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Relative Intelligence · Entertainment

How Spotify Technology (SPOT) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SPOT alone. It places SPOT (Spotify Technology S.A.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SPOT stands in the market, and of the alternatives worth a closer look.

Period covered: SPOT's full trading record, from April 2018 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against SPOT →Chart SPOT vs. 18 alternatives →
On this page12 sections

Key findings

How much would $10,000 in SPOT have grown?

This chart tracks a hypothetical $10,000 investment in SPOT over the past 8 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SPOT over the same span and SPOT's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: SPOT began trading on April 3, 2018, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or four other sell-offs. It covers the most recent 8 years of SPOT's record, starting at the end of September 2018.

Choose a period

From the end of September 2018 to the end of September 2026. Hover over a fund in the key to pick out its line. 730 of the 3,000 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPOT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$20,000$40,000$60,000$80,000201820192020202120222023202420252026$0$20,000$40,000$60,000$80,00020182020202220242026
  • AAPL$62,445+524% total · +25.7% a year
  • GOOG$57,644+476% total · +24.5% a year
  • IGM$49,865+399% total · +22.2% a year
  • NTES$31,178+212% total · +15.3% a year
  • LYV$31,082+211% total · +15.2% a year
  • SPY (S&P 500)$29,568+196% total · +14.5% a year
  • SPOT$26,953+170% total · +13.2% a year
  • ROKU$20,851+109% total · +9.6% a year
  • SONY$20,356+104% total · +9.3% a year
  • DIS$9,437−5.6% total · −0.7% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 674 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SPOT; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026$0$10,000$20,000$30,000$40,000$50,000202120222023202420252026
  • TKO$34,410+244% total · +28.0% a year
  • GOOG$25,811+158% total · +20.9% a year
  • IGM$25,531+155% total · +20.6% a year
  • AAPL$24,129+141% total · +19.3% a year
  • MSGS$22,813+128% total · +17.9% a year
  • SPOT$21,629+116% total · +16.7% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • SONY$10,955+9.5% total · +1.8% a year
  • WMG$7,218−27.8% total · −6.3% a year
  • DIS$6,395−36.1% total · −8.6% a year
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SPOT at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: SPOT began trading on April 3, 2018, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or four other sell-offs.

The company

Market value
$108B
Industry
Internet Content & Information
Price history from
April 2018

Returns

Past 1 year
−22.1%total return
Past 3 years
+251%+52.0% a year
Past 5 years
+109%+15.9% a year
Best calendar year
+138%2024
Worst calendar year
−66.3%2022
Losing years
2 of 7full calendar years

Risk

Volatility
47.8%typical yearly swing, 5 years
Sharpe ratio
0.55return per unit of risk, 5 years
Worst decline ever
−80.5%Feb 2021 to Nov 2022
From its all-time high
−32.2%below the peak

SPOT against the whole market

Where SPOT ranks among every stock and fund, and what across the market has done better.

How does SPOT rank among all stocks?

This section ranks SPOT on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how SPOT stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureSPOTRankStanding
1-year return−22.1%2,694 of 3,287bottom 19%
3-year return+251%299 of 3,017top 10%
5-year return+109%628 of 2,893top 22%
Volatility, 5 years47.8%1,832 of 2,893bottom 38%
Sharpe ratio, 5 years0.55814 of 2,893top 28%

