BetterThanSPY

Relative Intelligence · Cybersecurity

How Zscaler (ZS) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on ZS alone. It places ZS (Zscaler, Inc.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where ZS stands in the market, and of the alternatives worth a closer look.

Period covered: ZS's full trading record, from March 2018 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 22, 2026.

Data as of October 22, 2026. Full tables and charts read best on a larger screen.

Rank the market against ZS →Chart ZS vs. 21 alternatives →

This page answers the following questions about ZS

Key findings

Not AI-generated

These key findings are generated by our proprietary relative intelligence engine, directly from the data on this page.

How much would $10,000 in ZS have grown?

This chart tracks a hypothetical $10,000 investment in ZS over the past 8 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of ZS over the same span and ZS's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: ZS began trading on March 16, 2018, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or four other sell-offs. It covers the most recent 8 years of ZS's record, starting at the end of September 2018.

Choose a period

From the end of September 2018 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 261 of the 3,001 stocks and funds worth at least $500 million that traded the whole period ended ahead of ZS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$20,000$50,000$100,000$200,000201820192020202120222023202420252026$10,000$20,000$50,000$100,000$200,00020182020202220242026
  • DELL$217,228+2,072% total · +46.9% a year
  • PANW$105,834+958% total · +34.3% a year
  • FTNT$96,887+869% total · +32.8% a year
  • AGYS$59,557+496% total · +25.0% a year
  • GOOG$57,644+476% total · +24.5% a year
  • ZS$48,901+389% total · +21.9% a year
  • MSFT$48,443+384% total · +21.8% a year
  • SPY (S&P 500)$29,568+196% total · +14.5% a year
  • CSCO$27,854+179% total · +13.7% a year
  • FFIV$22,323+123% total · +10.6% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 2,957 of the 3,630 stocks and funds worth at least $500 million that traded the whole period ended ahead of ZS; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$20,000$40,000$60,000202120222023202420252026
  • PANW$49,770+398% total · +37.8% a year
  • CRWD$43,090+331% total · +33.9% a year
  • FTNT$30,603+206% total · +25.1% a year
  • GOOG$25,811+158% total · +20.9% a year
  • CSCO$22,737+127% total · +17.9% a year
  • DDOG$19,374+93.7% total · +14.1% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MSFT$18,958+89.6% total · +13.6% a year
  • SNOW$11,228+12.3% total · +2.3% a year
  • ZS$7,605−24.0% total · −5.3% a year
Change the dates or add tickers to this chart in EasyCompare

ZS at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: ZS began trading on March 16, 2018, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or four other sell-offs.

The company

Market value
$39B
Industry
Software - Infrastructure
Price history from
March 2018

Returns

Past 1 year
−22.8%total return
Past 3 years
+46.3%+13.5% a year
Past 5 years
−22.8%−5.0% a year
Best calendar year
+329%2020
Worst calendar year
−65.2%2022
Losing years
2 of 7full calendar years

Risk

Volatility
58.0%typical yearly swing, 5 years
Sharpe ratio
0.20return per unit of risk, 5 years
Worst decline ever
−76.4%Nov 2021 to May 2023
From its all-time high
−35.5%below the peak

ZS against the whole market

Where ZS ranks among every stock and fund, and what across the market has done better.

How does ZS rank among all stocks?

This section ranks ZS on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how ZS stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureZSRankStanding
1-year return−22.8%2,734 of 3,282bottom 18%
3-year return+46.3%1,634 of 3,016bottom 47%
5-year return−22.8%2,062 of 2,897bottom 30%
Volatility, 5 years58.0%2,221 of 2,897bottom 24%
Sharpe ratio, 5 years0.201,846 of 2,897bottom 37%

