NVMI vs. FTNT
NVMI (Nova Ltd) and FTNT (Fortinet, Inc.) are both stocks. Both are in the Technology sector — NVMI in Semiconductor Equipment & Materials, FTNT in Software - Infrastructure. Over the past 10 years, NVMI returned 46.09%/yr vs 35.73%/yr for FTNT. At a 0.36 correlation, their price movements are largely independent.
Performance
NVMI vs. FTNT - Performance Comparison
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Returns By Period
In the year-to-date period, NVMI achieves a 54.68% return, which is significantly lower than FTNT's 80.13% return. Over the past 10 years, NVMI has outperformed FTNT with an annualized return of 46.09%, while FTNT has yielded a comparatively lower 35.73% annualized return.
NVMI
- 1D
- 6.77%
- 1M
- -2.53%
- YTD
- 54.68%
- 6M
- 52.63%
- 1Y
- 134.08%
- 3Y*
- 63.36%
- 5Y*
- 38.40%
- 10Y*
- 46.09%
FTNT
- 1D
- -1.13%
- 1M
- 25.40%
- YTD
- 80.13%
- 6M
- 71.24%
- 1Y
- 36.31%
- 3Y*
- 28.12%
- 5Y*
- 25.96%
- 10Y*
- 35.73%
NVMI vs. FTNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
NVMI Nova Ltd | 54.68% | 66.74% | 43.35% | 68.21% | -44.25% | 107.51% | 86.62% | 66.07% | -12.08% | 96.88% |
FTNT Fortinet, Inc. | 80.13% | -15.95% | 61.42% | 19.72% | -31.98% | 141.97% | 39.13% | 51.58% | 61.20% | 45.05% |
Correlation
The correlation between NVMI and FTNT is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.13 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.26 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.39 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since Nov 19, 2009 | 0.36 |
Over the past year, the correlation between NVMI and FTNT has dropped to 0.13 - well below their long-term average of 0.36, suggesting their price drivers have been diverging.
Fundamentals
NVMI:
$17.49B
FTNT:
$106.25B
NVMI:
$7.94
FTNT:
$2.58
NVMI:
63.96
FTNT:
55.54
NVMI:
2.22
FTNT:
1.54
NVMI:
18.68
FTNT:
15.27
NVMI:
12.61
FTNT:
107.36
NVMI:
$902.53M
FTNT:
$7.11B
NVMI:
$518.59M
FTNT:
$5.74B
NVMI:
$293.89M
FTNT:
$2.47B
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Return for Risk
NVMI vs. FTNT — Risk / Return Rank
NVMI
FTNT
NVMI vs. FTNT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nova Ltd (NVMI) and Fortinet, Inc. (FTNT). 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.
| NVMI | FTNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.74 | ||
| Sortino ratioReturn per unit of downside risk | +1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.20 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 6.26 | 1.18 | +5.08 |
| Martin ratioReturn relative to average drawdown | 16.77 | 1.73 | +15.04 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| NVMI | FTNT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.55 | 0.81 | +1.74 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.82 | 0.59 | +0.22 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 1.07 | 0.88 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.21 | 0.75 | -0.54 |
Drawdowns
NVMI vs. FTNT - Drawdown Comparison
The maximum NVMI drawdown since its inception was -98.22%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for NVMI and FTNT.
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Drawdown Indicators
| NVMI | FTNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.22% | -51.20% | -47.02% |
Max Drawdown (1Y)Largest decline over 1 year | -21.56% | -30.90% | +9.34% |
Max Drawdown (3Y)Largest decline over 3 years | -40.79% | -38.32% | -2.47% |
Max Drawdown (5Y)Largest decline over 5 years | -52.76% | -38.32% | -14.44% |
Max Drawdown (10Y)Largest decline over 10 years | -52.76% | -38.32% | -14.44% |
Current DrawdownCurrent decline from peak | -8.66% | -4.43% | -4.23% |
Average DrawdownAverage peak-to-trough decline | -51.79% | -16.24% | -35.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.03% | 21.06% | -13.03% |
Volatility
NVMI vs. FTNT - Volatility Comparison
Nova Ltd (NVMI) has a higher volatility of 23.58% compared to Fortinet, Inc. (FTNT) at 13.29%. This indicates that NVMI's price experiences larger fluctuations and is considered to be riskier than FTNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| NVMI | FTNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 23.58% | 13.29% | +10.29% |
Volatility (6M)Calculated over the trailing 6-month period | 40.72% | 31.80% | +8.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 52.91% | 45.03% | +7.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.27% | 43.89% | +3.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 43.30% | 40.86% | +2.44% |
Dividends
NVMI vs. FTNT - Dividend Comparison
Neither NVMI nor FTNT has paid dividends to shareholders.
Financials
NVMI vs. FTNT - Financials Comparison
This section allows you to compare key financial metrics between Nova Ltd and Fortinet, 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
NVMI vs. FTNT - Profitability Comparison
NVMI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Nova Ltd reported a gross profit of 135.69M and revenue of 235.31M. Therefore, the gross margin over that period was 57.7%.
FTNT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Fortinet, Inc. reported a gross profit of 1.49B and revenue of 1.85B. Therefore, the gross margin over that period was 80.3%.
NVMI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Nova Ltd reported an operating income of 70.84M and revenue of 235.31M, resulting in an operating margin of 30.1%.
FTNT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Fortinet, Inc. reported an operating income of 580.00M and revenue of 1.85B, resulting in an operating margin of 31.4%.
NVMI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Nova Ltd reported a net income of 69.26M and revenue of 235.31M, resulting in a net margin of 29.4%.
FTNT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Fortinet, Inc. reported a net income of 534.50M and revenue of 1.85B, resulting in a net margin of 28.9%.
Frequently Asked Questions
NVMI and FTNT have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
NVMI has higher volatility (23.58%) compared to FTNT (13.29%). In terms of maximum drawdown, NVMI dropped -98.22% vs FTNT's -51.20%.
NVMI currently has the higher Sharpe Ratio (2.55 vs 0.81), 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.
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