What has beaten SPOT on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SPOT sits where the dashed lines cross. Anything in the green box above and to the left earned more than SPOT with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SPOT; faint dots are 92 more of the 393 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SPOTBBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%IBKR: +35.4% a year, volatility 35.4%ASX: +48.8% a year, volatility 43.0%PWR: +39.3% a year, volatility 37.2%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%AEM: +29.5% a year, volatility 38.4%HPE: +32.9% a year, volatility 42.2%BAP: +30.8% a year, volatility 30.3%WMT: +20.8% a year, volatility 22.6%NWG: +27.7% a year, volatility 34.1%CIB: +32.9% a year, volatility 32.9%THC: +32.9% a year, volatility 45.1%COST: +17.4% a year, volatility 22.9%IDCC: +39.0% a year, volatility 36.9%JXN: +41.7% a year, volatility 43.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%PGR: +21.3% a year, volatility 25.6%VRTX: +22.6% a year, volatility 29.1%DCO: +27.5% a year, volatility 34.5%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%MPLX: +23.5% a year, volatility 18.8%GE: +36.0% a year, volatility 31.0%AVGO: +48.3% a year, volatility 44.5%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%TNK: +50.5% a year, volatility 45.1%DHT: +38.7% a year, volatility 39.0%TRGP: +41.8% a year, volatility 31.7%HSBC: +33.1% a year, volatility 25.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%PBR: +50.3% a year, volatility 37.5%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%CALM: +17.6% a year, volatility 33.3%PANW: +31.9% a year, volatility 43.4%WELL: +26.0% a year, volatility 23.8%TEVA: +32.2% a year, volatility 42.8%RTX: +18.6% a year, volatility 24.3%GS: +19.6% a year, volatility 28.6%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%PSX: +33.2% a year, volatility 32.9%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%ADI: +19.5% a year, volatility 34.1%BTI: +18.7% a year, volatility 22.0%COP: +18.2% a year, volatility 32.6%MO: +17.8% a year, volatility 21.4%SU: +33.1% a year, volatility 32.5%ETN: +20.4% a year, volatility 32.1%WMB: +24.6% a year, volatility 24.0%GLW: +31.4% a year, volatility 42.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%ING: +24.7% a year, volatility 31.1%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%EQNR: +19.2% a year, volatility 34.4%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%JCI: +17.4% a year, volatility 29.1%EMBJ: +32.8% a year, volatility 45.0%LYG: +20.3% a year, volatility 32.1%CMI: +19.9% a year, volatility 29.0%WAB: +25.6% a year, volatility 26.2%ROST: +18.1% a year, volatility 29.5%WPM: +27.5% a year, volatility 36.9%SPOT: +15.9% a year, volatility 47.8%SPY (S&P 500): +12.7% a year, volatility 17.1%AAPL: +18.5% a year, volatility 28.0%GOOG: +19.0% a year, volatility 32.0%TKO: +26.3% a year, volatility 32.7%MSGS: +18.4% a year, volatility 25.6%IGM: +18.1% a year, volatility 26.5%TIMB: +18.2% a year, volatility 31.6%ZETA: +33.2% a year, volatility 70.5%VIV: +15.3% a year, volatility 28.8%TSM: +31.5% a year, volatility 38.5%APH: +33.8% a year, volatility 32.2%SAN: +31.7% a year, volatility 33.9%LLY: +40.7% a year, volatility 32.8%SMH: +33.4% a year, volatility 36.9%NVDA: +58.0% a year, volatility 51.9%GLD: +17.7% a year, volatility 18.9%MRK: +16.3% a year, volatility 24.8%ATI: +61.8% a year, volatility 42.9%CAH: +42.1% a year, volatility 24.7%SPOTSPY (S&P 500)AAPLGOOGTKOMSGSZETAVIVTSMAPHSANLLYNVDAGLDMRKATICAH0.0%20.0%40.0%60.0%80.