What has beaten ZS on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). ZS sits where the dashed lines cross. Anything in the green box above and to the left earned more than ZS with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to ZS; faint dots are 90 more of the 2,571 in the green region (the strongest, one per fund family). 3,641 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ZSVOO: +12.6% a year, volatility 16.9%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%NTAP: +20.6% a year, volatility 35.3%ABBV: +25.5% a year, volatility 23.4%JNJ: +13.5% a year, volatility 18.0%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%VRIG: +4.7% a year, volatility 1.3%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%COST: +17.4% a year, volatility 22.9%VXUS: +8.0% a year, volatility 16.4%QQQ: +14.2% a year, volatility 23.0%HALO: +26.2% a year, volatility 40.4%NVS: +17.4% a year, volatility 20.7%MPC: +50.0% a year, volatility 33.4%MRK: +16.1% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%VTV: +12.2% a year, volatility 13.7%FLRT: +6.0% a year, volatility 2.3%AMGN: +20.1% a year, volatility 24.9%APH: +31.3% a year, volatility 32.4%GILD: +22.8% a year, volatility 24.9%VEA: +9.1% a year, volatility 16.9%KLAC: +35.3% a year, volatility 46.9%IBKR: +35.3% a year, volatility 35.5%PG: +5.8% a year, volatility 18.4%MFG: +33.9% a year, volatility 30.6%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%SMFG: +34.0% a year, volatility 29.4%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%ADI: +18.6% a year, volatility 34.2%BHP: +15.8% a year, volatility 31.4%TXN: +10.1% a year, volatility 33.8%AZN: +8.9% a year, volatility 35.7%DE: +15.1% a year, volatility 29.9%VIG: +10.4% a year, volatility 14.1%FLOT: +4.5% a year, volatility 1.8%GLW: +29.7% a year, volatility 42.2%TM: +5.7% a year, volatility 27.0%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%AEM: +28.2% a year, volatility 38.5%VTIP: +2.7% a year, volatility 2.9%SO: +12.3% a year, volatility 18.9%UNP: +7.0% a year, volatility 22.9%T: +9.5% a year, volatility 25.4%HURN: +31.3% a year, volatility 40.8%TMUS: +7.4% a year, volatility 26.1%NEM: +17.8% a year, volatility 39.1%RIO: +11.9% a year, volatility 29.0%MNST: +17.4% a year, volatility 24.9%CME: +11.6% a year, volatility 20.8%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%IEMG: +6.5% a year, volatility 19.5%VWO: +5.0% a year, volatility 17.5%RSG: +14.1% a year, volatility 18.6%RY: +17.5% a year, volatility 18.2%UL: +5.7% a year, volatility 21.6%ORLY: +15.8% a year, volatility 23.4%PJUL: +10.4% a year, volatility 8.6%WM: +9.5% a year, volatility 19.3%JAAA: +5.1% a year, volatility 1.7%NGG: +12.3% a year, volatility 22.6%BMY: +6.1% a year, volatility 25.0%NVDA: +56.5% a year, volatility 51.9%GSK: +9.5% a year, volatility 24.5%DUK: +7.9% a year, volatility 18.1%ESLT: +39.7% a year, volatility 34.6%AEP: +12.8% a year, volatility 20.2%WPM: +25.8% a year, volatility 37.0%WELL: +27.0% a year, volatility 23.8%BSV: +1.8% a year, volatility 2.8%FAST: +16.2% a year, volatility 24.6%CVS: +5.0% a year, volatility 30.4%VCSH: +2.4% a year, volatility 2.9%AU: +38.0% a year, volatility 50.0%ARGX: +24.5% a year, volatility 39.9%SCHG: +12.8% a year, volatility 22.5%AJG: +11.6% a year, volatility 24.3%B: +17.8% a year, volatility 37.4%CL: +7.8% a year, volatility 19.3%MMM: +7.2% a year, volatility 28.8%ICE: +5.9% a year, volatility 21.8%MRSH: +4.8% a year, volatility 21.0%ZS: −5.0% a year, volatility 58.0%SPY (S&P 500): +12.5% a year, volatility 17.2%PANW: +33.4% a year, volatility 43.4%CRWD: +27.4% a year, volatility 52.7%FTNT: +20.9% a year, volatility 44.8%GOOG: +18.5% a year, volatility 32.0%MSFT: +11.9% a year, volatility 28.2%DDOG: +9.7% a year, volatility 59.8%CVLT: +17.1% a year, volatility 44.2%BOX: +10.3% a year, volatility 33.3%AGYS: +18.4% a year, volatility 49.0%ORCL: +6.4% a year, volatility 44.3%FROG: +21.6% a year, volatility 58.0%WDAY: −5.6% a year, volatility 41.7%BIL: +3.7% a year, volatility 0.3%DELL: +53.8% a year, volatility 54.5%PSX: +32.7% a year, volatility 32.9%LLY: +41.2% a year, volatility 32.8%HPE: +32.8% a year, volatility 42.3%VTI: +11.4% a year, volatility 17.5%MU: +67.0% a year, volatility 57.1%CRL: −4.2% a year, volatility 44.1%FIX: +73.0% a year, volatility 46.9%CSCO: +16.9% a year, volatility 26.1%BELFB: +75.9% a year, volatility 52.3%ZSSPY (S&P 500)PANWCRWDFTNTGOOGMSFTDDOGCVLTBOXAGYSORCLFROGWDAYBILDELLPSXLLYHPEVTIMUFIXCSCOBELFB−20.0%0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than ZSVOO: +12.6% a year, volatility 16.9%WMT: +21.1% a year, volatility 22.6%BRK-A: +13.5% a year, volatility 17.2%NTAP: +20.6% a year, volatility 35.3%ABBV: +25.5% a year, volatility 23.4%JNJ: +13.5% a year, volatility 18.0%HSBC: +32.8% a year, volatility 25.9%V: +13.2% a year, volatility 22.9%DXJ: +26.6% a year, volatility 19.1%VRIG: +4.7% a year, volatility 1.3%KO: +15.2% a year, volatility 16.8%LVHI: +16.9% a year, volatility 11.1%COST: +17.4% a year, volatility 22.9%VXUS: +8.0% a year, volatility 16.4%QQQ: +14.2% a year, volatility 23.0%HALO: +26.2% a year, volatility 40.4%NVS: +17.4% a year, volatility 20.7%MPC: +50.0% a year, volatility 33.4%MRK: +16.1% a year, volatility 24.8%MCK: +37.8% a year, volatility 25.1%VTV: +12.2% a year, volatility 13.7%FLRT: +6.0% a year, volatility 2.3%AMGN: +20.1% a year, volatility 24.9%APH: +31.3% a year, volatility 32.4%GILD: +22.8% a year, volatility 24.9%VEA: +9.1% a year, volatility 16.9%KLAC: +35.3% a year, volatility 46.9%IBKR: +35.3% a year, volatility 35.5%PG: +5.8% a year, volatility 18.4%MFG: +33.9% a year, volatility 30.6%LIN: +11.7% a year, volatility 20.9%GLD: +17.1% a year, volatility 19.0%SMFG: +34.0% a year, volatility 29.4%PGR: +21.8% a year, volatility 25.7%VRTX: +23.9% a year, volatility 29.1%ADI: +18.6% a year, volatility 34.2%BHP: +15.8% a year, volatility 31.4%TXN: +10.1% a year, volatility 33.8%AZN: +8.9% a year, volatility 35.7%DE: +15.1% a year, volatility 29.9%VIG: +10.4% a year, volatility 14.1%FLOT: +4.5% a year, volatility 1.8%GLW: +29.7% a year, volatility 42.2%TM: +5.7% a year, volatility 27.0%VYM: +11.6% a year, volatility 13.8%SCHD: +10.2% a year, volatility 14.4%AEM: +28.2% a year, volatility 38.5%VTIP: +2.7% a year, volatility 2.9%SO: +12.3% a year, volatility 18.9%UNP: +7.0% a year, volatility 22.9%T: +9.5% a year, volatility 25.4%HURN: +31.3% a year, volatility 40.8%TMUS: +7.4% a year, volatility 26.1%NEM: +17.8% a year, volatility 39.1%RIO: +11.9% a year, volatility 29.0%MNST: +17.4% a year, volatility 24.9%CME: +11.6% a year, volatility 20.8%VT: +10.1% a year, volatility 16.2%EP-PC: +5.2% a year, volatility 8.9%IEMG: +6.5% a year, volatility 19.5%VWO: +5.0% a year, volatility 17.5%RSG: +14.1% a year, volatility 18.6%RY: +17.5% a year, volatility 18.2%UL: +5.7% a year, volatility 21.6%ORLY: +15.8% a year, volatility 23.4%PJUL: +10.4% a year, volatility 8.6%WM: +9.5% a year, volatility 19.3%JAAA: +5.1% a year, volatility 1.7%NGG: +12.3% a year, volatility 22.6%BMY: +6.1% a year, volatility 25.0%NVDA: +56.5% a year, volatility 51.9%GSK: +9.5% a year, volatility 24.5%DUK: +7.9% a year, volatility 18.1%ESLT: +39.7% a year, volatility 34.6%AEP: +12.8% a year, volatility 20.2%WPM: +25.8% a year, volatility 37.0%WELL: +27.0% a year, volatility 23.8%BSV: +1.8% a year, volatility 2.8%FAST: +16.2% a year, volatility 24.6%CVS: +5.0% a year, volatility 30.4%VCSH: +2.4% a year, volatility 2.9%AU: +38.0% a year, volatility 50.0%ARGX: +24.5% a year, volatility 39.9%SCHG: +12.8% a year, volatility 22.5%AJG: +11.6% a year, volatility 24.3%B: +17.8% a year, volatility 37.4%CL: +7.8% a year, volatility 19.3%MMM: +7.2% a year, volatility 28.8%ICE: +5.9% a year, volatility 21.8%MRSH: +4.8% a year, volatility 21.0%ZS: −5.0% a year, volatility 58.0%SPY (S&P 500): +12.5% a year, volatility 17.2%PANW: +33.4% a year, volatility 43.4%CRWD: +27.4% a year, volatility 52.7%FTNT: +20.9% a year, volatility 44.8%GOOG: +18.5% a year, volatility 32.0%MSFT: +11.9% a year, volatility 28.2%DDOG: +9.7% a year, volatility 59.8%CVLT: +17.1% a year, volatility 44.2%BOX: +10.3% a year, volatility 33.3%AGYS: +18.4% a year, volatility 49.0%ORCL: +6.4% a year, volatility 44.3%FROG: +21.6% a year, volatility 58.0%WDAY: −5.6% a year, volatility 41.7%BIL: +3.7% a year, volatility 0.3%DELL: +53.8% a year, volatility 54.5%PSX: +32.7% a year, volatility 32.9%LLY: +41.2% a year, volatility 32.8%HPE: +32.8% a year, volatility 42.3%VTI: +11.4% a year, volatility 17.5%MU: +67.0% a year, volatility 57.1%CRL: −4.2% a year, volatility 44.1%FIX: +73.0% a year, volatility 46.9%CSCO: +16.9% a year, volatility 26.1%BELFB: +75.9% a year, volatility 52.3%ZSSPY (S&P 500)PANWCRWDFTNTGOOGDDOGORCLFROGWDAYBILDELLPSXLLYVTIMUCRLFIX
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than ZS?

