SPOT vs. BA

Last updated Jun 13, 2026

SPOT (Spotify Technology S.A.) and BA (The Boeing Company) are both stocks. SPOT operates in Internet Content & Information (Communication Services), while BA operates in Aerospace & Defense (Industrials). Over the past 5 years, SPOT returned 14.62%/yr vs -2.40%/yr for BA. At a 0.22 correlation, their price movements are largely independent.

Performance

SPOT vs. BA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Spotify Technology S.A. (SPOT) and The Boeing Company (BA). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPOT achieves a -17.00% return, which is significantly lower than BA's 0.89% return.

SPOT

• 1D: -0.82%
• 1M: 11.43%
• YTD: -17.00%
• 6M: -19.37%
• 1Y: -32.19%
• 3Y*: 47.06%
• 5Y*: 14.62%
• 10Y*: —

BA

• 1D: -1.16%
• 1M: -0.65%
• YTD: 0.89%
• 6M: 7.18%
• 1Y: 9.35%
• 3Y*: -0.20%
• 5Y*: -2.40%
• 10Y*: 6.28%

*Multi-year figures are annualized to reflect compound growth (CAGR)

SPOT vs. BA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SPOT Spotify Technology S.A.	-17.00%	29.80%	138.08%	138.01%	-66.27%	-25.62%	110.40%	31.76%	-31.59%
BA The Boeing Company	0.89%	22.67%	-32.10%	36.84%	-5.38%	-5.95%	-33.90%	3.34%	1.48%

Correlation

The correlation between SPOT and BA is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.11
Correlation (3Y) Calculated over the trailing 3-year period	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.26
Correlation (All Time) Calculated using the full available price history since Apr 3, 2018	0.22

The correlation between SPOT and BA shifts across timeframes, from 0.11 (1 year) to 0.26 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap SPOT : $100.87B BA : $179.22B
EPS SPOT : €12.94 BA : $2.90
PE Ratio SPOT : 32.21 BA : 75.49
PEG Ratio SPOT : 0.36 BA : 11.83
PS Ratio SPOT : 4.98 BA : 1.86
PB Ratio SPOT : 10.87 BA : 29.97
Total Revenue (TTM) SPOT : €17.60B BA : $92.18B
Gross Profit (TTM) SPOT : €5.68B BA : $4.43B
EBITDA (TTM) SPOT : €2.75B BA : $7.13B

Return for Risk

SPOT vs. BA — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SPOT

SPOT Risk / Return Rank: 16
SPOT Sharpe Ratio Rank: 13
SPOT Sortino Ratio Rank: 15
SPOT Omega Ratio Rank: 15
SPOT Calmar Ratio Rank: 18
SPOT Martin Ratio Rank: 17

BA

BA Risk / Return Rank: 48
BA Sharpe Ratio Rank: 51
BA Sortino Ratio Rank: 46
BA Omega Ratio Rank: 45
BA Calmar Ratio Rank: 50
BA Martin Ratio Rank: 50

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SPOT vs. BA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Spotify Technology S.A. (SPOT) and The Boeing Company (BA). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	SPOT	BA	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	0.24	-0.93
Sortino ratio: Return per unit of downside risk	-0.84	0.58	-1.43
Omega ratio: Gain probability vs. loss probability	0.89	1.07	-0.18
Calmar ratio: Return relative to maximum drawdown	-0.67	0.30	-0.98
Martin ratio: Return relative to average drawdown	-1.16	0.69	-1.85

SPOT vs. BA - Sharpe Ratio Comparison

The current SPOT Sharpe Ratio is -0.70, which is lower than the BA Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of SPOT and BA, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SPOT vs. BA - Drawdown Comparison

The maximum SPOT drawdown since its inception was -80.51%, smaller than the maximum BA drawdown of -89.45%. Use the drawdown chart below to compare losses from any high point for SPOT and BA.

Drawdown Indicators

	SPOT	BA	Difference
Max Drawdown Largest peak-to-trough decline	-80.51%	-89.45%	+8.94%
Max Drawdown (1Y) Largest decline over 1 year	-46.80%	-24.96%	-21.84%
Max Drawdown (3Y) Largest decline over 3 years	-46.80%	-48.31%	+1.51%
Max Drawdown (5Y) Largest decline over 5 years	-76.39%	-53.76%	-22.63%
Max Drawdown (10Y) Largest decline over 10 years	—	-77.92%	—
Current Drawdown Current decline from peak	-37.88%	-49.09%	+11.21%
Average Drawdown Average peak-to-trough decline	-30.87%	-31.02%	+0.15%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.16%	10.95%	+16.21%

Volatility

SPOT vs. BA - Volatility Comparison

Spotify Technology S.A. (SPOT) has a higher volatility of 16.23% compared to The Boeing Company (BA) at 12.44%. This indicates that SPOT's price experiences larger fluctuations and is considered to be riskier than BA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPOT	BA	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.23%	12.44%	+3.79%
Volatility (6M) Calculated over the trailing 6-month period	37.28%	23.39%	+13.89%
Volatility (1Y) Calculated over the trailing 1-year period	45.28%	32.33%	+12.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.58%	36.58%	+11.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.36%	41.61%	+5.75%

Dividends

SPOT vs. BA - Dividend Comparison

Neither SPOT nor BA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BA The Boeing Company	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.96%	2.52%	2.12%	1.93%	2.80%	2.52%
SPOT Spotify Technology S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

SPOT vs. BA - Profitability Comparison

The chart below illustrates the profitability comparison between Spotify Technology S.A. and The Boeing Company over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SPOT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Spotify Technology S.A. reported a gross profit of 1.51B and revenue of 4.61B. Therefore, the gross margin over that period was 32.9%.

BA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, The Boeing Company reported a gross profit of 2.55B and revenue of 22.22B. Therefore, the gross margin over that period was 11.5%.

SPOT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Spotify Technology S.A. reported an operating income of 726.76M and revenue of 4.61B, resulting in an operating margin of 15.8%.

BA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, The Boeing Company reported an operating income of 448.00M and revenue of 22.22B, resulting in an operating margin of 2.0%.

SPOT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Spotify Technology S.A. reported a net income of 732.86M and revenue of 4.61B, resulting in a net margin of 15.9%.

BA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, The Boeing Company reported a net income of -4.00M and revenue of 22.22B, resulting in a net margin of -0.0%.

Frequently Asked Questions

Can I hold both SPOT and BA in my portfolio?

SPOT and BA have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPOT or BA?

SPOT has higher volatility (16.23%) compared to BA (12.44%). In terms of maximum drawdown, SPOT dropped -80.51% vs BA's -89.45%.

Which has better risk-adjusted returns?

BA currently has the higher Sharpe Ratio (0.24 vs -0.70), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.