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SPOTBBVA: +38.7% a year, volatility 33.3%VLO: +44.2% a year, volatility 36.9%IBKR: +35.4% a year, volatility 35.4%ASX: +48.8% a year, volatility 43.0%PWR: +39.3% a year, volatility 37.2%BNY: +22.7% a year, volatility 24.4%CM: +19.2% a year, volatility 21.6%AEM: +29.5% a year, volatility 38.4%HPE: +32.9% a year, volatility 42.2%BAP: +30.8% a year, volatility 30.3%WMT: +20.8% a year, volatility 22.6%NWG: +27.7% a year, volatility 34.1%CIB: +32.9% a year, volatility 32.9%THC: +32.9% a year, volatility 45.1%COST: +17.4% a year, volatility 22.9%IDCC: +39.0% a year, volatility 36.9%JXN: +41.7% a year, volatility 43.3%AMGN: +19.6% a year, volatility 24.9%GILD: +22.8% a year, volatility 24.9%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%PGR: +21.3% a year, volatility 25.6%VRTX: +22.6% a year, volatility 29.1%DCO: +27.5% a year, volatility 34.5%RY: +17.3% a year, volatility 18.2%PBR-A: +51.8% a year, volatility 37.5%HWM: +47.3% a year, volatility 32.5%MPLX: +23.5% a year, volatility 18.8%GE: +36.0% a year, volatility 31.0%AVGO: +48.3% a year, volatility 44.5%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%TNK: +50.5% a year, volatility 45.1%DHT: +38.7% a year, volatility 39.0%TRGP: +41.8% a year, volatility 31.7%HSBC: +33.1% a year, volatility 25.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%PBR: +50.3% a year, volatility 37.5%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%CALM: +17.6% a year, volatility 33.3%PANW: +31.9% a year, volatility 43.4%WELL: +26.0% a year, volatility 23.8%TEVA: +32.2% a year, volatility 42.8%RTX: +18.6% a year, volatility 24.3%GS: +19.6% a year, volatility 28.6%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%PSX: +33.2% a year, volatility 32.9%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%ADI: +19.5% a year, volatility 34.1%BTI: +18.7% a year, volatility 22.0%COP: +18.2% a year, volatility 32.6%MO: +17.8% a year, volatility 21.4%SU: +33.1% a year, volatility 32.5%ETN: +20.4% a year, volatility 32.1%WMB: +24.6% a year, volatility 24.0%GLW: +31.4% a year, volatility 42.1%ITUB: +26.3% a year, volatility 33.8%TRV: +22.4% a year, volatility 22.3%TT: +22.7% a year, volatility 27.7%MAR: +22.0% a year, volatility 28.6%E: +23.0% a year, volatility 25.6%ING: +24.7% a year, volatility 31.1%COR: +24.2% a year, volatility 22.8%MFC: +22.6% a year, volatility 24.0%GWW: +26.3% a year, volatility 24.9%EQNR: +19.2% a year, volatility 34.4%HLT: +21.0% a year, volatility 26.8%MNST: +17.2% a year, volatility 24.9%KMI: +18.7% a year, volatility 22.5%AFL: +19.0% a year, volatility 20.8%JCI: +17.4% a year, volatility 29.1%EMBJ: +32.8% a year, volatility 45.0%LYG: +20.3% a year, volatility 32.1%CMI: +19.9% a year, volatility 29.0%WAB: +25.6% a year, volatility 26.2%ROST: +18.1% a year, volatility 29.5%WPM: +27.5% a year, volatility 36.9%SPOT: +15.9% a year, volatility 47.8%SPY (S&P 500): +12.7% a year, volatility 17.1%AAPL: +18.5% a year, volatility 28.0%GOOG: +19.0% a year, volatility 32.0%TKO: +26.3% a year, volatility 32.7%MSGS: +18.4% a year, volatility 25.6%IGM: +18.1% a year, volatility 26.5%TIMB: +18.2% a year, volatility 31.6%ZETA: +33.2% a year, volatility 70.5%VIV: +15.3% a year, volatility 28.8%TSM: +31.5% a year, volatility 38.5%APH: +33.8% a year, volatility 32.2%SAN: +31.7% a year, volatility 33.9%LLY: +40.7% a year, volatility 32.8%SMH: +33.4% a year, volatility 36.9%NVDA: +58.0% a year, volatility 51.9%GLD: +17.7% a year, volatility 18.9%MRK: +16.3% a year, volatility 24.8%ATI: +61.8% a year, volatility 42.9%CAH: +42.1% a year, volatility 24.7%SPOTSPY (S&P 500)AAPLTKOMSGSZETATSMAPHSANLLYNVDAATICAH
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SPOT?

