Spotify Technology Correlations

SPOT Stock

USD 674.75 5.69 0.84%

The current 90-days correlation between Spotify Technology and Snap Inc is 0.08 (i.e., Significant 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

Average diversification

The correlation between Spotify Technology SA and DJI is 0.18 (i.e., Average 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.

Build AI portfolio with Spotify Stock

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 state.

Moving against Spotify Stock

0.4	NTE	Network Media Group	Pair Corr
0.38	AEO	Aeorema Communications	Pair Corr
0.57	MGAM	Mobile Global Esports	Pair Corr
0.35	EMAN	Everyman Media Group	Pair Corr
0.34	MANU	Manchester United	Pair Corr

Related Correlations Analysis

	SNAP	TWLO	FVRR	BIDU	PINS	GOOGL	META	GOOG	Z	TCEHY
SNAP		0.83	0.6	-0.14	0.28	-0.46	-0.62	-0.45	-0.54	-0.57	SNAP
TWLO	0.83		0.4	-0.44	0.64	-0.62	-0.55	-0.62	-0.29	-0.68	TWLO
FVRR	0.6	0.4		0.08	-0.04	-0.2	-0.54	-0.2	-0.39	-0.36	FVRR
BIDU	-0.14	-0.44	0.08		-0.67	0.89	0.1	0.89	-0.05	0.84	BIDU
PINS	0.28	0.64	-0.04	-0.67		-0.52	0.06	-0.52	0.4	-0.58	PINS
GOOGL	-0.46	-0.62	-0.2	0.89	-0.52		0.34	1.0	0.29	0.94	GOOGL
META	-0.62	-0.55	-0.54	0.1	0.06	0.34		0.34	0.65	0.36	META
GOOG	-0.45	-0.62	-0.2	0.89	-0.52	1.0	0.34		0.29	0.94	GOOG
Z	-0.54	-0.29	-0.39	-0.05	0.4	0.29	0.65	0.29		0.3	Z
TCEHY	-0.57	-0.68	-0.36	0.84	-0.58	0.94	0.36	0.94	0.3		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	+ 0.94	GOOGL
TCEHY	+ 0.94	GOOG
GOOGL	+ 0.89	BIDU
GOOG	+ 0.89	BIDU
TCEHY	+ 0.84	BIDU

High negative correlations

TCEHY	- 0.68	TWLO
PINS	- 0.67	BIDU
GOOG	- 0.62	TWLO
GOOGL	- 0.62	TWLO
META	- 0.62	SNAP
TCEHY	- 0.58	PINS

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	(0.23)	0.00	(0.09)	0.00	0.00	4.72	(4.03)	21.90
TWLO	2.54	(0.21)	0.00	(0.08)	0.00	0.00	5.36	(6.01)	25.86
FVRR	1.97	(0.35)	0.00	(0.24)	0.00	0.00	3.85	(4.75)	13.94
BIDU	2.34	0.68	0.21	1.67	2.41	(2.57)	6.56	(3.00)	19.44
PINS	1.42	(0.21)	0.00	(0.36)	0.00	0.00	2.79	(3.45)	13.78
GOOGL	1.05	0.46	0.45	0.78	0.37	(1.33)	3.13	(1.44)	10.93
META	1.23	(0.04)	(0.05)	0.00	1.36	(1.41)	2.12	(2.27)	14.28
GOOG	1.04	0.46	0.45	0.76	0.31	(1.28)	3.04	(1.51)	10.80
Z	2.01	(0.10)	(0.01)	0.02	2.47	(2.12)	4.50	(4.33)	13.99
TCEHY	1.16	0.40	0.27	0.46	0.95	(1.31)	3.39	(2.77)	10.37

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