Spotify Technology S.A. (SPOT) — Stock Correlations & Overview
Over the past year, SPOT has moved most closely with TOGA, MUSQ, BNGE. Explore the stocks most correlated and inversely correlated with SPOT below, along with its price, financials, and company profile.
Stocks correlated with SPOT
Correlation of daily returns. Higher positive values move with SPOT; negative values move opposite it. Informational only, not investment advice.
Most correlated with SPOT
| Symbol | Company | Correlation |
|---|---|---|
| TOGA | Tremblant Global ETF | 0.44 |
| MUSQ | MUSQ Global Music Industry Index ETF | 0.44 |
| BNGE | First Trust S-Network Streaming and Gaming ETF | 0.43 |
| PNQI | Invesco NASDAQ Internet ETF | 0.42 |
| BUYZ | Franklin Disruptive Commerce ETF | 0.42 |
Most inversely correlated with SPOT
| Symbol | Company | Correlation |
|---|---|---|
| NFXS | Direxion Shares ETF Trust Direxion Daily NFLX Bear 1X ETF | -0.38 |
| WEBS | Direxion Daily Dow Jones Internet Bear 3X ETF | -0.34 |
| RGTZ | Defiance Daily Target 2x Short RGTI ETF | -0.26 |
| QBTZ | Defiance Daily Target 2x Short QBTS ETF | -0.26 |
| FLYD | MicroSectors Travel -3x Inverse Leveraged ETNCOMMERCIAL BANKS, NEC | -0.23 |
Frequently asked questions about SPOT correlations
- Which stocks are most correlated with SPOT?
- Based on one year of daily returns, the stocks most correlated with Spotify Technology S.A. (SPOT) are TOGA (0.44), MUSQ (0.44) and BNGE (0.43). A correlation near 1.00 means the two stocks' daily moves have tracked each other closely over the period.
- Which stocks are inversely correlated with SPOT?
- Over the past year, the stocks most inversely correlated with Spotify Technology S.A. (SPOT) are NFXS (-0.38), WEBS (-0.34) and RGTZ (-0.26). A negative correlation means the two stocks have tended to move in opposite directions.
- What does a correlation of 0.8 mean for a stock?
- Correlation measures how closely two stocks' daily returns move together, on a scale from -1 to 1. At 0.8, the two stocks have moved in the same direction on most days — though not by identical amounts. A value near 0 means their moves have been unrelated, and a negative value means they have tended to move in opposite directions. Correlation reflects past behavior and can change over time.
- How are these SPOT correlations calculated?
- We compute the correlation of daily returns between SPOT and roughly 9,000 other US-listed stocks and ETFs over the trailing one-year window, then rank the strongest positive and negative relationships. The data is refreshed monthly. It is informational and educational only — not investment advice.
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