Investments that beat SPOT over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat SPOT over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks SPOT's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SPOT follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SPOT's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SPOT's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than SPOT's.

Screen the whole market against SPOT for any period in BetterThanSPYOpen these 17 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years5Y returntotalCorr. with SPOT?lower diversifies moreExpenseper year
SPOTSpotify Technology S.A. · this page
+15.9%47.8%0.55−80.5%+109%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+81.7%0.550.09%
Popular alternativesbest 2 shownThe investments people most often weigh against SPOT. 2 of 18 passed at least one test.
AAPLApple Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.5%28.0%0.75−38.5%+133%0.39—
GOOGAlphabet Inc. · Internet Services
Higher return, lower volatilityHigher Sharpe, smaller worst decline+19.0%32.0%0.71−44.6%+138%0.25—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Entertainment and the categories next to it (Internet Services, Media, Telecommunications, E-Commerce), plus SPOT's specific themes. 8 of 66 passed at least one test.
TKOTKO Group Holdings, Inc. · Entertainment
Higher return, lower volatilityHigher Sharpe, smaller worst decline+26.3%32.7%0.88−69.1%+221%0.44—
MSGSMadison Square Garden Sports Corp. · Entertainment
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.4%25.6%0.79−41.6%+133%0.09—
IGMiShares Expanded Tech Sector ETF · Technology Equity · Digital Advertising theme
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.1%26.5%0.76−40.7%+130%0.540.37%
TIMBTIM S.A. · Telecommunications
Higher return, lower volatilityHigher Sharpe, smaller worst decline+18.2%31.6%0.69−52.6%+131%-0.01—
ZETAZeta Global Holdings Corp. · Software · Digital Advertising theme
Higher Sharpe, smaller worst declineHigher return in most periods+33.2%70.5%0.77−70.0%+320%0.23—
VIVTelefônica Brasil S.A. · Integrated Telecommunications
Similar return, lower volatility+15.3%28.8%0.64−56.6%+104%0.17—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 620 of 3,549 passed at least one test.
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.5%38.5%0.91−56.6%+293%0.35—
APHAmphenol Corporation · Electronic Components
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.8%32.2%1.07−37.5%+329%0.25—
SANBanco Santander, S.A. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+31.7%33.9%0.99−73.8%+295%0.30—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+451%0.11—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.4%36.9%0.97−45.3%+323%0.350.35%
NVDANVIDIA Corporation · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+58.0%51.9%1.14−66.3%+884%0.51—
GLDSPDR Gold Shares · Gold
Higher return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+17.7%18.9%0.96−26.4%+126%0.160.40%
MRKMerck & Co., Inc. · Pharmaceuticals
Similar return, lower volatilityHigher Sharpe, smaller worst declineSmaller losses in recent crashes+16.3%24.8%0.74−43.4%+113%0.02—
What these numbers mean for SPOT
Annual return
SPOT returned 15.9% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $20,900. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
SPOT's volatility over the past 5 years was 47.8%, 2.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPOT's return lands within 47.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
SPOT's Sharpe ratio over the past 5 years was 0.55, against 0.79 for the S&P 500, so SPOT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
SPOT's worst fall from a peak to a low over the past 10 years was 80.5%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 80.5% fall takes a 413% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SPOT's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SPOT instead: the lower it is, the more that option would diversify a SPOT holding. Guide: Correlation and diversification →