Investments that beat ZS over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat ZS over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks ZS's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than ZS follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than ZS's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× ZS's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than ZS's.

Screen the whole market against ZS for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with ZS?lower diversifies moreExpenseper year
ZSZscaler, Inc. · this page
−5.0%58.0%0.20−76.4%−22.8%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.5%17.2%0.78−33.7%+80.3%0.300.09%
Popular alternativesbest 6 shownThe investments people most often weigh against ZS. 15 of 21 passed at least one test.
PANWPalo Alto Networks, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%43.4%0.89−48.0%+322%0.56—
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+27.4%52.7%0.72−67.7%+236%0.63—
FTNTFortinet, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+20.9%44.8%0.65−38.3%+158%0.33—
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+18.5%32.0%0.69−44.6%+134%0.15—
MSFTMicrosoft Corporation · Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+11.9%28.2%0.54−37.1%+75.6%0.41—
DDOGDatadog, Inc. · Application Software
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+9.7%59.8%0.45−68.1%+58.7%0.56—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Cybersecurity and Software and the categories next to it (Cloud Computing, Communications Equipment, Application Software, Enterprise Software), plus ZS's specific themes. 70 of 168 passed at least one test.
CVLTCommvault Systems, Inc. · Enterprise Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+17.1%44.2%0.58−61.5%+120%0.23—
BOXBox, Inc. · Enterprise Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+10.3%33.3%0.46−68.6%+63.5%0.35—
AGYSAgilysys, Inc. · Application Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+18.4%49.0%0.59−64.7%+132%0.16—
ORCLOracle Corporation · Enterprise Software
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+6.4%44.3%0.36−64.6%+36.7%0.32—
FROGJFrog Ltd. · Application Software
Higher return, similar volatilityHigher return in most periods+21.6%58.0%0.63−80.4%+166%0.43—
WDAYWorkday, Inc. · Enterprise Software
Similar return, lower volatility−5.6%41.7%0.07−63.4%−25.2%0.63—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,712 of 3,480 passed at least one test.
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+3.7%0.3%14.07−0.2%+20.0%0.180.14%
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+53.8%54.5%1.06−59.6%+761%0.10—
PSXPhillips 66 · Oil Refining
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.7%32.9%1.03−64.2%+312%-0.03—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+41.2%32.8%1.22−34.5%+461%0.01—
HPEHewlett Packard Enterprise Company · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.8%42.3%0.89−56.9%+313%0.16—
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+11.4%17.5%0.71−35.0%+71.5%0.310.03%
MUMicron Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+67.0%57.1%1.19−57.6%+1,199%0.11—
CRLCharles River Laboratories International, Inc. · Life Sciences Tools
Similar return, lower volatilityHigher return in most periods−4.2%44.1%0.13−78.2%−19.2%0.27—
What these numbers mean for ZS
Annual return
ZS lost 5.0% a year over the past 5 years with dividends reinvested, against 12.5% a year for the S&P 500. At that pace, $10,000 became about $7,720. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
ZS's volatility over the past 5 years was 58.0%, 3.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ZS's return lands within 58.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
ZS's Sharpe ratio over the past 5 years was 0.20, against 0.78 for the S&P 500, so ZS earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
ZS's worst fall from a peak to a low over the past 10 years was 76.4%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 76.4% fall takes a 324% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, ZS's monthly returns had a correlation of 0.30 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ZS instead: the lower it is, the more that option would diversify a ZS holding. Guide: Correlation and diversification →
Show all 2,571 stocks and funds worth at least $500 million that earned more than ZS with less volatility

