ZS vs. MANH

Last updated Jun 9, 2026

ZS (Zscaler, Inc.) and MANH (Manhattan Associates, Inc.) are both stocks. Both are in the Technology sector — ZS in Software - Infrastructure, MANH in Software - Application. Over the past 5 years, ZS returned -7.99%/yr vs 1.18%/yr for MANH. A 0.53 correlation means they provide meaningful diversification when combined.

Performance

ZS vs. MANH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Zscaler, Inc. (ZS) and Manhattan Associates, Inc. (MANH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ZS achieves a -42.54% return, which is significantly lower than MANH's -15.25% return.

ZS

• 1D: -1.17%
• 1M: -15.04%
• YTD: -42.54%
• 6M: -47.22%
• 1Y: -57.35%
• 3Y*: -5.02%
• 5Y*: -7.99%
• 10Y*: —

MANH

• 1D: -0.51%
• 1M: 2.70%
• YTD: -15.25%
• 6M: -16.94%
• 1Y: -23.81%
• 3Y*: -7.54%
• 5Y*: 1.18%
• 10Y*: 8.31%

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

ZS vs. MANH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
ZS Zscaler, Inc.	-42.54%	24.67%	-18.57%	98.00%	-65.18%	60.90%	329.48%	18.59%	18.82%
MANH Manhattan Associates, Inc.	-15.25%	-35.87%	25.51%	77.36%	-21.92%	47.83%	31.89%	88.22%	-4.29%

Correlation

The correlation between ZS and MANH is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.58
Correlation (All Time) Calculated using the full available price history since Mar 19, 2018	0.53

The correlation between ZS and MANH has been stable across timeframes, ranging from 0.50 to 0.58 - a consistent structural relationship.

Fundamentals

Market Cap ZS : $20.78B MANH : $8.82B
EPS ZS : -$0.49 MANH : $3.57
PS Ratio ZS : 6.47 MANH : 8.10
PB Ratio ZS : 8.78 MANH : 42.98
Total Revenue (TTM) ZS : $3.17B MANH : $1.10B
Gross Profit (TTM) ZS : $2.43B MANH : $456.06M
EBITDA (TTM) ZS : $69.08M MANH : $297.27M

Return for Risk

ZS vs. MANH — Risk / Return Rank

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

ZS

ZS Risk / Return Rank: 6
ZS Sharpe Ratio Rank: 5
ZS Sortino Ratio Rank: 7
ZS Omega Ratio Rank: 5
ZS Calmar Ratio Rank: 7
ZS Martin Ratio Rank: 4

MANH

MANH Risk / Return Rank: 20
MANH Sharpe Ratio Rank: 15
MANH Sortino Ratio Rank: 17
MANH Omega Ratio Rank: 17
MANH Calmar Ratio Rank: 25
MANH Martin Ratio Rank: 25

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.

ZS vs. MANH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zscaler, Inc. (ZS) and Manhattan Associates, Inc. (MANH). 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.

	ZS	MANH	Difference
Sharpe ratio: Return per unit of total volatility	-0.98	-0.62	-0.36
Sortino ratio: Return per unit of downside risk	-1.36	-0.68	-0.67
Omega ratio: Gain probability vs. loss probability	0.79	0.92	-0.13
Calmar ratio: Return relative to maximum drawdown	-0.89	-0.51	-0.38
Martin ratio: Return relative to average drawdown	-1.59	-0.90	-0.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ZS vs. MANH - Sharpe Ratio Comparison

The current ZS Sharpe Ratio is -0.98, which is lower than the MANH Sharpe Ratio of -0.62. The chart below compares the historical Sharpe Ratios of ZS and MANH, 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

	ZS	MANH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.98	-0.62	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.03	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.21	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.22	+0.09

Drawdowns

ZS vs. MANH - Drawdown Comparison

The maximum ZS drawdown since its inception was -76.41%, smaller than the maximum MANH drawdown of -87.04%. Use the drawdown chart below to compare losses from any high point for ZS and MANH.

Drawdown Indicators

	ZS	MANH	Difference
Max Drawdown Largest peak-to-trough decline	-76.41%	-87.04%	+10.63%
Max Drawdown (1Y) Largest decline over 1 year	-64.89%	-46.97%	-17.92%
Max Drawdown (3Y) Largest decline over 3 years	-64.89%	-60.98%	-3.91%
Max Drawdown (5Y) Largest decline over 5 years	-76.41%	-60.98%	-15.43%
Max Drawdown (10Y) Largest decline over 10 years	—	-60.98%	—
Current Drawdown Current decline from peak	-64.95%	-52.59%	-12.36%
Average Drawdown Average peak-to-trough decline	-32.63%	-39.45%	+6.82%
Ulcer Index Depth and duration of drawdowns from previous peaks	36.05%	26.47%	+9.58%

Volatility

ZS vs. MANH - Volatility Comparison

Zscaler, Inc. (ZS) has a higher volatility of 44.44% compared to Manhattan Associates, Inc. (MANH) at 15.23%. This indicates that ZS's price experiences larger fluctuations and is considered to be riskier than MANH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ZS	MANH	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.44%	15.23%	+29.21%
Volatility (6M) Calculated over the trailing 6-month period	57.30%	32.62%	+24.68%
Volatility (1Y) Calculated over the trailing 1-year period	58.72%	38.51%	+20.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	56.10%	38.14%	+17.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	58.42%	39.45%	+18.97%

Dividends

ZS vs. MANH - Dividend Comparison

Neither ZS nor MANH has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

ZS vs. MANH - Profitability Comparison

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

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%.

MANH - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Manhattan Associates, Inc. reported a gross profit of 0.00 and revenue of 282.22M. Therefore, the gross margin over that period was 0.0%.

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%.

MANH - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Manhattan Associates, Inc. reported an operating income of 64.94M and revenue of 282.22M, resulting in an operating margin of 23.0%.

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%.

MANH - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Manhattan Associates, Inc. reported a net income of 49.30M and revenue of 282.22M, resulting in a net margin of 17.5%.

Frequently Asked Questions

Can I hold both ZS and MANH in my portfolio?

ZS and MANH have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZS or MANH?

ZS has higher volatility (44.44%) compared to MANH (15.23%). In terms of maximum drawdown, ZS dropped -76.41% vs MANH's -87.04%.

Which has better risk-adjusted returns?

MANH currently has the higher Sharpe Ratio (-0.62 vs -0.98), 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.