Show all 393 stocks and funds worth at least $500 million that earned more than SPOT with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline5Y returnCorr. with SPOTExpense
1
TSMTaiwan Semiconductor Manufacturing Company Limited · Semiconductors
Whole market+31.5%38.5%0.91−56.6%+293%0.35—
2
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+329%0.25—
3
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+295%0.30—
4
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+413%0.29—
5
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+524%0.12—
6
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+355%0.37—
7
ASXASE Technology Holding Co., Ltd. · Semiconductors
Whole market+48.8%43.0%1.15−52.5%+631%0.13—
8
PWRQuanta Services, Inc. · Engineering & Construction
Whole market+39.3%37.2%1.08−45.5%+425%0.18—
9
BNYBank of New York Mellon Corp · Banks
Whole market+22.7%24.4%0.97−50.5%+179%0.51—
10
CMCanadian Imperial Bank of Commerce · Banks
Whole market+19.2%21.6%0.93−47.3%+141%0.29—
11
AEMAgnico Eagle Mines Limited · Gold Mining
Whole market+29.5%38.4%0.87−54.2%+264%0.17—
12
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+451%0.11—
13
SMHVanEck Semiconductor ETF · Semiconductors
Whole market+33.4%36.9%0.97−45.3%+323%0.350.35%
14
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+315%0.21—
15
BAPCredicorp Ltd. · Banks
Whole market+30.8%30.3%1.04−59.2%+283%0.17—
16
WMTWalmart Inc. · Discount Retail
Whole market+20.8%22.6%0.96−25.7%+158%0.21—
17
NWGNatWest Group plc · Banks
Whole market+27.7%34.1%0.89−67.4%+239%0.35—
18
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+314%0.20—
19
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+32.9%45.1%0.86−71.7%+315%0.40—
20
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+123%0.39—
21
IDCCInterDigital, Inc. · Intellectual Property Licensing
Whole market+39.0%36.9%1.08−64.9%+419%0.43—
22
JXNJackson Financial Inc. · Life Insurance
Whole market+41.7%43.3%1.03−48.4%+472%0.18—
23
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+145%-0.05—
24
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+180%-0.01—
25
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%+245%0.37—
26
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+126%0.160.40%
27
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+301%0.22—
28
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+162%0.29—
29
VRTXVertex Pharmaceuticals Incorporated · Biotechnology
Whole market+22.6%29.1%0.85−41.6%+177%0.05—
30
DCODucommun Incorporated · Aerospace & Defense
Whole market+27.5%34.5%0.88−70.8%+236%0.08—
31
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+122%0.27—
32
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+705%0.04—
33
ATIATI Inc. · Metals & Mining
Whole market+61.8%42.9%1.34−82.4%+1,008%0.17—
34
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+594%0.37—
35
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+479%0.11—
36
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+187%0.36—
37
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+366%0.57—
38
AVGOBroadcom Inc. · Semiconductors
Whole market+48.3%44.5%1.11−48.3%+617%0.23—
39
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+232%0.01—
40
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+122%0.44—
41
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+218%-0.09—
42
TNKTeekay Tankers Ltd. · Marine Shipping
Whole market+50.5%45.1%1.14−63.4%+673%-0.09—
43
DHTDHT Holdings, Inc. · Marine Shipping
Whole market+38.7%39.0%1.04−39.7%+413%-0.07—
44
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+473%0.25—
45
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+318%0.32—
46
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+225%0.260.48%
47
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+119%0.270.40%
48
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+144%0.08—
49
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+288%0.08—
50
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+319%0.20—
51
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+159%0.18—
52
