TENB vs. FTNT

Last updated Jun 3, 2026

TENB (Tenable Holdings, Inc.) and FTNT (Fortinet, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. Over the past 5 years, TENB returned -5.21%/yr vs 28.15%/yr for FTNT. A 0.56 correlation means they provide meaningful diversification when combined.

Performance

TENB vs. FTNT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tenable Holdings, Inc. (TENB) and Fortinet, Inc. (FTNT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TENB achieves a 31.32% return, which is significantly lower than FTNT's 87.46% return.

TENB

• 1D: 5.39%
• 1M: 45.55%
• YTD: 31.32%
• 6M: 16.69%
• 1Y: -4.04%
• 3Y*: -8.80%
• 5Y*: -5.21%
• 10Y*: —

FTNT

• 1D: 1.17%
• 1M: 72.51%
• YTD: 87.46%
• 6M: 79.48%
• 1Y: 45.27%
• 3Y*: 29.76%
• 5Y*: 28.15%
• 10Y*: 35.91%

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

TENB vs. FTNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TENB Tenable Holdings, Inc.	31.32%	-40.25%	-14.50%	20.73%	-30.72%	5.38%	118.11%	7.98%	-26.64%
FTNT Fortinet, Inc.	87.46%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	2.71%

Correlation

The correlation between TENB and FTNT is 0.57, 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	0.57
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.56

The correlation between TENB and FTNT has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.

Fundamentals

Market Cap TENB : $3.64B FTNT : $110.57B
EPS TENB : -$0.10 FTNT : $2.58
PS Ratio TENB : 3.61 FTNT : 15.89
PB Ratio TENB : 14.65 FTNT : 111.72
Total Revenue (TTM) TENB : $1.02B FTNT : $7.11B
Gross Profit (TTM) TENB : $799.18M FTNT : $5.74B
EBITDA (TTM) TENB : $101.15M FTNT : $2.47B

Return for Risk

TENB vs. FTNT — Risk / Return Rank

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

TENB

TENB Risk / Return Rank: 35
TENB Sharpe Ratio Rank: 36
TENB Sortino Ratio Rank: 33
TENB Omega Ratio Rank: 34
TENB Calmar Ratio Rank: 37
TENB Martin Ratio Rank: 37

FTNT

FTNT Risk / Return Rank: 67
FTNT Sharpe Ratio Rank: 71
FTNT Sortino Ratio Rank: 65
FTNT Omega Ratio Rank: 71
FTNT Calmar Ratio Rank: 68
FTNT Martin Ratio Rank: 61

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.

TENB vs. FTNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tenable Holdings, Inc. (TENB) 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.

	TENB	FTNT	Difference
Sharpe ratio Return per unit of total volatility	-0.09	1.02	-1.11
Sortino ratio Return per unit of downside risk	0.17	1.51	-1.33
Omega ratio Gain probability vs. loss probability	1.02	1.24	-0.22
Calmar ratio Return relative to maximum drawdown	-0.07	1.50	-1.57
Martin ratio Return relative to average drawdown	-0.14	2.20	-2.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TENB vs. FTNT - Sharpe Ratio Comparison

The current TENB Sharpe Ratio is -0.09, which is lower than the FTNT Sharpe Ratio of 1.02. The chart below compares the historical Sharpe Ratios of TENB and FTNT, 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

	TENB	FTNT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.09	1.02	-1.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.12	0.65	-0.76
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.01	0.75	-0.75

Drawdowns

TENB vs. FTNT - Drawdown Comparison

The maximum TENB drawdown since its inception was -74.40%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for TENB and FTNT.

Drawdown Indicators

	TENB	FTNT	Difference
Max Drawdown Largest peak-to-trough decline	-74.40%	-51.20%	-23.20%
Max Drawdown (1Y) Largest decline over 1 year	-54.77%	-30.90%	-23.87%
Max Drawdown (3Y) Largest decline over 3 years	-69.09%	-38.32%	-30.77%
Max Drawdown (5Y) Largest decline over 5 years	-74.40%	-38.32%	-36.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-38.32%	—
Current Drawdown Current decline from peak	-50.69%	0.00%	-50.69%
Average Drawdown Average peak-to-trough decline	-30.94%	-16.25%	-14.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.63%	21.06%	+8.57%

Volatility

TENB vs. FTNT - Volatility Comparison

The current volatility for Tenable Holdings, Inc. (TENB) is 17.60%, while Fortinet, Inc. (FTNT) has a volatility of 20.23%. This indicates that TENB experiences smaller price fluctuations and is considered to be less risky than FTNT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TENB	FTNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.60%	20.23%	-2.63%
Volatility (6M) Calculated over the trailing 6-month period	38.92%	31.53%	+7.39%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	44.78%	-1.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	44.33%	43.87%	+0.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.80%	40.84%	+6.96%

Dividends

TENB vs. FTNT - Dividend Comparison

Neither TENB nor FTNT has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

TENB vs. FTNT - Profitability Comparison

The chart below illustrates the profitability comparison between Tenable Holdings, Inc. and Fortinet, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

TENB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Tenable Holdings, Inc. reported a gross profit of 205.39M and revenue of 262.06M. Therefore, the gross margin over that period was 78.4%.

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%.

TENB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Tenable Holdings, Inc. reported an operating income of 8.76M and revenue of 262.06M, resulting in an operating margin of 3.3%.

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%.

TENB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Tenable Holdings, Inc. reported a net income of 1.41M and revenue of 262.06M, resulting in a net margin of 0.5%.

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

Can I hold both TENB and FTNT in my portfolio?

TENB and FTNT have a correlation of 0.57, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TENB or FTNT?

FTNT has higher volatility (20.23%) compared to TENB (17.60%). In terms of maximum drawdown, TENB dropped -74.40% vs FTNT's -51.20%.

Which has better risk-adjusted returns?

FTNT currently has the higher Sharpe Ratio (1.02 vs -0.09), 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.