Spotify Technology Correlations

SPOT Stock

USD 604.71 4.77 0.80%

The current 90-days correlation between Spotify Technology and Snap Inc is 0.37 (i.e., Weak diversification). The correlation of Spotify Technology is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak. If the correlation is 0, the equities are not correlated; they are entirely random.

Spotify Technology Correlation With Market

Very weak diversification

The correlation between Spotify Technology SA and DJI is 0.5 (i.e., Very weak diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Spotify Technology SA and DJI in the same portfolio, assuming nothing else is changed.

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Spotify Technology SA. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in persons.

Moving together with Spotify Stock

0.72	WB	Weibo Corp	Pair Corr
0.68	YY	YY Inc Class	Pair Corr
0.77	TEM	Tempus AI, Class Upward Rally	Pair Corr
0.68	TME	Tencent Music Entert	Pair Corr
0.74	META	Meta Platforms Aggressive Push	Pair Corr

Moving against Spotify Stock

0.59	WBTN	WEBTOON Entertainment	Pair Corr
0.39	DJT	Trump Media Technology Symbol Change	Pair Corr
0.37	SLE	Super League Enterprise Earnings Call Tomorrow	Pair Corr
0.31	MNY	MoneyHero Limited Class	Pair Corr
0.61	GITS	Global Interactive Symbol Change	Pair Corr
0.41	GOOG	Alphabet Class C Aggressive Push	Pair Corr
0.36	BZFDW	BuzzFeed	Pair Corr
0.34	MNYWW	MoneyHero Limited	Pair Corr
0.31	YELP	Yelp Inc	Pair Corr
0.59	NAMI	Jinxin Technology Holding	Pair Corr
0.42	GOOGL	Alphabet Class A Aggressive Push	Pair Corr

Related Correlations Analysis

	SNAP	TWLO	FVRR	BIDU	PINS	GOOGL	META	GOOG	Z	TCEHY
SNAP		0.37	0.83	-0.65	-0.14	0.85	0.18	0.85	0.37	-0.84	SNAP
TWLO	0.37		0.33	0.07	0.51	0.48	0.84	0.49	0.86	-0.29	TWLO
FVRR	0.83	0.33		-0.51	-0.23	0.86	0.11	0.86	0.44	-0.85	FVRR
BIDU	-0.65	0.07	-0.51		0.33	-0.55	0.21	-0.54	0.01	0.76	BIDU
PINS	-0.14	0.51	-0.23	0.33		-0.23	0.84	-0.23	0.44	0.4	PINS
GOOGL	0.85	0.48	0.86	-0.55	-0.23		0.2	1.0	0.56	-0.87	GOOGL
META	0.18	0.84	0.11	0.21	0.84	0.2		0.2	0.75	0.04	META
GOOG	0.85	0.49	0.86	-0.54	-0.23	1.0	0.2		0.57	-0.87	GOOG
Z	0.37	0.86	0.44	0.01	0.44	0.56	0.75	0.57		-0.33	Z
TCEHY	-0.84	-0.29	-0.85	0.76	0.4	-0.87	0.04	-0.87	-0.33		TCEHY
	SNAP	TWLO	FVRR	BIDU	PINS	GOOGL	META	GOOG	Z	TCEHY

Click cells to compare fundamentals

Check Volatility

Backtest Portfolio

Please upgrade your account to get full access to Macroaxis premium features

Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

GOOG	+ 1.0	GOOGL
Z	+ 0.86	TWLO
GOOGL	+ 0.86	FVRR
GOOG	+ 0.86	FVRR
GOOGL	+ 0.85	SNAP
GOOG	+ 0.85	SNAP

High negative correlations

TCEHY	- 0.87	GOOG
TCEHY	- 0.87	GOOGL
TCEHY	- 0.85	FVRR
TCEHY	- 0.84	SNAP
BIDU	- 0.65	SNAP
GOOGL	- 0.55	BIDU

Risk-Adjusted Indicators

There is a big difference between Spotify Stock performing well and Spotify Technology Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Spotify Technology's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SNAP	2.48	(0.18)	0.00	(0.19)	0.00	0.00	4.41	(5.85)	14.86
TWLO	2.49	0.06	0.01	0.00	3.90	(2.49)	3.77	(6.81)	35.14
FVRR	2.44	(0.32)	0.00	(0.32)	0.00	0.00	4.54	(6.69)	14.07
BIDU	2.40	0.18	0.06	0.34	2.95	(2.37)	5.43	(4.58)	13.40
PINS	2.20	0.26	0.10	0.23	2.32	(2.72)	5.04	(4.63)	26.52
GOOGL	1.45	(0.20)	0.00	(0.28)	0.00	0.00	2.56	(3.60)	10.40
META	1.63	0.04	0.02	0.00	2.27	(1.46)	2.96	(3.73)	8.90
GOOG	1.43	(0.19)	0.00	(0.27)	0.00	0.00	2.50	(3.54)	10.04
Z	1.91	(0.08)	0.00	(0.09)	0.00	0.00	3.33	(4.38)	14.24
TCEHY	1.97	0.39	0.16	1.61	2.25	(2.26)	3.87	(4.06)	14.09

Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions

Feedback Blog

Made with optimal in San Francisco

2024 Macroaxis LLC