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+667%0.00—
53
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+159%0.03—
54
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+413%0.23—
55
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+121%0.18—
56
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%+839%-0.21—
57
CALMCal-Maine Foods, Inc. · Agricultural Farm Products
Whole market+17.6%33.3%0.66−45.6%+125%0.04—
58
PANWPalo Alto Networks, Inc. · Cybersecurity
Whole market+31.9%43.4%0.86−48.0%+299%0.30—
59
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+217%0.27—
60
TEVATeva Pharmaceutical Industries Limited · Pharmaceuticals
Whole market+32.2%42.8%0.86−85.5%+303%0.06—
61
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+135%0.12—
62
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+145%0.45—
63
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+326%0.21—
64
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+147%0.22—
65
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+301%0.19—
66
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+129%0.01—
67
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+319%0.12—
68
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+133%0.500.09%
69
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+210%0.35—
70
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+327%0.17—
71
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+235%0.37—
72
ADIAnalog Devices, Inc. · Semiconductors
Whole market+19.5%34.1%0.69−33.6%+144%0.23—
73
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+136%-0.08—
74
COPConocoPhillips · Exploration & Production
Whole market+18.2%32.6%0.68−70.7%+131%0.01—
75
MOAltria Group, Inc. · Tobacco
Whole market+17.8%21.4%0.88−53.7%+126%-0.03—
76
SUSuncor Energy Inc. · Integrated Oil & Gas
Whole market+33.1%32.5%1.05−73.5%+318%0.08—
77
ETNEaton Corporation plc · Electrical Equipment
Whole market+20.4%32.1%0.74−44.5%+153%0.28—
78
WMBThe Williams Companies, Inc. · Oil & Gas Midstream
Whole market+24.6%24.0%1.04−68.1%+200%0.18—
79
GLWCorning Inc · Electronic Components
Whole market+31.4%42.1%0.86−51.5%+292%0.05—
80
ITUBItaú Unibanco Holding S.A. · Banks
Whole market+26.3%33.8%0.86−62.1%+221%0.07—
81
TRVThe Travelers Companies, Inc. · Property & Casualty Insurance
Whole market+22.4%22.3%1.02−46.3%+174%0.16—
82
TTTrane Technologies plc · Building Products
Whole market+22.7%27.7%0.88−40.5%+178%0.31—
83
MARMarriott International, Inc. · Hotels & Resorts
Whole market+22.0%28.6%0.84−61.3%+170%0.36—
84
EEni S.p.A. · Integrated Oil & Gas
Whole market+23.0%25.6%0.94−61.4%+181%0.09—
85
INGING Groep N.V. · Banks
Whole market+24.7%31.1%0.87−74.4%+201%0.24—
86
CORCencora, Inc. · Health Care Distribution
Whole market+24.2%22.8%1.07−32.4%+195%0.24—
87
MFCManulife Financial Corporation · Life Insurance
Whole market+22.6%24.0%0.97−57.5%+177%0.23—
88
GWWW.W. Grainger, Inc. · Industrial Distribution
Whole market+26.3%24.9%1.07−41.6%+221%0.36—
89
EQNREquinor ASA · Integrated Oil & Gas
Whole market+19.2%34.4%0.69−66.8%+141%-0.10—
90
HLTHilton Worldwide Holdings Inc. · Hotels & Resorts
Whole market+21.0%26.8%0.85−50.8%+160%0.38—
91
MNSTMonster Beverage Corporation · Food & Beverages
Whole market+17.2%24.9%0.77−30.4%+121%0.11—
92
KMIKinder Morgan, Inc. · Oil & Gas Midstream
Whole market+18.7%22.5%0.88−55.1%+136%0.26—
93
AFLAflac Incorporated · Life Insurance
Whole market+19.0%20.8%0.95−54.9%+139%0.21—
94
JCIJohnson Controls International plc · Building Products
Whole market+17.4%29.1%0.70−46.4%+123%0.31—
95
EMBJEmbraer S.A. · Aerospace & Defense
Whole market+32.8%45.0%0.86−85.2%+313%0.37—
96
LYGLloyds Banking Group plc · Banks
Whole market+20.3%32.1%0.74−66.5%+152%0.32—
97
CMICummins Inc. · Industrial Machinery
Whole market+19.9%29.0%0.77−44.0%+148%0.18—
98
WABWestinghouse Air Brake Technologies Corporation · Industrial Machinery
Whole market+25.6%26.2%1.00−64.1%+212%0.35—
99
ROSTRoss Stores, Inc. · Specialty Retail
Whole market+18.1%29.5%0.71−51.4%+129%0.11—
100
WPMWheaton Precious Metals Corp. · Metals & Mining
Whole market+27.5%36.9%0.85−46.7%+236%0.21—

