TMDX vs. FTNT
TMDX (TransMedics Group, Inc.) and FTNT (Fortinet, Inc.) are both stocks. TMDX operates in Medical Devices (Healthcare), while FTNT operates in Software - Infrastructure (Technology). Over the past 5 years, TMDX returned 19.27%/yr vs 25.26%/yr for FTNT. At a 0.29 correlation, their price movements are largely independent.
Performance
TMDX vs. FTNT - Performance Comparison
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Returns By Period
In the year-to-date period, TMDX achieves a -39.31% return, which is significantly lower than FTNT's 86.37% return.
TMDX
- 1D
- -2.22%
- 1M
- 7.10%
- YTD
- -39.31%
- 6M
- -42.41%
- 1Y
- -42.11%
- 3Y*
- -2.67%
- 5Y*
- 19.27%
- 10Y*
- —
FTNT
- 1D
- 1.80%
- 1M
- 10.51%
- YTD
- 86.37%
- 6M
- 83.49%
- 1Y
- 43.48%
- 3Y*
- 27.39%
- 5Y*
- 25.26%
- 10Y*
- 36.94%
TMDX vs. FTNT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
TMDX TransMedics Group, Inc. | -39.31% | 95.11% | -21.01% | 27.88% | 222.13% | -3.72% | 4.68% | -6.12% |
FTNT Fortinet, Inc. | 86.37% | -15.95% | 61.42% | 19.72% | -31.98% | 141.97% | 39.13% | 16.18% |
Correlation
The correlation between TMDX and FTNT is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.07 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.22 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since May 2, 2019 | 0.29 |
Over the past year, the correlation between TMDX and FTNT has dropped to 0.07 - well below their long-term average of 0.29, suggesting their price drivers have been diverging.
Fundamentals
TMDX:
$2.67B
FTNT:
$109.93B
TMDX:
$4.34
FTNT:
$2.58
TMDX:
17.01
FTNT:
57.47
TMDX:
0.04
FTNT:
1.59
TMDX:
4.60
FTNT:
15.80
TMDX:
5.41
FTNT:
111.08
TMDX:
$635.89M
FTNT:
$7.11B
TMDX:
$375.74M
FTNT:
$5.74B
TMDX:
$125.51M
FTNT:
$2.47B
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Return for Risk
TMDX vs. FTNT — Risk / Return Rank
TMDX
FTNT
TMDX vs. FTNT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TransMedics Group, Inc. (TMDX) 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.
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.
| TMDX | FTNT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.70 | ||
| Sortino ratioReturn per unit of downside risk | -2.34 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 1.23 | -0.34 |
| Calmar ratioReturn relative to maximum drawdown | -0.72 | 1.41 | -2.13 |
| Martin ratioReturn relative to average drawdown | -1.72 | 2.07 | -3.79 |
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Drawdowns
TMDX vs. FTNT - Drawdown Comparison
The maximum TMDX drawdown since its inception was -73.69%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for TMDX and FTNT.
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Drawdown Indicators
| TMDX | FTNT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -73.69% | -51.20% | -22.49% |
Max Drawdown (1Y)Largest decline over 1 year | -58.76% | -30.90% | -27.86% |
Max Drawdown (3Y)Largest decline over 3 years | -67.79% | -38.32% | -29.47% |
Max Drawdown (5Y)Largest decline over 5 years | -67.79% | -38.32% | -29.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -38.32% | — |
Current DrawdownCurrent decline from peak | -58.08% | -1.12% | -56.96% |
Average DrawdownAverage peak-to-trough decline | -31.97% | -16.20% | -15.77% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.53% | 21.07% | +3.46% |
Volatility
TMDX vs. FTNT - Volatility Comparison
TransMedics Group, Inc. (TMDX) and Fortinet, Inc. (FTNT) have volatilities of 13.09% and 13.47%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TMDX | FTNT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.09% | 13.47% | -0.38% |
Volatility (6M)Calculated over the trailing 6-month period | 44.82% | 31.69% | +13.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.16% | 45.25% | +12.91% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.14% | 43.97% | +28.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 71.70% | 40.84% | +30.86% |
Dividends
TMDX vs. FTNT - Dividend Comparison
Neither TMDX nor FTNT has paid dividends to shareholders.
Financials
TMDX vs. FTNT - Financials Comparison
This section allows you to compare key financial metrics between TransMedics Group, Inc. and Fortinet, 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
TMDX vs. FTNT - Profitability Comparison
TMDX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TransMedics Group, Inc. reported a gross profit of 101.16M and revenue of 173.93M. Therefore, the gross margin over that period was 58.2%.
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%.
TMDX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TransMedics Group, Inc. reported an operating income of 13.30M and revenue of 173.93M, resulting in an operating margin of 7.6%.
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%.
TMDX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TransMedics Group, Inc. reported a net income of 7.32M and revenue of 173.93M, resulting in a net margin of 4.2%.
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
TMDX and FTNT have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FTNT has higher volatility (13.47%) compared to TMDX (13.09%). In terms of maximum drawdown, TMDX dropped -73.69% vs FTNT's -51.20%.
FTNT currently has the higher Sharpe Ratio (0.97 vs -0.73), 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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