VIV vs. SPOT

Last updated Apr 1, 2026

Compare and contrast key facts about Telefônica Brasil S.A. (VIV) and Spotify Technology S.A. (SPOT).

Performance

VIV vs. SPOT - Performance Comparison

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

VIV vs. SPOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
VIV Telefônica Brasil S.A.	34.67%	66.98%	-27.07%	64.86%	-13.84%	4.65%	-32.07%	27.54%	-13.85%
SPOT Spotify Technology S.A.	-16.50%	29.80%	138.08%	138.01%	-66.27%	-25.62%	110.40%	31.76%	-23.83%

Fundamentals

Market Cap VIV : $25.42B SPOT : $103.04B
EPS VIV : $3.87 SPOT : $10.59
PE Ratio VIV : 4.11 SPOT : 45.78
PEG Ratio VIV : 1.23 SPOT : 0.56
PS Ratio VIV : 0.43 SPOT : 5.88
PB Ratio VIV : 0.37 SPOT : 12.38
Total Revenue (TTM) VIV : $59.83B SPOT : $17.14B
Gross Profit (TTM) VIV : $26.11B SPOT : $5.48B
EBITDA (TTM) VIV : $24.09B SPOT : $2.37B

Returns By Period

In the year-to-date period, VIV achieves a 34.67% return, which is significantly higher than SPOT's -16.50% return.

VIV

• 1D: 4.46%
• 1M: -5.77%
• YTD: 34.67%
• 6M: 26.52%
• 1Y: 88.73%
• 3Y*: 35.33%
• 5Y*: 22.55%
• 10Y*: 9.82%

SPOT

• 1D: 2.09%
• 1M: -5.83%
• YTD: -16.50%
• 6M: -30.53%
• 1Y: -11.84%
• 3Y*: 53.67%
• 5Y*: 12.17%
• 10Y*: —

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

Return for Risk

VIV vs. SPOT — Risk / Return Rank

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

VIV

VIV Risk / Return Rank: 96
VIV Sharpe Ratio Rank: 97
VIV Sortino Ratio Rank: 95
VIV Omega Ratio Rank: 94
VIV Calmar Ratio Rank: 97
VIV Martin Ratio Rank: 96

SPOT

SPOT Risk / Return Rank: 31
SPOT Sharpe Ratio Rank: 30
SPOT Sortino Ratio Rank: 29
SPOT Omega Ratio Rank: 29
SPOT Calmar Ratio Rank: 33
SPOT Martin Ratio Rank: 32

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.

VIV vs. SPOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Telefônica Brasil S.A. (VIV) and Spotify Technology S.A. (SPOT). 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.

	VIV	SPOT	Difference
Sharpe ratio Return per unit of total volatility	3.07	-0.26	+3.34
Sortino ratio Return per unit of downside risk	3.50	-0.08	+3.58
Omega ratio Gain probability vs. loss probability	1.48	0.99	+0.49
Calmar ratio Return relative to maximum drawdown	7.14	-0.29	+7.43
Martin ratio Return relative to average drawdown	19.00	-0.65	+19.64
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

VIV vs. SPOT - Sharpe Ratio Comparison

The current VIV Sharpe Ratio is 3.07, which is higher than the SPOT Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of VIV and SPOT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	VIV	SPOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.07	-0.26	+3.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	0.26	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.34	-0.19

Correlation

The correlation between VIV and SPOT is 0.12, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

VIV vs. SPOT - Dividend Comparison

VIV's dividend yield for the trailing twelve months is around 2.52%, while SPOT has not paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
VIV Telefônica Brasil S.A.	2.52%	5.10%	6.60%	5.55%	5.86%	6.44%	10.22%	5.25%	9.20%	10.87%	4.09%	10.07%
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%

Drawdowns

VIV vs. SPOT - Drawdown Comparison

The maximum VIV drawdown since its inception was -77.73%, roughly equal to the maximum SPOT drawdown of -80.51%. Use the drawdown chart below to compare losses from any high point for VIV and SPOT.

Drawdown Indicators

	VIV	SPOT	Difference
Max Drawdown Largest peak-to-trough decline	-77.73%	-80.51%	+2.78%
Max Drawdown (1Y) Largest decline over 1 year	-12.25%	-46.80%	+34.55%
Max Drawdown (5Y) Largest decline over 5 years	-40.76%	-76.39%	+35.63%
Max Drawdown (10Y) Largest decline over 10 years	-47.57%	—	—
Current Drawdown Current decline from peak	-5.77%	-37.50%	+31.73%
Average Drawdown Average peak-to-trough decline	-32.17%	-30.63%	-1.54%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.60%	21.01%	-16.41%

Volatility

VIV vs. SPOT - Volatility Comparison

The current volatility for Telefônica Brasil S.A. (VIV) is 10.91%, while Spotify Technology S.A. (SPOT) has a volatility of 12.34%. This indicates that VIV experiences smaller price fluctuations and is considered to be less risky than SPOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	VIV	SPOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.91%	12.34%	-1.43%
Volatility (6M) Calculated over the trailing 6-month period	22.38%	31.26%	-8.88%
Volatility (1Y) Calculated over the trailing 1-year period	29.04%	44.97%	-15.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	28.34%	47.40%	-19.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.22%	47.06%	-15.84%

Financials

VIV vs. SPOT - Profitability Comparison

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

VIV - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Telefônica Brasil S.A. reported a gross profit of 6.34B and revenue of 15.85B. Therefore, the gross margin over that period was 40.0%.

SPOT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Spotify Technology S.A. reported a gross profit of 1.48B and revenue of 4.49B. Therefore, the gross margin over that period was 33.1%.

VIV - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Telefônica Brasil S.A. reported an operating income of 2.47B and revenue of 15.85B, resulting in an operating margin of 15.6%.

SPOT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Spotify Technology S.A. reported an operating income of 694.43M and revenue of 4.49B, resulting in an operating margin of 15.5%.

VIV - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Telefônica Brasil S.A. reported a net income of 1.91B and revenue of 15.85B, resulting in a net margin of 12.0%.

SPOT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Spotify Technology S.A. reported a net income of 1.16B and revenue of 4.49B, resulting in a net margin of 25.9%.