SPOT against its popular alternatives

The investments people most often weigh against SPOT, compared period by period and year by year.

How do SPOT's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SPOT, which divides the map into what did better or worse on each measure.

Green points earned more than SPOT with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

0.0%20.0%40.0%60.0%80.0%100%120%140%160%−60.0%−50.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySPOT: 15.9% a year, volatility 47.8%SPY (S&P 500): 12.7% a year, volatility 17.1%GOOG: 19.0% a year, volatility 32.0%AAPL: 18.4% a year, volatility 28.0%ROKU: −14.2% a year, volatility 66.1%PINS: −18.2% a year, volatility 55.6%TME: 1.0% a year, volatility 58.7%HUYA: −9.1% a year, volatility 75.1%BILI: −29.9% a year, volatility 77.4%TTD: −30.8% a year, volatility 67.7%IQ: −37.6% a year, volatility 79.5%FUBO: −52.9% a year, volatility 145%SONY: 2.9% a year, volatility 29.2%WMG: −6.2% a year, volatility 34.7%DIS: −7.5% a year, volatility 29.5%LYV: 11.8% a year, volatility 34.5%AMZN: 9.0% a year, volatility 36.6%NTES: 6.6% a year, volatility 41.9%SIRI: −12.0% a year, volatility 45.2%NFLX: 1.9% a year, volatility 43.8%SPOTSPY (S&P 500)GOOGAAPLROKUPINSTMEHUYABILITTDIQFUBOSONYWMGDISAMZNSIRINFLX0.0%50.0%100%150%−60.0%−40.0%−20.0%0.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySPOT: 15.9% a year, volatility 47.8%SPY (S&P 500): 12.7% a year, volatility 17.1%GOOG: 19.0% a year, volatility 32.0%AAPL: 18.4% a year, volatility 28.0%ROKU: −14.2% a year, volatility 66.1%PINS: −18.2% a year, volatility 55.6%TME: 1.0% a year, volatility 58.7%HUYA: −9.1% a year, volatility 75.1%BILI: −29.9% a year, volatility 77.4%TTD: −30.8% a year, volatility 67.7%IQ: −37.6% a year, volatility 79.5%FUBO: −52.9% a year, volatility 145%SONY: 2.9% a year, volatility 29.2%WMG: −6.2% a year, volatility 34.7%DIS: −7.5% a year, volatility 29.5%LYV: 11.8% a year, volatility 34.5%AMZN: 9.0% a year, volatility 36.6%NTES: 6.6% a year, volatility 41.9%SIRI: −12.0% a year, volatility 45.2%NFLX: 1.9% a year, volatility 43.8%SPOTSPY (S&P 500)GOOGAAPLROKUPINSTMEHUYABILITTDIQFUBOSONYWMGDISAMZNNTESSIRINFLX
All figures
InvestmentAnnual returnVolatility
GOOG Alphabet Inc.+19.0%32.0%
AAPL Apple Inc.+18.4%28.0%
SPOT This pageSpotify Technology S.A.+15.9%47.8%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
LYV Live Nation Entertainment, Inc.+11.8%34.5%
AMZN Amazon.com, Inc.+9.0%36.6%
NTES NetEase, Inc.+6.6%41.9%
SONY Sony Group Corporation+2.9%29.2%
NFLX Netflix, Inc.+1.9%43.8%
TME Tencent Music Entertainment Group+1.0%58.7%
WMG Warner Music Group Corp.−6.2%34.7%
DIS The Walt Disney Company−7.5%29.5%
HUYA HUYA Inc.−9.1%75.1%
SIRI Sirius XM Holdings Inc.−12.0%45.2%
ROKU Roku, Inc.−14.2%66.1%
PINS Pinterest, Inc.−18.2%55.6%
BILI Bilibili Inc.−29.9%77.4%
TTD The Trade Desk, Inc.−30.8%67.7%
IQ iQIYI, Inc.−37.6%79.5%
FUBO fuboTV Inc.−52.9%145%
Open these 20 in EasyCompare

Has SPOT consistently beaten its popular alternatives?

