ZS vs. SPOT
ZS (Zscaler, Inc.) and SPOT (Spotify Technology S.A.) are both stocks. ZS operates in Software - Infrastructure (Technology), while SPOT operates in Internet Content & Information (Communication Services). Over the past 5 years, ZS returned -7.99%/yr vs 16.18%/yr for SPOT. At a 0.40 correlation, their price movements are largely independent.
Performance
ZS vs. SPOT - Performance Comparison
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Returns By Period
In the year-to-date period, ZS achieves a -42.54% return, which is significantly lower than SPOT's -13.36% return.
ZS
- 1D
- -1.17%
- 1M
- -15.04%
- YTD
- -42.54%
- 6M
- -47.22%
- 1Y
- -57.35%
- 3Y*
- -5.02%
- 5Y*
- -7.99%
- 10Y*
- —
SPOT
- 1D
- 1.24%
- 1M
- 20.42%
- YTD
- -13.36%
- 6M
- -12.09%
- 1Y
- -29.36%
- 3Y*
- 49.53%
- 5Y*
- 16.18%
- 10Y*
- —
ZS vs. SPOT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
ZS Zscaler, Inc. | -42.54% | 24.67% | -18.57% | 98.00% | -65.18% | 60.90% | 329.48% | 18.59% | 46.31% |
SPOT Spotify Technology S.A. | -13.36% | 29.80% | 138.08% | 138.01% | -66.27% | -25.62% | 110.40% | 31.76% | -23.83% |
Correlation
The correlation between ZS and SPOT is 0.28, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.28 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2018 | 0.40 |
The correlation between ZS and SPOT shifts across timeframes, from 0.28 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
ZS:
$20.78B
SPOT:
$105.30B
ZS:
-$0.49
SPOT:
$12.94
ZS:
6.47
SPOT:
6.01
ZS:
8.78
SPOT:
13.13
ZS:
$3.17B
SPOT:
$17.60B
ZS:
$2.43B
SPOT:
$5.68B
ZS:
$69.08M
SPOT:
$2.75B
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Return for Risk
ZS vs. SPOT — Risk / Return Rank
ZS
SPOT
ZS vs. SPOT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Zscaler, Inc. (ZS) 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.
| ZS | SPOT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.33 | ||
| Sortino ratioReturn per unit of downside risk | -0.60 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 0.90 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.89 | -0.63 | -0.26 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.10 | -0.49 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ZS | SPOT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.98 | -0.65 | -0.33 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.14 | 0.34 | -0.48 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.34 | -0.03 |
Drawdowns
ZS vs. SPOT - Drawdown Comparison
The maximum ZS drawdown since its inception was -76.41%, smaller than the maximum SPOT drawdown of -80.51%. Use the drawdown chart below to compare losses from any high point for ZS and SPOT.
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Drawdown Indicators
| ZS | SPOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -76.41% | -80.51% | +4.10% |
Max Drawdown (1Y)Largest decline over 1 year | -64.89% | -46.80% | -18.09% |
Max Drawdown (3Y)Largest decline over 3 years | -64.89% | -46.80% | -18.09% |
Max Drawdown (5Y)Largest decline over 5 years | -76.41% | -76.39% | -0.02% |
Current DrawdownCurrent decline from peak | -64.95% | -35.16% | -29.79% |
Average DrawdownAverage peak-to-trough decline | -32.63% | -30.81% | -1.82% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 36.05% | 26.76% | +9.29% |
Volatility
ZS vs. SPOT - Volatility Comparison
Zscaler, Inc. (ZS) has a higher volatility of 44.44% compared to Spotify Technology S.A. (SPOT) at 15.97%. This indicates that ZS's price experiences larger fluctuations and is considered to be riskier than SPOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ZS | SPOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 44.44% | 15.97% | +28.47% |
Volatility (6M)Calculated over the trailing 6-month period | 57.30% | 37.40% | +19.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.72% | 45.30% | +13.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 56.10% | 47.60% | +8.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 58.42% | 47.26% | +11.16% |
Dividends
ZS vs. SPOT - Dividend Comparison
Neither ZS nor SPOT has paid dividends to shareholders.
Financials
ZS vs. SPOT - Financials Comparison
This section allows you to compare key financial metrics between Zscaler, Inc. and Spotify Technology S.A.. 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
ZS vs. SPOT - Profitability Comparison
ZS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a gross profit of 657.82M and revenue of 850.48M. Therefore, the gross margin over that period was 77.4%.
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%.
ZS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported an operating income of -29.64M and revenue of 850.48M, resulting in an operating margin of -3.5%.
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%.
ZS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Zscaler, Inc. reported a net income of -13.88M and revenue of 850.48M, resulting in a net margin of -1.6%.
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%.
Frequently Asked Questions
ZS and SPOT have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ZS has higher volatility (44.44%) compared to SPOT (15.97%). In terms of maximum drawdown, ZS dropped -76.41% vs SPOT's -80.51%.
SPOT currently has the higher Sharpe Ratio (-0.65 vs -0.98), 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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