Spotify Technology Correlations

SPOT Stock

USD 475.04 4.34 0.92%

The current 90-days correlation between Spotify Technology and Snap Inc is 0.15 (i.e., Average 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

Modest diversification

The correlation between Spotify Technology SA and DJI is 0.27 (i.e., Modest 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

0.87	Z	Zillow Group Class	Pair Corr
0.65	FVRR	Fiverr International	Pair Corr
0.69	GENI	Genius Sports	Pair Corr
0.74	GOOG	Alphabet Class C	Pair Corr
0.67	YELP	Yelp Inc	Pair Corr
0.74	IZEA	IZEA Inc	Pair Corr
0.8	BZFDW	BuzzFeed	Pair Corr

Moving against Spotify Stock

0.78	TC	TuanChe ADR	Pair Corr
0.64	MAX	MediaAlpha	Pair Corr
0.62	EVER	EverQuote Class A	Pair Corr
0.54	IAC	IAC Inc	Pair Corr
0.47	FENG	Phoenix New Media	Pair Corr
0.4	SLE	Super League Enterprise	Pair Corr
0.9	GROM	Grom Social Enterprises	Pair Corr
0.75	KRKR	36Kr Holdings	Pair Corr
0.72	GRPN	Groupon	Pair Corr
0.66	GIFT	RDE, Inc Symbol Change	Pair Corr
0.61	ZDGE	Zedge Inc	Pair Corr
0.6	SEATW	Vivid Seats Warrant	Pair Corr
0.43	GETY	Getty Images Holdings	Pair Corr
0.42	SFUNY	Fang Holdings	Pair Corr
0.82	RIME	Algorhythm Holdings, Symbol Change	Pair Corr
0.71	MTCH	Match Group	Pair Corr

Related Correlations Analysis

	SNAP	TWLO	FVRR	BIDU	PINS	GOOGL	META	GOOG	Z	TCEHY
SNAP		0.66	0.51	0.38	0.39	0.77	0.81	0.76	0.51	0.6	SNAP
TWLO	0.66		0.76	-0.14	-0.17	0.8	0.46	0.8	0.79	0.2	TWLO
FVRR	0.51	0.76		-0.32	-0.36	0.66	0.1	0.66	0.64	-0.12	FVRR
BIDU	0.38	-0.14	-0.32		0.7	0.11	0.64	0.1	-0.01	0.91	BIDU
PINS	0.39	-0.17	-0.36	0.7		0.13	0.54	0.14	-0.27	0.66	PINS
GOOGL	0.77	0.8	0.66	0.11	0.13		0.63	1.0	0.64	0.35	GOOGL
META	0.81	0.46	0.1	0.64	0.54	0.63		0.63	0.49	0.81	META
GOOG	0.76	0.8	0.66	0.1	0.14	1.0	0.63		0.63	0.35	GOOG
Z	0.51	0.79	0.64	-0.01	-0.27	0.64	0.49	0.63		0.23	Z
TCEHY	0.6	0.2	-0.12	0.91	0.66	0.35	0.81	0.35	0.23		TCEHY
	SNAP	TWLO	FVRR	BIDU	PINS	GOOGL	META	GOOG	Z	TCEHY

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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
TCEHY	+ 0.91	BIDU
META	+ 0.81	SNAP
TCEHY	+ 0.81	META
GOOGL	+ 0.8	TWLO
GOOG	+ 0.8	TWLO

High negative correlations

PINS	- 0.36	FVRR
BIDU	- 0.32	FVRR
Z	- 0.27	PINS
PINS	- 0.17	TWLO
BIDU	- 0.14	TWLO
TCEHY	- 0.12	FVRR

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	2.27	0.25	0.09	0.41	2.33	(2.56)	4.41	(3.65)	21.74
TWLO	1.58	0.80	0.46	1.22	1.02	(2.07)	3.69	(2.49)	17.01
FVRR	2.40	0.20	0.08	0.29	2.60	(2.59)	4.93	(3.62)	23.04
BIDU	2.03	(0.11)	0.00	(0.20)	0.00	0.00	4.40	(5.12)	16.49
PINS	1.61	(0.18)	0.00	(0.08)	0.00	0.00	2.79	(3.30)	17.91
GOOGL	1.19	(0.07)	(0.06)	0.02	1.83	(1.06)	2.34	(2.44)	8.73
META	1.05	0.00	(0.03)	0.12	1.40	(1.14)	2.62	(3.15)	8.02
GOOG	1.20	(0.07)	(0.06)	0.02	1.88	(1.04)	2.21	(2.47)	8.60
Z	2.27	0.69	0.29	2.13	1.57	(2.77)	5.19	(2.96)	25.67
TCEHY	1.84	0.08	0.00	0.33	2.17	(2.15)	4.43	(2.88)	17.33

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