ZTS vs. FTNT

Last updated Jul 21, 2026

ZTS (Zoetis Inc.) and FTNT (Fortinet, Inc.) are both stocks. ZTS operates in Drug Manufacturers - Specialty & Generic (Healthcare), while FTNT operates in Software - Infrastructure (Technology). Over the past 10 years, ZTS returned 5.17%/yr vs 36.48%/yr for FTNT. At a 0.34 correlation, their price movements are largely independent.

Performance

ZTS vs. FTNT - Performance Comparison

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

Returns By Period

In the year-to-date period, ZTS achieves a -38.49% return, which is significantly lower than FTNT's 101.94% return. Over the past 10 years, ZTS has underperformed FTNT with an annualized return of 5.17%, while FTNT has yielded a comparatively higher 36.48% annualized return.

ZTS

• 1D: 0.22%
• 1M: -2.51%
• 6M: -37.91%
• YTD: -38.49%
• 1Y: -47.74%
• 3Y*: -24.37%
• 5Y*: -16.45%
• 10Y*: 5.17%
• ALL TIME*: 7.71%

FTNT

• 1D: -0.77%
• 1M: 10.80%
• 6M: 112.74%
• YTD: 101.94%
• 1Y: 52.12%
• 3Y*: 27.07%
• 5Y*: 24.82%
• 10Y*: 36.48%
• ALL TIME*: 31.36%

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

ZTS vs. FTNT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ZTS Zoetis Inc.	-38.49%	-21.75%	-16.63%	35.91%	-39.51%	48.26%	25.76%	55.71%	19.45%	35.55%
FTNT Fortinet, Inc.	101.94%	-15.95%	61.42%	19.72%	-31.98%	141.97%	39.13%	51.58%	61.20%	45.05%

Correlation

The correlation between ZTS and FTNT is 0.01, 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	0.01
Correlation (3Y) Calculated over the trailing 3-year period	0.10
Correlation (5Y) Calculated over the trailing 5-year period	0.32
Correlation (10Y) Calculated over the trailing 10-year period	0.34
Correlation (All Time) Calculated using the full available price history since Feb 1, 2013	0.34

Over the past year, the correlation between ZTS and FTNT has dropped to 0.01 - well below their long-term average of 0.34, suggesting their price drivers have been diverging.

Fundamentals

Market Cap ZTS : $31.94B FTNT : $117.49B
EPS ZTS : $6.08 FTNT : $2.59
PE Ratio ZTS : 12.53 FTNT : 61.84
PEG Ratio ZTS : 1.41 FTNT : 1.72
PS Ratio ZTS : 3.48 FTNT : 17.00
PB Ratio ZTS : 9.96 FTNT : 120.36
Total Revenue (TTM) ZTS : $9.51B FTNT : $7.11B
Gross Profit (TTM) ZTS : $6.73B FTNT : $5.74B
EBITDA (TTM) ZTS : $3.95B FTNT : $2.47B

Return for Risk

ZTS vs. FTNT — Risk / Return Rank

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

ZTS

ZTS Risk / Return Rank: 4
ZTS Sharpe Ratio Rank: 1
ZTS Sortino Ratio Rank: 4
ZTS Omega Ratio Rank: 2
ZTS Calmar Ratio Rank: 8
ZTS Martin Ratio Rank: 3

FTNT

FTNT Risk / Return Rank: 75
FTNT Sharpe Ratio Rank: 79
FTNT Sortino Ratio Rank: 74
FTNT Omega Ratio Rank: 79
FTNT Calmar Ratio Rank: 76
FTNT Martin Ratio Rank: 69

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.

ZTS vs. FTNT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Zoetis Inc. (ZTS) 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.

	ZTS	FTNT	Difference
Sharpe ratio: Return per unit of total volatility	-1.32	1.16	-2.48
Sortino ratio: Return per unit of downside risk	-1.81	1.67	-3.48
Omega ratio: Gain probability vs. loss probability	0.71	1.26	-0.55
Calmar ratio: Return relative to maximum drawdown	-0.89	1.72	-2.61
Martin ratio: Return relative to average drawdown	-1.75	2.53	-4.28

ZTS vs. FTNT - Sharpe Ratio Comparison

The current ZTS Sharpe Ratio is -1.32, which is lower than the FTNT Sharpe Ratio of 1.16. The chart below compares the historical Sharpe Ratios of ZTS 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.

Drawdowns

ZTS vs. FTNT - Drawdown Comparison

The maximum ZTS drawdown since its inception was -69.48%, which is greater than FTNT's maximum drawdown of -51.20%. Use the drawdown chart below to compare losses from any high point for ZTS and FTNT.

Drawdown Indicators

	ZTS	FTNT	Difference
Max Drawdown Largest peak-to-trough decline	-69.48%	-51.20%	-18.28%
Max Drawdown (1Y) Largest decline over 1 year	-53.60%	-30.44%	-23.16%
Max Drawdown (3Y) Largest decline over 3 years	-62.99%	-36.79%	-26.20%
Max Drawdown (5Y) Largest decline over 5 years	-69.48%	-38.32%	-31.16%
Max Drawdown (10Y) Largest decline over 10 years	-69.48%	-38.32%	-31.16%
Current Drawdown Current decline from peak	-67.41%	-3.88%	-63.53%
Average Drawdown Average peak-to-trough decline	-15.22%	-16.14%	+0.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.30%	20.62%	+6.68%

Volatility

ZTS vs. FTNT - Volatility Comparison

The current volatility for Zoetis Inc. (ZTS) is 8.82%, while Fortinet, Inc. (FTNT) has a volatility of 11.11%. This indicates that ZTS 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

	ZTS	FTNT	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.82%	11.11%	-2.29%
Volatility (6M) Calculated over the trailing 6-month period	32.11%	32.84%	-0.73%
Volatility (1Y) Calculated over the trailing 1-year period	36.29%	45.39%	-9.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	29.00%	44.17%	-15.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.18%	40.89%	-13.71%

Dividends

ZTS vs. FTNT - Dividend Comparison

ZTS's dividend yield for the trailing twelve months is around 2.74%, while FTNT has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FTNT Fortinet, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ZTS Zoetis Inc.	2.74%	1.59%	1.06%	0.76%	0.89%	0.41%	0.48%	0.50%	0.59%	0.58%	0.71%	0.69%

Financials

ZTS vs. FTNT - Profitability Comparison

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

Portfolio components

ZTS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 2026, Zoetis Inc. reported a gross profit of 1.62B and revenue of 2.26B. Therefore, the gross margin over that period was 71.7%.

FTNT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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%.

ZTS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Zoetis Inc. reported an operating income of 853.00M and revenue of 2.26B, resulting in an operating margin of 37.7%.

FTNT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 2026, Fortinet, Inc. reported an operating income of 580.00M and revenue of 1.85B, resulting in an operating margin of 31.4%.

ZTS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 2026, Zoetis Inc. reported a net income of 601.00M and revenue of 2.26B, resulting in a net margin of 26.6%.

FTNT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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 ZTS and FTNT in my portfolio?

ZTS and FTNT have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ZTS or FTNT?

FTNT has higher volatility (11.11%) compared to ZTS (8.82%). In terms of maximum drawdown, ZTS dropped -69.48% vs FTNT's -51.20%.

Which has better risk-adjusted returns?

FTNT currently has the higher Sharpe Ratio (1.16 vs -1.32), 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.