Out of 3,641 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with ZSExpense
1
BILState Street SPDR Bloomberg 1-3 Month T-Bill ETF · Treasury Bills
Whole market+3.7%0.3%14.07−0.2%+20.0%0.180.14%
2
DELLDell Technologies Inc. · Computer Hardware
Whole market+53.8%54.5%1.06−59.6%+761%0.10—
3
PSXPhillips 66 · Oil Refining
Whole market+32.7%32.9%1.03−64.2%+312%-0.03—
4
LLYEli Lilly and Company · Pharmaceuticals
Whole market+41.2%32.8%1.22−34.5%+461%0.01—
5
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.8%42.3%0.89−56.9%+313%0.16—
6
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.4%17.5%0.71−35.0%+71.5%0.310.03%
7
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.6%16.9%0.79−34.0%+80.8%0.300.03%
8
WMTWalmart Inc. · Discount Retail
Whole market+21.1%22.6%0.97−25.7%+161%0.01—
9
BRK-ABerkshire Hathaway Inc. · Insurance
Whole market+13.5%17.2%0.83−30.4%+88.5%-0.07—
10
NTAPNetApp, Inc. · Computer Hardware
Whole market+20.6%35.3%0.71−58.1%+155%0.28—
11
ABBVAbbVie Inc. · Specialty Pharmaceuticals
Whole market+25.5%23.4%1.09−45.1%+212%-0.11—
12
JNJJohnson & Johnson · Pharmaceuticals
Whole market+13.5%18.0%0.80−27.4%+88.0%-0.20—
13
HSBCHSBC Holdings plc · Banks
Whole market+32.8%25.9%1.23−62.3%+313%-0.08—
14
VVisa Inc. · Payment Processing
Whole market+13.2%22.9%0.66−36.4%+86.1%0.05—
15
DXJWisdomTree Japan Hedged Equity Fund · Japan Equity
Whole market+26.6%19.1%1.34−39.1%+225%-0.030.48%
16
VRIGInvesco Variable Rate Investment Grade ETF · Investment Grade Bonds
Whole market+4.7%1.3%3.52−13.1%+25.6%0.160.30%
17
KOThe Coca-Cola Company · Nonalcoholic Beverages
Whole market+15.2%16.8%0.93−37.0%+103%-0.25—
18
LVHIFranklin International Low Volatility High Dividend Index ETF · International Dividend Equity
Whole market+16.9%11.1%1.48−32.4%+119%-0.230.40%
19
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%0.33—
20
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.0%16.4%0.56−36.0%+47.2%0.030.05%
21
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.2%23.0%0.69−35.1%+94.0%0.440.18%
22
HALOHalozyme Therapeutics, Inc. · Biotechnology
Whole market+26.2%40.4%0.78−49.1%+220%0.07—
23
NVSNovartis AG · Pharmaceuticals
Whole market+17.4%20.7%0.89−26.8%+123%-0.25—
24
MPCMarathon Petroleum Corporation · Oil Refining
Whole market+50.0%33.4%1.39−79.7%+660%-0.05—
25
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.1%24.8%0.73−43.4%+111%-0.22—
26
MCKMcKesson Corporation · Health Care Distribution
Whole market+37.8%25.1%1.41−38.1%+397%0.08—
27
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.2%13.7%0.91−36.8%+78.0%0.020.03%
28
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Bank Loans
Whole market+6.0%2.3%2.55−20.9%+33.8%0.220.60%
29
AMGNAmgen Inc. · Biotechnology
Whole market+20.1%24.9%0.86−24.9%+150%-0.21—
30
APHAmphenol Corporation · Electronic Components
Whole market+31.3%32.4%1.01−37.5%+290%0.30—
31
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+179%-0.12—
32
PANWPalo Alto Networks, Inc. · Cybersecurity
Popular alternative+33.4%43.4%0.89−48.0%+322%0.56—
33
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.1%16.9%0.60−35.8%+54.8%0.040.03%
34
KLACKLA Corporation · Semiconductor Equipment
Whole market+35.3%46.9%0.88−50.9%+353%0.18—
35
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.3%35.5%1.03−55.1%+354%0.32—
36
PGThe Procter & Gamble Company · Household & Personal Products
Whole market+5.8%18.4%0.40−23.8%+32.9%-0.19—
37
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.9%30.6%1.11−45.7%+330%-0.07—
38
LINLinde plc · Chemicals
Whole market+11.7%20.9%0.64−32.6%+73.8%-0.04—
39
GLDSPDR Gold Shares · Gold
Whole market+17.1%19.0%0.93−26.4%+120%-0.110.40%
40
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Popular alternative+27.4%52.7%0.72−67.7%+236%0.63—
41
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+34.0%29.4%1.15−47.6%+332%-0.20—
42
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.8%25.7%0.90−30.3%+168%-0.10—
43
VRTXVertex Pharmaceuticals Incorporated · Rare Disease Therapeutics
Whole market+23.9%29.1%0.89−41.6%+192%0.00—
44
ADIAnalog Devices, Inc. · Semiconductors
Whole market+18.6%34.2%0.67−33.6%+135%-0.04—
45
BHPBHP Group Limited · Metals & Mining
Whole market+15.8%31.4%0.63−44.3%+109%-0.14—
46
TXNTexas Instruments Incorporated · Semiconductors
Whole market+10.1%33.8%0.45−33.4%+61.8%0.05—
47
AZNAstraZeneca PLC · Pharmaceuticals
Whole market+8.9%35.7%0.42−28.7%+53.2%-0.23—
48
DEDeere & Company · Industrial Machinery
Whole market+15.1%29.9%0.62−37.9%+102%-0.01—
49
VIGVanguard Dividend Appreciation ETF · Dividend Growth
Whole market+10.4%14.1%0.77−31.7%+63.9%0.150.04%
50
FTNTFortinet, Inc. · Cybersecurity
Popular alternative+20.9%44.8%0.65−38.3%+158%0.33—
51
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.49−13.5%+24.6%0.160.15%
52
