NFLX vs SPOT: Correlation
How closely do Netflix (NFLX) and Spotify Technology S.A. (SPOT) trade together? Their weekly returns over three years give a correlation of 0.47, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NFLX and SPOT?
Across a 3-year window, the weekly returns of NFLX and SPOT correlate at 0.47, moderate. Lately the two have drifted apart, with the 1-year correlation at 0.34 versus 0.47 over 3 years. Stretching to 5 years gives 0.57, with an annualized covariance of 656.1 %².
Few assets follow NFLX as closely as SPOT, which ranks #3 of 33 tracked partners. Over the last 12 months SPOT came out ahead by 10.8 percentage points (-34.7% against -23.9%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
NFLX vs SPOT: side by side
| NFLX (Netflix) | SPOT (Spotify Technology S.A.) | |
|---|---|---|
| 1-year return | -34.7% | -23.9% |
| 5-year return | +41.0% | +126.2% |
| Volatility (ann.) | 35.2% | 39.5% |
| Beta vs S&P 500 | 0.99 | 0.85 |
| Max drawdown (3Y) | -49.5% | -46.8% |
| Market cap | $332.4B | $108.4B |
| P/E (trailing) | 25.7 | 29.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | NFLX | SPOT |
|---|---|---|
| 2022 | -51.1% | -66.3% |
| 2023 | +65.1% | +138.0% |
| 2024 | +83.1% | +138.1% |
| 2025 | +5.2% | +29.8% |
| 2026 | -14.8% | -9.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NFLX and SPOT good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between NFLX and SPOT?
The NFLX/SPOT correlation stands at 0.47 on a 3-year window (1 year: 0.34, 5 years: 0.57), computed from weekly returns as of 2026-08-27.
Is SPOT a good diversifier for NFLX?
Yes, to a useful degree: a correlation of 0.47 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.47 mean?
A reading of 0.47 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/nflx-vs-spot.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/nflx-vs-spot/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: NFLX correlations · SPOT correlations
