TENB vs. NET
TENB (Tenable Holdings, Inc.) and NET (Cloudflare, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. Over the past 5 years, TENB returned -9.22%/yr vs 19.44%/yr for NET. A 0.53 correlation means they provide meaningful diversification when combined.
Performance
TENB vs. NET - Performance Comparison
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Returns By Period
In the year-to-date period, TENB achieves a 13.90% return, which is significantly lower than NET's 15.89% return.
TENB
- 1D
- -0.26%
- 1M
- 24.71%
- YTD
- 13.90%
- 6M
- 1.98%
- 1Y
- -15.88%
- 3Y*
- -13.79%
- 5Y*
- -9.22%
- 10Y*
- —
NET
- 1D
- 0.46%
- 1M
- 15.65%
- YTD
- 15.89%
- 6M
- 12.86%
- 1Y
- 32.86%
- 3Y*
- 48.96%
- 5Y*
- 19.44%
- 10Y*
- —
TENB vs. NET - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TENB Tenable Holdings, Inc. | 13.90% | -40.25% | -14.50% | 20.73% | -30.72% | 5.38% | 118.11% | 2.66% |
NET Cloudflare, Inc. | 15.89% | 83.09% | 29.33% | 84.16% | -65.62% | 73.05% | 345.43% | -5.22% |
Correlation
The correlation between TENB and NET is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.47 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.48 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.58 |
Correlation (All Time) Calculated using the full available price history since Sep 13, 2019 | 0.53 |
The correlation between TENB and NET shifts across timeframes, from 0.47 (1 year) to 0.58 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
TENB:
$3.15B
NET:
$80.57B
TENB:
-$0.10
NET:
-$0.25
TENB:
3.13
NET:
34.18
TENB:
12.71
NET:
52.77
TENB:
$1.02B
NET:
$2.33B
TENB:
$799.18M
NET:
$1.71B
TENB:
$101.15M
NET:
$168.53M
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Return for Risk
TENB vs. NET — Risk / Return Rank
TENB
NET
TENB vs. NET - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tenable Holdings, Inc. (TENB) 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.
| TENB | NET | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.93 | ||
| Sortino ratioReturn per unit of downside risk | -1.33 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.15 | -0.18 |
| Calmar ratioReturn relative to maximum drawdown | -0.29 | 0.92 | -1.21 |
| Martin ratioReturn relative to average drawdown | -0.53 | 1.98 | -2.51 |
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Drawdowns
TENB vs. NET - Drawdown Comparison
The maximum TENB drawdown since its inception was -74.40%, smaller than the maximum NET drawdown of -82.58%. Use the drawdown chart below to compare losses from any high point for TENB and NET.
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Drawdown Indicators
| TENB | NET | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.40% | -82.58% | +8.18% |
Max Drawdown (1Y)Largest decline over 1 year | -54.77% | -36.76% | -18.01% |
Max Drawdown (3Y)Largest decline over 3 years | -69.09% | -45.00% | -24.09% |
Max Drawdown (5Y)Largest decline over 5 years | -74.40% | -82.58% | +8.18% |
Current DrawdownCurrent decline from peak | -57.23% | -16.20% | -41.03% |
Average DrawdownAverage peak-to-trough decline | -31.06% | -37.52% | +6.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.89% | 17.09% | +12.80% |
Volatility
TENB vs. NET - Volatility Comparison
The current volatility for Tenable Holdings, Inc. (TENB) is 19.49%, while Cloudflare, Inc. (NET) has a volatility of 20.99%. This indicates that TENB 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.
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Volatility by Period
| TENB | NET | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.49% | 20.99% | -1.50% |
Volatility (6M)Calculated over the trailing 6-month period | 39.58% | 53.96% | -14.38% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.04% | 60.18% | -16.14% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.37% | 68.52% | -24.15% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.86% | 67.78% | -19.92% |
Dividends
TENB vs. NET - Dividend Comparison
Neither TENB nor NET has paid dividends to shareholders.
Financials
TENB vs. NET - Financials Comparison
This section allows you to compare key financial metrics between Tenable Holdings, Inc. 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
TENB vs. NET - Profitability Comparison
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%.
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%.
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%.
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%.
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%.
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
TENB and NET have a correlation of 0.47, 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 TENB (19.49%). In terms of maximum drawdown, TENB dropped -74.40% vs NET's -82.58%.
NET currently has the higher Sharpe Ratio (0.57 vs -0.36), 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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