past 5 years, FLEX returned 71.04%/yr vs 19.44%/yr for NET. At a 0.34 correlation, their price movements are largely independent.
Performance
FLEX vs. NET - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, FLEX achieves a 147.78% return, which is significantly higher than NET's 15.89% return.
FLEX
- 1D
- -1.50%
- 1M
- 8.60%
- YTD
- 147.78%
- 6M
- 117.60%
- 1Y
- 247.11%
- 3Y*
- 116.67%
- 5Y*
- 71.04%
- 10Y*
- 35.66%
NET
- 1D
- 0.46%
- 1M
- 15.65%
- YTD
- 15.89%
- 6M
- 12.86%
- 1Y
- 32.86%
- 3Y*
- 48.96%
- 5Y*
- 19.44%
- 10Y*
- —
FLEX vs. NET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
FLEX Flex Ltd. | 147.78% | 57.38% | 127.87% | 41.94% | 17.08% | 1.95% | 42.47% | 15.57% |
NET Cloudflare, Inc. | 15.89% | 83.09% | 29.33% | 84.16% | -65.62% | 73.05% | 345.43% | -5.22% |
Correlation
The correlation between FLEX and NET is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019 | 0.34 |
The correlation between FLEX and NET shifts across timeframes, from 0.28 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
FLEX:
$55.99B
NET:
$80.57B
FLEX:
$2.33
NET:
-$0.25
FLEX:
2.03
NET:
34.18
FLEX:
10.88
NET:
52.77
FLEX:
$27.91B
NET:
$2.33B
FLEX:
$2.57B
NET:
$1.71B
FLEX:
$1.66B
NET:
$168.53M
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
FLEX vs. NET — Risk / Return Rank
FLEX
NET
FLEX vs. NET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Flex Ltd. (FLEX) 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.
| FLEX | NET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +3.43 | ||
| Sortino ratioReturn per unit of downside risk | +3.56 | ||
| Omega ratioGain probability vs. loss probability | 1.60 | 1.15 | +0.45 |
| Calmar ratioReturn relative to maximum drawdown | 13.34 | 0.92 | +12.42 |
| Martin ratioReturn relative to average drawdown | 31.62 | 1.98 | +29.64 |
Loading charts...
Drawdowns
FLEX vs. NET - Drawdown Comparison
The maximum FLEX drawdown since its inception was -96.37%, which is greater than NET's maximum drawdown of -82.58%. Use the drawdown chart below to compare losses from any high point for FLEX and NET.
Loading charts...
Drawdown Indicators
| FLEX | NET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.37% | -82.58% | -13.79% |
Max Drawdown (1Y)Largest decline over 1 year | -18.38% | -36.76% | +18.38% |
Max Drawdown (3Y)Largest decline over 3 years | -39.99% | -45.00% | +5.01% |
Max Drawdown (5Y)Largest decline over 5 years | -39.99% | -82.58% | +42.59% |
Max Drawdown (10Y)Largest decline over 10 years | -70.02% | — | — |
Current DrawdownCurrent decline from peak | -7.55% | -16.20% | +8.65% |
Average DrawdownAverage peak-to-trough decline | -55.27% | -37.52% | -17.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.74% | 17.09% | -9.35% |
Volatility
FLEX vs. NET - Volatility Comparison
The current volatility for Flex Ltd. (FLEX) is 19.36%, while Cloudflare, Inc. (NET) has a volatility of 20.99%. This indicates that FLEX experiences smaller price fluctuations and is considered to be less risky than NET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| FLEX | NET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.36% | 20.99% | -1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 50.61% | 53.96% | -3.35% |
Volatility (1Y)Calculated over the trailing 1-year period | 61.43% | 60.18% | +1.25% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.26% | 68.52% | -21.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 45.86% | 67.78% | -21.92% |
Dividends
FLEX vs. NET - Dividend Comparison
Neither FLEX nor NET has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
FLEX Flex Ltd. | 0.00% | 0.00% | 21.00% |
NET Cloudflare, Inc. | 0.00% | 0.00% | 0.00% |
Financials
FLEX vs. NET - Financials Comparison
This section allows you to compare key financial metrics between Flex Ltd. and Cloudflare, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
FLEX vs. NET - Profitability Comparison
FLEX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Flex Ltd. reported a gross profit of 702.00M and revenue of 7.48B. Therefore, the gross margin over that period was 9.4%.
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%.
FLEX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Flex Ltd. reported an operating income of 372.00M and revenue of 7.48B, resulting in an operating margin of 5.0%.
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%.
FLEX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Flex Ltd. reported a net income of 250.00M and revenue of 7.48B, resulting in a net margin of 3.3%.
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
FLEX and NET have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NET has higher volatility (20.99%) compared to FLEX (19.36%). In terms of maximum drawdown, FLEX dropped -96.37% vs NET's -82.58%.
FLEX currently has the higher Sharpe Ratio (3.99 vs 0.57), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
Find the right allocation for FLEX and NET
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer