TENB vs. ZS
TENB (Tenable Holdings, Inc.) and ZS (Zscaler, Inc.) are both stocks. Both operate in the Software - Infrastructure industry within the Technology sector. Over the past 5 years, TENB returned -6.60%/yr vs -6.28%/yr for ZS. A 0.59 correlation means they provide meaningful diversification when combined.
Performance
TENB vs. ZS - Performance Comparison
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Returns By Period
In the year-to-date period, TENB achieves a 26.18% return, which is significantly higher than ZS's -40.26% return.
TENB
- 1D
- -3.92%
- 1M
- 42.53%
- YTD
- 26.18%
- 6M
- 10.74%
- 1Y
- -9.32%
- 3Y*
- -10.01%
- 5Y*
- -6.60%
- 10Y*
- —
ZS
- 1D
- -6.78%
- 1M
- -5.51%
- YTD
- -40.26%
- 6M
- -44.85%
- 1Y
- -54.46%
- 3Y*
- -1.91%
- 5Y*
- -6.28%
- 10Y*
- —
TENB vs. ZS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
TENB Tenable Holdings, Inc. | 26.18% | -40.25% | -14.50% | 20.73% | -30.72% | 5.38% | 118.11% | 7.98% | -26.64% |
ZS Zscaler, Inc. | -40.26% | 24.67% | -18.57% | 98.00% | -65.18% | 60.90% | 329.48% | 18.59% | -1.16% |
Correlation
The correlation between TENB and ZS is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018 | 0.59 |
The correlation between TENB and ZS has been stable across timeframes, ranging from 0.56 to 0.64 - a consistent structural relationship.
Fundamentals
TENB:
$3.49B
ZS:
$21.60B
TENB:
-$0.10
ZS:
-$0.49
TENB:
3.47
ZS:
6.73
TENB:
14.08
ZS:
9.13
TENB:
$1.02B
ZS:
$3.17B
TENB:
$799.18M
ZS:
$2.43B
TENB:
$101.15M
ZS:
$69.08M
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Return for Risk
TENB vs. ZS — Risk / Return Rank
TENB
ZS
TENB vs. ZS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Tenable Holdings, Inc. (TENB) and Zscaler, Inc. (ZS). 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 | ZS | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.21 | -0.93 | +0.72 |
Sortino ratioReturn per unit of downside risk | -0.01 | -1.23 | +1.22 |
Omega ratioGain probability vs. loss probability | 1.00 | 0.81 | +0.19 |
Calmar ratioReturn relative to maximum drawdown | -0.17 | -0.84 | +0.67 |
Martin ratioReturn relative to average drawdown | -0.31 | -1.54 | +1.22 |
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
| TENB | ZS | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.21 | -0.93 | +0.72 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.15 | -0.11 | -0.04 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.01 | 0.32 | -0.33 |
Drawdowns
TENB vs. ZS - Drawdown Comparison
The maximum TENB drawdown since its inception was -74.40%, roughly equal to the maximum ZS drawdown of -76.41%. Use the drawdown chart below to compare losses from any high point for TENB and ZS.
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Drawdown Indicators
| TENB | ZS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.40% | -76.41% | +2.01% |
Max Drawdown (1Y)Largest decline over 1 year | -54.77% | -64.89% | +10.12% |
Max Drawdown (3Y)Largest decline over 3 years | -69.09% | -64.89% | -4.20% |
Max Drawdown (5Y)Largest decline over 5 years | -74.40% | -76.41% | +2.01% |
Current DrawdownCurrent decline from peak | -52.62% | -63.56% | +10.94% |
Average DrawdownAverage peak-to-trough decline | -30.95% | -32.58% | +1.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.65% | 35.44% | -5.79% |
Volatility
TENB vs. ZS - Volatility Comparison
The current volatility for Tenable Holdings, Inc. (TENB) is 18.17%, while Zscaler, Inc. (ZS) has a volatility of 45.54%. This indicates that TENB experiences smaller price fluctuations and is considered to be less risky than ZS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TENB | ZS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.17% | 45.54% | -27.37% |
Volatility (6M)Calculated over the trailing 6-month period | 39.12% | 57.23% | -18.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 43.78% | 58.55% | -14.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 44.36% | 56.10% | -11.74% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.81% | 58.45% | -10.64% |
Dividends
TENB vs. ZS - Dividend Comparison
Neither TENB nor ZS has paid dividends to shareholders.
Financials
TENB vs. ZS - Financials Comparison
This section allows you to compare key financial metrics between Tenable Holdings, Inc. and Zscaler, 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. ZS - 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%.
ZS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a gross profit of 657.82M and revenue of 850.48M. Therefore, the gross margin over that period was 77.4%.
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%.
ZS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported an operating income of -29.64M and revenue of 850.48M, resulting in an operating margin of -3.5%.
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%.
ZS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a net income of -13.88M and revenue of 850.48M, resulting in a net margin of -1.6%.
Frequently Asked Questions
TENB and ZS have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZS has higher volatility (45.54%) compared to TENB (18.17%). In terms of maximum drawdown, TENB dropped -74.40% vs ZS's -76.41%.
TENB currently has the higher Sharpe Ratio (-0.21 vs -0.93), 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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