GLWCorning Inc · Electronic Components
Whole market+29.7%42.2%0.83−51.5%+268%-0.10—
53
TMToyota Motor Corporation · Automobiles
Whole market+5.7%27.0%0.34−36.8%+32.2%0.02—
54
VYMVanguard High Dividend Yield ETF · High Dividend Yield
Whole market+11.6%13.8%0.87−35.2%+72.8%-0.030.04%
55
SCHDSchwab U.S. Dividend Equity ETF · US Dividend Equity
Whole market+10.2%14.4%0.75−33.4%+62.8%-0.050.06%
56
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+28.2%38.5%0.84−54.2%+246%-0.08—
57
VTIPVanguard Short-Term Inflation-Protected Securities ETF · Inflation-Protected Bonds
Whole market+2.7%2.9%0.95−6.3%+14.2%-0.090.03%
58
SOThe Southern Company · Electric Utilities
Whole market+12.3%18.9%0.71−38.4%+78.9%-0.30—
59
UNPUnion Pacific Corporation · Railroads
Whole market+7.0%22.9%0.41−38.7%+40.4%0.20—
60
TAT&T Inc. · Integrated Telecommunications
Whole market+9.5%25.4%0.49−39.4%+57.5%-0.20—
61
HURNHuron Consulting Group Inc. · Consulting Services
Whole market+31.3%40.8%0.87−51.4%+290%0.02—
62
TMUST-Mobile US, Inc. · Telecommunications
Whole market+7.4%26.1%0.41−44.0%+42.9%-0.08—
63
NEMNewmont Corporation · Gold Mining
Whole market+17.8%39.1%0.62−62.4%+127%-0.09—
64
RIORio Tinto Group · Metals & Mining
Whole market+11.9%29.0%0.54−37.5%+75.6%-0.19—
65
MNSTMonster Beverage Corporation · Nonalcoholic Beverages
Whole market+17.4%24.9%0.77−30.4%+123%-0.11—
66
CMECME Group Inc. · Capital Markets
Whole market+11.6%20.8%0.63−37.4%+73.2%0.14—
67
VTVanguard Total World Stock ETF · Global Equity
Whole market+10.1%16.2%0.68−34.2%+62.0%0.220.06%
68
EP-PCEl Paso Energy Capital Trust I PFD CV TR SECS · Preferred Stocks
Whole market+5.2%8.9%0.62−25.4%+28.7%0.12—
69
IEMGiShares Core MSCI Emerging Markets ETF · Emerging Markets Equity
Whole market+6.5%19.5%0.42−38.7%+37.0%0.050.09%
70
VWOVanguard FTSE Emerging Markets ETF · Emerging Markets Equity
Whole market+5.0%17.5%0.36−36.4%+27.4%0.020.06%
71
RSGRepublic Services, Inc. · Waste Management
Whole market+14.1%18.6%0.80−34.0%+93.2%0.17—
72
RYRoyal Bank of Canada · Banks
Whole market+17.5%18.2%0.98−40.0%+124%-0.02—
73
ULUnilever PLC · Household & Personal Products
Whole market+5.7%21.6%0.37−30.1%+31.9%-0.21—
74
ORLYO'Reilly Automotive, Inc. · Specialty Retail
Whole market+15.8%23.4%0.75−42.0%+108%-0.04—
75
PJULInnovator U.S. Equity Power Buffer ETF · US Equity Buffer
Whole market+10.4%8.6%1.20−18.2%+64.2%0.260.79%
76
WMWaste Management, Inc. · Waste Management
Whole market+9.5%19.3%0.57−30.1%+57.4%0.02—
77
JAAAJanus Henderson AAA CLO ETF · AAA CLO Debt
Whole market+5.1%1.7%2.98−2.6%+28.0%0.220.20%
78
NGGNational Grid plc · Electric Utilities
Whole market+12.3%22.6%0.63−39.2%+78.6%-0.07—
79
BMYBristol-Myers Squibb Company · Pharmaceuticals
Whole market+6.1%25.0%0.36−47.7%+34.5%-0.22—
80
NVDANVIDIA Corporation · Semiconductors
Whole market+56.5%51.9%1.12−66.3%+839%0.46—
81
GSKGSK plc · Pharmaceuticals
Whole market+9.5%24.5%0.50−37.6%+57.8%-0.14—
82
DUKDuke Energy Corporation · Electric Utilities
Whole market+7.9%18.1%0.52−37.4%+46.5%-0.27—
83
ESLTElbit Systems Ltd. · Aerospace & Defense
Whole market+39.7%34.6%1.14−35.4%+432%0.09—
84
AEPAmerican Electric Power Company, Inc. · Electric Utilities
Whole market+12.8%20.2%0.70−32.9%+82.7%-0.28—
85
WPMWheaton Precious Metals Corp. · Precious Metals
Whole market+25.8%37.0%0.81−46.7%+215%-0.04—
86
WELLWelltower Inc. · Healthcare REITs
Whole market+27.0%23.8%1.13−63.3%+230%-0.10—
87
BSVVanguard Short-Term Bond ETF · Short-Term Bonds
Whole market+1.8%2.8%0.67−8.5%+9.4%-0.020.03%
88
FASTFastenal Company · Industrial Distribution
Whole market+16.2%24.6%0.74−30.7%+112%0.15—
89
CVSCVS Health Corp. · Managed Health Care
Whole market+5.0%30.4%0.32−56.8%+27.6%0.01—
90
VCSHVanguard Short-Term Corporate Bond ETF · Short-Term Corporate Bonds
Whole market+2.4%2.9%0.84−12.9%+12.8%0.020.03%
91
AUAngloGold Ashanti Plc · Gold Mining
Whole market+38.0%50.0%0.90−66.3%+400%-0.06—
92
ARGXargenx SE · Immunology Therapeutics
Whole market+24.5%39.9%0.75−38.2%+199%0.03—
93
CVLTCommvault Systems, Inc. · Enterprise Software
Same or nearby category+17.1%44.2%0.58−61.5%+120%0.23—
94
SCHGSchwab U.S. Large-Cap Growth ETF · US Large-Cap Growth
Whole market+12.8%22.5%0.65−34.5%+82.4%0.470.04%
95
AJGArthur J. Gallagher & Co. · Insurance Brokers
Whole market+11.6%24.3%0.57−44.4%+72.8%0.13—
96
BBarrick Mining Corporation · Gold Mining
Whole market+17.8%37.4%0.63−53.9%+127%-0.10—
97
CLColgate-Palmolive Company · Household & Personal Products
Whole market+7.8%19.3%0.48−29.0%+45.3%-0.24—
98
MMM3M Company · Industrial Conglomerates
Whole market+7.2%28.8%0.39−57.4%+41.8%-0.03—
99
ICEIntercontinental Exchange, Inc. · Capital Markets
Whole market+5.9%21.8%0.37−34.3%+33.0%0.20—
100
MRSHMarsh & McLennan Companies, Inc. · Insurance Brokers
Whole market+4.8%21.0%0.33−35.8%+26.6%0.04—

