PANW vs. SNOW

Last updated Jun 3, 2026

PANW (Palo Alto Networks, Inc.) and SNOW (Snowflake Inc.) are both stocks. Both are in the Technology sector — PANW in Software - Infrastructure, SNOW in Software - Application. Over the past 5 years, PANW returned 38.40%/yr vs 1.84%/yr for SNOW. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

PANW vs. SNOW - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Palo Alto Networks, Inc. (PANW) and Snowflake Inc. (SNOW). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, PANW achieves a 61.34% return, which is significantly higher than SNOW's 19.05% return.

PANW

• 1D: -1.10%
• 1M: 64.12%
• YTD: 61.34%
• 6M: 56.51%
• 1Y: 52.51%
• 3Y*: 39.86%
• 5Y*: 38.40%
• 10Y*: 29.01%

SNOW

• 1D: -6.79%
• 1M: 85.21%
• YTD: 19.05%
• 6M: 0.56%
• 1Y: 24.25%
• 3Y*: 14.23%
• 5Y*: 1.84%
• 10Y*: —

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

PANW vs. SNOW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
PANW Palo Alto Networks, Inc.	61.34%	1.23%	23.41%	111.32%	-24.81%	56.66%	43.96%
SNOW Snowflake Inc.	19.05%	42.06%	-22.41%	38.64%	-57.63%	20.38%	10.82%

Correlation

The correlation between PANW and SNOW is 0.52, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (5Y) Calculated over the trailing 5-year period	0.55
Correlation (All Time) Calculated using the full available price history since Sep 17, 2020	0.53

The correlation between PANW and SNOW has been stable across timeframes, ranging from 0.52 to 0.55 - a consistent structural relationship.

Fundamentals

Market Cap PANW : $221.10B SNOW : $90.20B
EPS PANW : $1.17 SNOW : -$3.53
PS Ratio PANW : 20.14 SNOW : 17.61
PB Ratio PANW : 7.99 SNOW : 43.77
Total Revenue (TTM) PANW : $10.61B SNOW : $5.03B
Gross Profit (TTM) PANW : $7.63B SNOW : $3.38B
EBITDA (TTM) PANW : $1.33B SNOW : -$1.21B

Return for Risk

PANW vs. SNOW — Risk / Return Rank

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

PANW

PANW Risk / Return Rank: 72
PANW Sharpe Ratio Rank: 79
PANW Sortino Ratio Rank: 72
PANW Omega Ratio Rank: 73
PANW Calmar Ratio Rank: 68
PANW Martin Ratio Rank: 69

SNOW

SNOW Risk / Return Rank: 54
SNOW Sharpe Ratio Rank: 53
SNOW Sortino Ratio Rank: 56
SNOW Omega Ratio Rank: 56
SNOW Calmar Ratio Rank: 51
SNOW Martin Ratio Rank: 51

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.

PANW vs. SNOW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Palo Alto Networks, Inc. (PANW) and Snowflake Inc. (SNOW). 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.

	PANW	SNOW	Difference
Sharpe ratio Return per unit of total volatility	1.39	0.38	+1.01
Sortino ratio Return per unit of downside risk	1.89	1.12	+0.76
Omega ratio Gain probability vs. loss probability	1.25	1.15	+0.10
Calmar ratio Return relative to maximum drawdown	1.51	0.48	+1.03
Martin ratio Return relative to average drawdown	3.45	1.05	+2.40
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

PANW vs. SNOW - Sharpe Ratio Comparison

The current PANW Sharpe Ratio is 1.39, which is higher than the SNOW Sharpe Ratio of 0.38. The chart below compares the historical Sharpe Ratios of PANW and SNOW, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	PANW	SNOW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	0.38	+1.01
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.93	0.03	+0.90
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.76	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.01	+0.73

Drawdowns

PANW vs. SNOW - Drawdown Comparison

The maximum PANW drawdown since its inception was -47.98%, smaller than the maximum SNOW drawdown of -72.99%. Use the drawdown chart below to compare losses from any high point for PANW and SNOW.

Drawdown Indicators

	PANW	SNOW	Difference
Max Drawdown Largest peak-to-trough decline	-47.98%	-72.99%	+25.01%
Max Drawdown (1Y) Largest decline over 1 year	-36.01%	-56.30%	+20.29%
Max Drawdown (3Y) Largest decline over 3 years	-36.01%	-56.30%	+20.29%
Max Drawdown (5Y) Largest decline over 5 years	-36.01%	-72.99%	+36.98%
Max Drawdown (10Y) Largest decline over 10 years	-47.98%	—	—
Current Drawdown Current decline from peak	-1.10%	-35.02%	+33.92%
Average Drawdown Average peak-to-trough decline	-14.70%	-49.10%	+34.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.78%	25.80%	-10.02%

Volatility

PANW vs. SNOW - Volatility Comparison

The current volatility for Palo Alto Networks, Inc. (PANW) is 14.84%, while Snowflake Inc. (SNOW) has a volatility of 34.66%. This indicates that PANW experiences smaller price fluctuations and is considered to be less risky than SNOW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	PANW	SNOW	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.84%	34.66%	-19.82%
Volatility (6M) Calculated over the trailing 6-month period	31.10%	53.56%	-22.46%
Volatility (1Y) Calculated over the trailing 1-year period	37.95%	64.78%	-26.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.56%	61.83%	-20.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.54%	62.75%	-24.21%

Dividends

PANW vs. SNOW - Dividend Comparison

Neither PANW nor SNOW has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

PANW vs. SNOW - Profitability Comparison

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

PANW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Palo Alto Networks, Inc. reported a gross profit of 2.03B and revenue of 3.00B. Therefore, the gross margin over that period was 67.6%.

SNOW - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Snowflake Inc. reported a gross profit of 926.45M and revenue of 1.39B. Therefore, the gross margin over that period was 66.6%.

PANW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Palo Alto Networks, Inc. reported an operating income of -186.00M and revenue of 3.00B, resulting in an operating margin of -6.2%.

SNOW - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Snowflake Inc. reported an operating income of -326.15M and revenue of 1.39B, resulting in an operating margin of -23.5%.

PANW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Palo Alto Networks, Inc. reported a net income of -177.00M and revenue of 3.00B, resulting in a net margin of -5.9%.

SNOW - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Snowflake Inc. reported a net income of -295.57M and revenue of 1.39B, resulting in a net margin of -21.3%.

Frequently Asked Questions

Can I hold both PANW and SNOW in my portfolio?

PANW and SNOW have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PANW or SNOW?

SNOW has higher volatility (34.66%) compared to PANW (14.84%). In terms of maximum drawdown, PANW dropped -47.98% vs SNOW's -72.99%.

Which has better risk-adjusted returns?

PANW currently has the higher Sharpe Ratio (1.39 vs 0.38), 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.