PANW vs. VRNS
PANW (Palo Alto Networks, Inc.) and VRNS (Varonis Systems, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. Over the past 10 years, PANW returned 28.39%/yr vs 14.66%/yr for VRNS. At a 0.49 correlation, their price movements are largely independent.
Performance
PANW vs. VRNS - Performance Comparison
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Returns By Period
In the year-to-date period, PANW achieves a 44.59% return, which is significantly higher than VRNS's 0.73% return. Over the past 10 years, PANW has outperformed VRNS with an annualized return of 28.39%, while VRNS has yielded a comparatively lower 14.66% annualized return.
PANW
- 1D
- -2.10%
- 1M
- 28.12%
- YTD
- 44.59%
- 6M
- 36.33%
- 1Y
- 33.43%
- 3Y*
- 34.26%
- 5Y*
- 35.30%
- 10Y*
- 28.39%
VRNS
- 1D
- 1.07%
- 1M
- 15.81%
- YTD
- 0.73%
- 6M
- 4.79%
- 1Y
- -34.76%
- 3Y*
- 9.02%
- 5Y*
- -7.89%
- 10Y*
- 14.66%
PANW vs. VRNS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PANW Palo Alto Networks, Inc. | 44.59% | 1.23% | 23.41% | 111.32% | -24.81% | 56.66% | 53.68% | 22.78% | 29.95% | 15.91% |
VRNS Varonis Systems, Inc. | 0.73% | -26.18% | -1.88% | 89.14% | -50.92% | -10.56% | 110.54% | 46.90% | 8.96% | 81.16% |
Correlation
The correlation between PANW and VRNS is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.50 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.53 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Mar 3, 2014 | 0.49 |
The correlation between PANW and VRNS has been stable across timeframes, ranging from 0.49 to 0.54 - a consistent structural relationship.
Fundamentals
PANW:
$198.15B
VRNS:
$3.83B
PANW:
$1.17
VRNS:
-$1.16
PANW:
18.05
VRNS:
5.89
PANW:
7.16
VRNS:
8.44
PANW:
$10.61B
VRNS:
$660.24M
PANW:
$7.63B
VRNS:
$515.71M
PANW:
$1.33B
VRNS:
-$119.10M
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Return for Risk
PANW vs. VRNS — Risk / Return Rank
PANW
VRNS
PANW vs. VRNS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Palo Alto Networks, Inc. (PANW) and Varonis Systems, Inc. (VRNS). 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 | VRNS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.39 | ||
| Sortino ratioReturn per unit of downside risk | +1.58 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 0.95 | +0.22 |
| Calmar ratioReturn relative to maximum drawdown | 0.93 | -0.51 | +1.44 |
| Martin ratioReturn relative to average drawdown | 2.12 | -0.82 | +2.94 |
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
| PANW | VRNS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.87 | -0.51 | +1.39 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.85 | -0.15 | +1.00 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.74 | 0.31 | +0.43 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.71 | 0.13 | +0.57 |
Drawdowns
PANW vs. VRNS - Drawdown Comparison
The maximum PANW drawdown since its inception was -47.98%, smaller than the maximum VRNS drawdown of -78.19%. Use the drawdown chart below to compare losses from any high point for PANW and VRNS.
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Drawdown Indicators
| PANW | VRNS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.98% | -78.19% | +30.21% |
Max Drawdown (1Y)Largest decline over 1 year | -36.01% | -68.11% | +32.10% |
Max Drawdown (3Y)Largest decline over 3 years | -36.01% | -68.11% | +32.10% |
Max Drawdown (5Y)Largest decline over 5 years | -36.01% | -78.19% | +42.18% |
Max Drawdown (10Y)Largest decline over 10 years | -47.98% | -78.19% | +30.21% |
Current DrawdownCurrent decline from peak | -11.37% | -54.99% | +43.62% |
Average DrawdownAverage peak-to-trough decline | -14.69% | -37.33% | +22.64% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.82% | 42.60% | -26.78% |
Volatility
PANW vs. VRNS - Volatility Comparison
Palo Alto Networks, Inc. (PANW) has a higher volatility of 17.10% compared to Varonis Systems, Inc. (VRNS) at 15.22%. This indicates that PANW's price experiences larger fluctuations and is considered to be riskier than VRNS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PANW | VRNS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 17.10% | 15.22% | +1.88% |
Volatility (6M)Calculated over the trailing 6-month period | 31.83% | 41.38% | -9.55% |
Volatility (1Y)Calculated over the trailing 1-year period | 38.54% | 67.92% | -29.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 41.65% | 52.72% | -11.07% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.59% | 47.44% | -8.85% |
Dividends
PANW vs. VRNS - Dividend Comparison
Neither PANW nor VRNS has paid dividends to shareholders.
Financials
PANW vs. VRNS - Financials Comparison
This section allows you to compare key financial metrics between Palo Alto Networks, Inc. and Varonis Systems, 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
PANW vs. VRNS - Profitability Comparison
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%.
VRNS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Varonis Systems, Inc. reported a gross profit of 131.56M and revenue of 173.13M. Therefore, the gross margin over that period was 76.0%.
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%.
VRNS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Varonis Systems, Inc. reported an operating income of -44.48M and revenue of 173.13M, resulting in an operating margin of -25.7%.
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%.
VRNS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Varonis Systems, Inc. reported a net income of -43.22M and revenue of 173.13M, resulting in a net margin of -25.0%.
Frequently Asked Questions
PANW and VRNS have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
PANW has higher volatility (17.10%) compared to VRNS (15.22%). In terms of maximum drawdown, PANW dropped -47.98% vs VRNS's -78.19%.
PANW currently has the higher Sharpe Ratio (0.87 vs -0.51), 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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