ZS against its popular alternatives

The investments people most often weigh against ZS, compared period by period and year by year.

How do ZS's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at ZS, which divides the map into what did better or worse on each measure.

Green points earned more than ZS with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityZS: −5.0% a year, volatility 58.0%SPY (S&P 500): 12.5% a year, volatility 17.2%PANW: 33.4% a year, volatility 43.4%CRWD: 27.4% a year, volatility 52.7%FTNT: 20.9% a year, volatility 44.8%CSCO: 16.9% a year, volatility 26.1%FFIV: 16.7% a year, volatility 30.8%MSFT: 11.9% a year, volatility 28.2%AMZN: 8.5% a year, volatility 36.6%RDWR: −3.5% a year, volatility 38.8%GOOG: 18.5% a year, volatility 32.0%GEN: 0.7% a year, volatility 32.9%TENB: −4.1% a year, volatility 47.8%QLYS: 12.2% a year, volatility 42.9%VRNS: −5.0% a year, volatility 53.7%CHKP: 4.2% a year, volatility 29.2%AKAM: −3.3% a year, volatility 39.2%S: −18.8% a year, volatility 62.9%RPD: −34.9% a year, volatility 58.6%DDOG: 9.7% a year, volatility 59.8%SNOW: −1.6% a year, volatility 62.6%NET: 10.9% a year, volatility 69.1%OKTA: −5.0% a year, volatility 60.2%ZSSPY (S&P 500)PANWCRWDFTNTCSCOFFIVMSFTAMZNRDWRGENTENBQLYSVRNSCHKPAKAMSRPDDDOGSNOWNETOKTA0.0%20.0%40.0%60.0%80.0%−40.0%−20.0%0.0%20.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilityZS: −5.0% a year, volatility 58.0%SPY (S&P 500): 12.5% a year, volatility 17.2%PANW: 33.4% a year, volatility 43.4%CRWD: 27.4% a year, volatility 52.7%FTNT: 20.9% a year, volatility 44.8%CSCO: 16.9% a year, volatility 26.1%FFIV: 16.7% a year, volatility 30.8%MSFT: 11.9% a year, volatility 28.2%AMZN: 8.5% a year, volatility 36.6%RDWR: −3.5% a year, volatility 38.8%GOOG: 18.5% a year, volatility 32.0%GEN: 0.7% a year, volatility 32.9%TENB: −4.1% a year, volatility 47.8%QLYS: 12.2% a year, volatility 42.9%VRNS: −5.0% a year, volatility 53.7%CHKP: 4.2% a year, volatility 29.2%AKAM: −3.3% a year, volatility 39.2%S: −18.8% a year, volatility 62.9%RPD: −34.9% a year, volatility 58.6%DDOG: 9.7% a year, volatility 59.8%SNOW: −1.6% a year, volatility 62.6%NET: 10.9% a year, volatility 69.1%OKTA: −5.0% a year, volatility 60.2%ZSSPY (S&P 500)PANWCRWDFTNTCSCOAMZNRDWRGENTENBQLYSCHKPAKAMSRPDDDOGSNOWNET
All figures
InvestmentAnnual returnVolatility
PANW Palo Alto Networks, Inc.+33.4%43.4%
CRWD CrowdStrike Holdings, Inc.+27.4%52.7%
FTNT Fortinet, Inc.+20.9%44.8%
GOOG Alphabet Inc.+18.5%32.0%
CSCO Cisco Systems, Inc.+16.9%26.1%
FFIV F5, Inc.+16.7%30.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.5%17.2%
QLYS Qualys, Inc.+12.2%42.9%
MSFT Microsoft Corporation+11.9%28.2%
NET Cloudflare, Inc.+10.9%69.1%
DDOG Datadog, Inc.+9.7%59.8%
AMZN Amazon.com, Inc.+8.5%36.6%
CHKP Check Point Software Technologies Ltd.+4.2%29.2%
GEN Gen Digital Inc.+0.7%32.9%
SNOW Snowflake Inc.−1.6%62.6%
AKAM Akamai Technologies, Inc.−3.3%39.2%
RDWR Radware Ltd.−3.5%38.8%
TENB Tenable Holdings, Inc.−4.1%47.8%
VRNS Varonis Systems, Inc.−5.0%53.7%
OKTA Okta, Inc.−5.0%60.2%
ZS This pageZscaler, Inc.−5.0%58.0%
S SentinelOne, Inc.−18.8%62.9%
RPD Rapid7, Inc.−34.9%58.6%
Open these 23 in EasyCompare

Has ZS consistently beaten its popular alternatives?

This section compares ZS with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than ZS helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than ZS over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
ZS Zscaler, Inc. (this page)—+13.1%+67.1%+66.7%+7.8%−22.8%+46.3%−22.8%58.0%0.20−76.4%—$39B—
PANW QualifiedPalo Alto Networks, Inc.3/5 short2/2 long−5.2%+5.9%+95.9%+97.9%+67.1%+188%+322%43.4%0.89−48.0%—$290B—
CRWD QualifiedCrowdStrike Holdings, Inc.3/5 short2/2 long−4.8%+26.3%+104%+110%+90.3%+431%+236%52.7%0.72−67.7%—$244B—
FTNT QualifiedFortinet, Inc.3/5 short2/2 long−0.7%+11.6%+98.6%+122%+104%+208%+158%44.8%0.65−38.3%—$127B—
DDOG QualifiedDatadog, Inc.3/5 short2/2 long+4.2%+4.9%+95.1%+92.7%+67.1%+201%+58.7%59.8%0.45−68.1%—$93B—
SNOW QualifiedSnowflake Inc.3/5 short2/2 long−6.7%+17.2%+102%+44.9%+29.9%+111%−7.6%62.6%0.28−73.0%—$111B—
CSCO Communication EquipmentCisco Systems, Inc.2/5 short2/2 long−1.1%−6.2%+17.7%+39.7%+51.2%+117%+118%26.1%0.73−42.0%—$414B—
FFIV Software - InfrastructureF5, Inc.2/5 short2/2 long−0.7%+12.3%+44.6%+75.4%+51.1%+207%+116%30.8%0.66−54.6%—$25B—
MSFT Software - InfrastructureMicrosoft Corporation2/5 short2/2 long+4.6%+33.7%+20.9%+10.9%+0.9%+61.9%+75.6%28.2%0.54−37.1%—$3.9T—
NET Software - InfrastructureCloudflare, Inc.2/5 short2/2 long−14.0%+12.9%+46.3%+54.9%+44.1%+417%+67.4%69.1%0.49−82.6%—$108B—
AMZN Specialty RetailAmazon.com, Inc.2/5 short2/2 long−1.8%+2.3%−1.9%+10.5%+14.9%+97.8%+50.1%36.6%0.41−56.1%—$2.7T—
RDWR Software - InfrastructureRadware Ltd.2/5 short2/2 long+0.5%+1.1%+11.1%+25.2%+15.9%+92.0%−16.5%38.8%0.10−65.5%—$1.3B—
GOOG Internet Content & InformationAlphabet Inc.1/5 short2/2 long−7.7%−6.1%−4.9%+1.9%+27.4%+135%+134%32.0%0.69−44.6%—$3.9T—
GEN Software - InfrastructureGen Digital Inc.1/5 short2/2 long−8.8%−2.3%+25.7%−3.1%−6.7%+56.2%+3.5%32.9%0.18−48.4%—$15B—
TENB Software - InfrastructureTenable Holdings, Inc.4/5 short1/2 long+17.0%+27.9%+104%+84.8%+39.5%−0.6%−19.0%47.8%0.15−74.4%—$4.6B—
QLYS Software - InfrastructureQualys, Inc.3/5 short1/2 long+13.6%+48.5%+135%+58.9%+62.4%+35.0%+77.4%42.9%0.48−63.0%—$7.2B—
VRNS Software - InfrastructureVaronis Systems, Inc.3/5 short1/2 long+3.4%+7.9%+94.5%+52.6%−20.2%+53.4%−22.7%53.7%0.20−78.2%—$5.6B—
OKTA Software - InfrastructureOkta, Inc.3/5 short1/2 long+2.4%+47.3%+156%+141%+131%+190%−22.7%60.2%0.21−84.6%—$34B—
CHKP Software - InfrastructureCheck Point Software Technologies Ltd.1/5 short1/2 long+10.8%+18.8%+7.3%−16.0%−22.0%+14.8%+22.7%29.2%0.29−51.8%—$16B—
AKAM Software - InfrastructureAkamai Technologies, Inc.1/5 short1/2 long−23.0%−26.7%−6.2%+7.1%+22.0%−11.9%−15.6%39.2%0.11−46.8%—$13B—
S Software - InfrastructureSentinelOne, Inc.2/5 short0/2 long−5.7%+23.5%+53.8%+53.7%+30.1%+40.2%−64.7%62.9%-0.01−84.4%—$7.7B—
RPD Software - InfrastructureRapid7, Inc.2/5 short0/2 long+14.6%+48.6%+133%+3.2%−23.2%−69.7%−88.3%58.6%-0.44−96.4%—$993M—
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How did ZS do year by year?

