SPOT vs. NFLX
SPOT (Spotify Technology S.A.) and NFLX (Netflix, Inc.) are both stocks. Both are in the Communication Services sector — SPOT in Internet Content & Information, NFLX in Entertainment. Over the past 5 years, SPOT returned 12.34%/yr vs 7.29%/yr for NFLX. At a 0.50 correlation, their price movements are largely independent.
Performance
SPOT vs. NFLX - Performance Comparison
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Returns By Period
In the year-to-date period, SPOT achieves a -20.90% return, which is significantly higher than NFLX's -22.27% return.
SPOT
- 1D
- -1.87%
- 1M
- -11.64%
- YTD
- -20.90%
- 6M
- -20.64%
- 1Y
- -35.07%
- 3Y*
- 42.88%
- 5Y*
- 12.34%
- 10Y*
- —
NFLX
- 1D
- -5.82%
- 1M
- -17.74%
- YTD
- -22.27%
- 6M
- -21.83%
- 1Y
- -40.82%
- 3Y*
- 19.79%
- 5Y*
- 7.29%
- 10Y*
- 23.48%
SPOT vs. NFLX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
SPOT Spotify Technology S.A. | -20.90% | 29.80% | 138.08% | 138.01% | -66.27% | -25.62% | 110.40% | 31.76% | -31.59% |
NFLX Netflix, Inc. | -22.27% | 5.19% | 83.07% | 65.11% | -51.05% | 11.41% | 67.11% | 20.89% | -4.51% |
Correlation
The correlation between SPOT and NFLX is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since Apr 3, 2018 | 0.50 |
The correlation between SPOT and NFLX has been stable across timeframes, ranging from 0.50 to 0.57 - a consistent structural relationship.
Fundamentals
SPOT:
$96.13B
NFLX:
$313.27B
SPOT:
€12.94
NFLX:
$3.09
SPOT:
30.96
NFLX:
23.58
SPOT:
0.34
NFLX:
0.93
SPOT:
4.78
NFLX:
6.72
SPOT:
10.45
NFLX:
10.06
SPOT:
€17.60B
NFLX:
$46.89B
SPOT:
€5.68B
NFLX:
$22.99B
SPOT:
€2.75B
NFLX:
$26.91B
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Return for Risk
SPOT vs. NFLX — Risk / Return Rank
SPOT
NFLX
SPOT vs. NFLX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Spotify Technology S.A. (SPOT) and Netflix, Inc. (NFLX). 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 | NFLX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.44 | ||
| Sortino ratioReturn per unit of downside risk | +0.82 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.77 | +0.10 |
| Calmar ratioReturn relative to maximum drawdown | -0.75 | -0.90 | +0.15 |
| Martin ratioReturn relative to average drawdown | -1.27 | -1.58 | +0.31 |
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Drawdowns
SPOT vs. NFLX - Drawdown Comparison
The maximum SPOT drawdown since its inception was -80.51%, roughly equal to the maximum NFLX drawdown of -81.99%. Use the drawdown chart below to compare losses from any high point for SPOT and NFLX.
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Drawdown Indicators
| SPOT | NFLX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -80.51% | -81.99% | +1.48% |
Max Drawdown (1Y)Largest decline over 1 year | -46.80% | -45.58% | -1.22% |
Max Drawdown (3Y)Largest decline over 3 years | -46.80% | -45.58% | -1.22% |
Max Drawdown (5Y)Largest decline over 5 years | -76.39% | -75.95% | -0.44% |
Max Drawdown (10Y)Largest decline over 10 years | — | -75.95% | — |
Current DrawdownCurrent decline from peak | -40.80% | -45.58% | +4.78% |
Average DrawdownAverage peak-to-trough decline | -30.89% | -24.92% | -5.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 27.73% | 25.88% | +1.85% |
Volatility
SPOT vs. NFLX - Volatility Comparison
Spotify Technology S.A. (SPOT) has a higher volatility of 16.88% compared to Netflix, Inc. (NFLX) at 8.27%. This indicates that SPOT's price experiences larger fluctuations and is considered to be riskier than NFLX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SPOT | NFLX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.88% | 8.27% | +8.61% |
Volatility (6M)Calculated over the trailing 6-month period | 37.35% | 25.53% | +11.82% |
Volatility (1Y)Calculated over the trailing 1-year period | 45.57% | 33.86% | +11.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 47.59% | 43.23% | +4.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 47.34% | 41.56% | +5.78% |
Dividends
SPOT vs. NFLX - Dividend Comparison
Neither SPOT nor NFLX has paid dividends to shareholders.
Financials
SPOT vs. NFLX - Financials Comparison
This section allows you to compare key financial metrics between Spotify Technology S.A. and Netflix, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
SPOT vs. NFLX - Profitability Comparison
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%.
NFLX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Netflix, Inc. reported a gross profit of 6.36B and revenue of 12.25B. Therefore, the gross margin over that period was 51.9%.
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%.
NFLX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Netflix, Inc. reported an operating income of 3.96B and revenue of 12.25B, resulting in an operating margin of 32.3%.
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%.
NFLX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Netflix, Inc. reported a net income of 5.28B and revenue of 12.25B, resulting in a net margin of 43.1%.
Frequently Asked Questions
SPOT and NFLX have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPOT has higher volatility (16.88%) compared to NFLX (8.27%). In terms of maximum drawdown, SPOT dropped -80.51% vs NFLX's -81.99%.
SPOT currently has the higher Sharpe Ratio (-0.77 vs -1.21), 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.
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