This table shows each investment's total return in every full calendar year since 2019, along with where ZS ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with ZS and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: ZS began trading on March 16, 2018, so the table starts with 2019, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or four other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of ZS; gray means the two finished within a fraction of a point. The rank row places ZS among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of ZS2025202420232022202120202019
ZS This pageZscaler, Inc.—+24.7%−18.6%+98.0%−65.2%+60.9%+329%+18.6%
Rank among alternativesTop quarter in 4 of 76 of 2217 of 223 of 2218 of 225 of 212 of 2011 of 17
SPY S&P 500State Street SPDR S&P 500 ETF3 of 7+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%
PANW Palo Alto Networks, Inc.4 of 7+1.2%+23.4%+111%−24.8%+56.7%+53.7%+22.8%
CRWD CrowdStrike Holdings, Inc.4 of 6+37.0%+34.0%+143%−48.6%−3.3%+325%—
FTNT Fortinet, Inc.4 of 7−16.0%+61.4%+19.7%−32.0%+142%+39.2%+51.5%
DDOG Datadog, Inc.3 of 6−4.8%+17.7%+65.1%−58.7%+80.9%+161%—
SNOW Snowflake Inc.2 of 5+42.1%−22.4%+38.6%−57.6%+20.4%——
CSCO Cisco Systems, Inc.3 of 7+33.5%+21.0%+9.3%−22.5%+45.8%−3.5%+13.8%
FFIV F5, Inc.2 of 7+1.5%+40.5%+24.7%−41.3%+39.1%+26.0%−13.8%
MSFT Microsoft Corporation3 of 7+15.6%+12.9%+58.2%−28.0%+52.5%+42.5%+57.6%
NET Cloudflare, Inc.4 of 6+83.1%+29.3%+84.2%−65.6%+73.0%+345%—
AMZN Amazon.com, Inc.3 of 7+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%
RDWR Radware Ltd.2 of 7+6.9%+35.1%−15.5%−52.6%+50.0%+7.6%+13.5%
GOOG Alphabet Inc.5 of 7+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%
GEN Gen Digital Inc.3 of 7+1.1%+22.4%+9.2%−15.8%+27.6%+44.4%+37.1%
TENB Tenable Holdings, Inc.2 of 7−40.3%−14.5%+20.7%−30.7%+5.4%+118%+8.0%
QLYS Qualys, Inc.1 of 7−5.2%−28.6%+74.9%−18.2%+12.6%+46.2%+11.6%
VRNS Varonis Systems, Inc.3 of 7−26.2%−1.9%+89.1%−50.9%−10.6%+111%+46.9%
OKTA Okta, Inc.2 of 7+9.7%−13.0%+32.5%−69.5%−11.8%+120%+80.8%
CHKP Check Point Software Technologies Ltd.2 of 7−0.6%+22.2%+21.1%+8.2%−12.3%+19.8%+8.1%
AKAM Akamai Technologies, Inc.2 of 7−8.8%−19.2%+40.4%−28.0%+11.5%+21.6%+41.4%
S SentinelOne, Inc.0 of 4−32.4%−19.1%+88.1%−71.1%———
RPD Rapid7, Inc.1 of 7−62.2%−29.5%+68.0%−71.1%+30.5%+60.9%+79.8%
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Risk and diversification

How ZS has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were ZS's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents ZS's five deepest drawdowns since it began trading in 2018, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: ZS began trading on March 16, 2018, so this list cannot include the dot-com bust, the 2008 financial crisis or four other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means ZS fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringZS fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−76.4%−10.3%Nov 2021May 202318 monthsNot yet—
Covid crash−55.2%−17.1%Jul 2019Mar 20208 monthsMay 20202 months
Late-2018 sell-off−31.8%−8.4%Aug 2018Nov 20183 monthsJan 20192 months
No named crash−28.9%+4.8%Feb 2021May 20213 monthsJul 20212 months
No named crash−24.4%−0.8%Mar 2018May 20182 monthsJun 20181 month

How did ZS do in stock market crashes?

This section measures how far ZS, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: ZS began trading on March 16, 2018, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or four other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than ZS.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
ZS This pageZscaler, Inc.—−8.3%−55.3%−39.4%−24.4%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF4 of 4−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
PANW Palo Alto Networks, Inc.2 of 4−2.1%−30.6%−46.8%−29.1%−3.3%−40.2%————
CRWD CrowdStrike Holdings, Inc.2 of 3−7.1%−42.7%−50.0%———————
FTNT Fortinet, Inc.3 of 4−4.9%−30.6%−36.5%−29.0%−4.4%−50.2%−23.0%−4.1%——
DDOG Datadog, Inc.2 of 3−9.5%−53.0%−38.8%———————
SNOW Snowflake Inc.0 of 2−7.8%−64.1%————————
CSCO Cisco Systems, Inc.4 of 4−1.4%−35.4%−29.1%−17.5%−5.3%−22.8%−16.6%−3.1%−60.0%−89.3%
FFIV F5, Inc.3 of 4−5.6%−42.7%−32.1%−24.7%−5.5%−35.0%−31.6%−3.7%−59.2%−96.8%
MSFT Microsoft Corporation4 of 4−2.0%−31.0%−27.7%−18.2%−7.4%−14.4%−14.1%−2.6%−57.9%−62.9%
NET Cloudflare, Inc.1 of 3−11.1%−69.5%−31.8%———————
AMZN Amazon.com, Inc.3 of 4−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
RDWR Radware Ltd.4 of 4−7.0%−45.4%−29.8%−18.9%−3.5%−49.2%−42.6%−2.9%−70.5%−88.9%
GOOG Alphabet Inc.4 of 4−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
GEN Gen Digital Inc.3 of 4−10.5%−33.6%−19.8%−22.7%−5.5%−17.1%−20.8%−5.5%−55.7%−63.1%
TENB Tenable Holdings, Inc.2 of 4−5.2%−51.8%−40.9%−47.0%——————
QLYS Qualys, Inc.3 of 4−4.2%−24.9%−27.9%−24.4%−6.2%−55.8%————
VRNS Varonis Systems, Inc.1 of 4−12.4%−54.6%−44.3%−31.5%−4.4%−43.4%————
OKTA Okta, Inc.2 of 4−7.0%−76.4%−31.1%−33.4%−2.9%—————
CHKP Check Point Software Technologies Ltd.4 of 4−1.9%−26.6%−30.2%−15.9%−3.5%−16.7%−18.5%−1.3%−34.4%−89.3%
AKAM Akamai Technologies, Inc.4 of 4−4.9%−36.0%−21.9%−20.6%−4.9%−47.6%−39.2%−4.5%−77.0%−99.8%
S SentinelOne, Inc.0 of 2−10.4%−59.8%————————
RPD Rapid7, Inc.0 of 4−19.3%−65.8%−39.5%−28.2%−3.3%−62.2%————
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How closely does ZS move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares ZS with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than ZS's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
ZS This pageZscaler, Inc.39%105%0.370.93
CRWD CrowdStrike Holdings, Inc.122%38%3.211.19
NET Cloudflare, Inc.118%72%1.651.64
FTNT Fortinet, Inc.119%75%1.591.03
CSCO Cisco Systems, Inc.98%75%1.310.99
FFIV F5, Inc.102%83%1.221.03
QLYS Qualys, Inc.65%53%1.220.61
GOOG Alphabet Inc.140%132%1.071.20
DDOG Datadog, Inc.112%119%0.941.51
MSFT Microsoft Corporation115%126%0.911.10
AMZN Amazon.com, Inc.125%170%0.741.45
CHKP Check Point Software Technologies Ltd.53%80%0.660.47
SNOW Snowflake Inc.83%134%0.621.35
AKAM Akamai Technologies, Inc.66%117%0.560.62
GEN Gen Digital Inc.97%177%0.551.26
RDWR Radware Ltd.55%114%0.480.87
OKTA Okta, Inc.39%87%0.450.74
TENB Tenable Holdings, Inc.48%116%0.411.00
VRNS Varonis Systems, Inc.23%74%0.320.77
S SentinelOne, Inc.16%129%0.120.70
RPD Rapid7, Inc.-17%238%-0.071.02
PANW Palo Alto Networks, Inc.104%-13%—0.93
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What diversifies ZS?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with ZS's. Because such investments tend not to fall at the same time, pairing ZS with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which ZS lost money. The last two columns show a portfolio that is 80% ZS and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2024202280/20 mix volatility80/20 mix annual return
ZS Zscaler, Inc. (this page)1.00−22.8%0.20−18.6%−65.2%49.0%−5.3%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF-0.23+119%1.48+15.9%+3.8%38.8%+0.9%
DXJ InternationalWisdomTree Japan Hedged Equity Fund-0.03+225%1.34+29.8%+6.0%39.2%+2.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund-0.12+103%1.06+33.4%+10.4%38.9%+0.7%
HDV Dividend & IncomeiShares Core High Dividend ETF-0.19+86.8%1.03+14.2%+7.0%38.8%+0.1%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.05+83.6%0.95+13.4%−5.1%39.4%+0.1%
SMH TechnologyVanEck Semiconductor ETF0.32+304%0.94+39.1%−33.5%41.9%+4.2%
XLE EnergyState Street Energy Select Sector SPDR ETF-0.26+178%0.94+5.6%+64.4%38.2%+2.8%
GLD CommoditiesSPDR Gold Shares-0.11+120%0.93+26.7%−0.8%39.0%+1.3%

Stocks

InvestmentCorrelation5Y returnSharpe2024202280/20 mix volatility80/20 mix annual return
ZS Zscaler, Inc. (this page)1.00−22.8%0.20−18.6%−65.2%49.0%−5.3%
CAH Medical - DistributionCardinal Health, Inc.0.14+471%1.54+19.0%+54.1%40.3%+4.3%
CLS Hardware, Equipment & PartsCelestica Inc.0.32+2,780%1.43+215%+1.3%44.4%+14.7%
MCK Medical - DistributionMcKesson Corporation0.08+397%1.41+23.7%+51.8%39.9%+4.0%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.10+1,452%1.41+107%+17.0%41.1%+12.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation-0.05+660%1.39−4.0%+86.6%39.4%+6.6%
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Common questions

What was ZS's worst drawdown?

ZS's deepest decline since it began trading in 2018 was 76.4%, from November 2021 to May 2023. It has not yet climbed back to that peak. Because ZS launched in March 2018, that record does not include the dot-com bust, the 2008 financial crisis or four other sell-offs.

What were ZS's best and worst years?

Over seven full calendar years, ZS's best year was 2020, when it returned 329%. Its worst was 2022, with a return of -65.2%.

Is there a better investment than ZS?

Among ZS's popular alternatives, PANW, CRWD and FTNT earned more than ZS with less volatility over the past 5 years. PANW returned 33.4% a year at 43.4% volatility, against a loss of 5.0% a year at 58.0%. Looking beyond its popular alternatives, CVLT (enterprise software) and BOX (enterprise software) earned more than ZS with less volatility over the past 5 years. CVLT returned 17.1% a year at 44.2% volatility, against a loss of 5.0% a year at 58.0%.

Is ZS more volatile than the S&P 500?

Yes. ZS's volatility over the past 5 years was 58.0%, 3.4 times the S&P 500's 17.2%. Volatility measures how widely returns swing around their average: in roughly two years out of three, ZS's return lands within 58.0% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is ZS's Sharpe ratio?

ZS's Sharpe ratio over the past 5 years was 0.20, against 0.78 for the S&P 500, so ZS earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is ZS with the S&P 500?

Over the past 5 years, ZS's monthly returns had a correlation of 0.30 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against ZS instead: the lower it is, the more that option would diversify a ZS holding.

What are the best alternatives to ZS?

Of the 21 popular alternatives we compared, five outperformed ZS in at least 3 of 5 short-term and 2 of 2 long-term timeframes, with dividends reinvested: PANW, CRWD and FTNT.

Did ZS outperform the S&P 500?

ZS finished ahead of the S&P 500 (SPY) in four of seven full calendar years. In 2025, it returned +24.7%, against +17.7% for the index.

How did ZS do in stock market crashes?

ZS fell less than the S&P 500 (SPY) in none of the four major crashes it has traded through, and further in four. The clearest case was the 2022 bear market, when ZS fell 55.3% and the S&P 500 fell 24.5%.

What diversifies ZS?

These had a low correlation with ZS over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation -0.23), DXJ (correlation -0.03) and EMLP (correlation -0.12); among large stocks, CAH (correlation 0.14), CLS (correlation 0.32) and MCK (correlation 0.08). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to ZS

Other stocks and ETFs