This section compares SPOT with the investments people most often weigh against it, checking each one over seven periods from one month to five years. Counting how often an alternative earned more than SPOT helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than SPOT over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 2 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SPOT Spotify Technology S.A. (this page)—+1.8%+6.9%−2.0%−8.5%−22.1%+251%+109%47.8%0.55−80.5%—$108B—
GOOG Internet Content & InformationAlphabet Inc.3/5 short1/2 long−4.1%−4.2%+0.4%+6.9%+31.2%+148%+138%32.0%0.71−44.6%—$4.1T—
AAPL Consumer ElectronicsApple Inc.3/5 short1/2 long+0.2%+4.0%+24.6%+25.6%+29.9%+99.0%+133%28.0%0.75−38.5%—$5.0T—
SONY Consumer ElectronicsSony Group Corporation5/5 short0/2 long+7.3%+19.7%+18.1%−2.2%−13.2%+54.0%+15.4%29.2%0.24−50.6%—$150B—
WMG EntertainmentWarner Music Group Corp.5/5 short0/2 long+13.1%+12.5%+4.0%+4.9%−3.5%+6.5%−27.2%34.7%-0.01−54.0%—$16B—
DIS EntertainmentThe Walt Disney Company5/5 short0/2 long+7.1%+15.8%+5.8%+0.6%+1.2%+39.3%−32.5%29.5%-0.12−60.7%—$193B—
LYV EntertainmentLive Nation Entertainment, Inc.4/5 short0/2 long+3.3%−3.4%+12.0%+20.3%+11.5%+119%+74.3%34.5%0.50−61.2%—$41B—
ROKU EntertainmentRoku, Inc.4/5 short0/2 long+2.1%+9.3%+32.7%+44.9%+63.7%+163%−53.5%66.1%0.10−91.9%—$21B—
AMZN Specialty RetailAmazon.com, Inc.3/5 short0/2 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%36.6%0.42−56.1%—$2.8T—
NTES Electronic Gaming & MultimediaNetEase, Inc.3/5 short0/2 long+6.5%−6.4%+6.9%−13.5%−16.2%+34.1%+37.6%41.9%0.36−57.4%—$80B—
SIRI BroadcastingSirius XM Holdings Inc.3/5 short0/2 long−1.0%−10.4%+1.7%+36.7%+31.2%−31.6%−47.2%45.2%-0.07−73.9%—$9.2B—
PINS Internet Content & InformationPinterest, Inc.2/5 short0/2 long+18.7%+0.7%+11.3%−13.5%−30.2%−11.5%−63.3%55.6%-0.08−82.7%—$13B—
TME Internet Content & InformationTencent Music Entertainment Group1/5 short0/2 long+4.9%−6.5%−15.2%−50.8%−61.3%+35.2%+4.9%58.7%0.30−90.2%—$13B—
HUYA EntertainmentHUYA Inc.1/5 short0/2 long+2.2%−3.4%−23.1%−19.6%−17.6%+104%−37.8%75.1%0.24−96.4%—$525M—
NFLX EntertainmentNetflix, Inc.0/5 short0/2 long−6.4%+1.6%−27.6%−24.5%−44.5%+71.3%+9.9%43.8%0.27−75.9%—$286B—
BILI Internet Content & InformationBilibili Inc.0/5 short0/2 long−8.3%−24.4%−44.3%−47.2%−49.5%+11.3%−83.1%77.4%-0.09−94.3%—$5.9B—
TTD Advertising AgenciesThe Trade Desk, Inc.0/5 short0/2 long−8.9%−32.1%−47.4%−66.4%−75.9%−82.9%−84.1%67.7%-0.20−91.5%—$6.0B—
IQ EntertainmentiQIYI, Inc.0/5 short0/2 long−8.8%−25.1%−34.2%−54.6%−58.1%−80.0%−90.6%79.5%-0.21−98.0%—$889M—
FUBO BroadcastingfuboTV Inc.0/5 short0/2 long−20.2%−12.7%−38.1%−73.6%−81.2%−70.9%−97.7%145%-0.06−99.9%—$922M—
Open these 19 in EasyCompare

How did SPOT do year by year?

This table shows each investment's total return in every full calendar year since 2019, along with where SPOT ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SPOT and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: SPOT began trading on April 3, 2018, so the table starts with 2019, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or four other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of SPOT; gray means the two finished within a fraction of a point. The rank row places SPOT among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of SPOT2025202420232022202120202019
SPOT This pageSpotify Technology S.A.—+29.8%+138%+138%−66.3%−25.6%+110%+31.8%
Rank among alternativesTop quarter in 2 of 78 of 191 of 191 of 1917 of 1912 of 196 of 1810 of 17
SPY S&P 500State Street SPDR S&P 500 ETF2 of 7+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%
GOOG Alphabet Inc.3 of 7+65.4%+35.6%+58.8%−38.7%+65.2%+31.0%+29.1%
AAPL Apple Inc.3 of 7+9.0%+30.7%+49.0%−26.4%+34.6%+82.3%+89.0%
SONY Sony Group Corporation3 of 7+21.7%+12.4%+24.9%−39.3%+25.6%+49.7%+41.7%
WMG Warner Music Group Corp.2 of 5+1.4%−11.5%+4.4%−17.2%+15.3%——
DIS The Walt Disney Company3 of 7+3.3%+24.4%+4.3%−43.9%−14.5%+25.3%+33.5%
LYV Live Nation Entertainment, Inc.3 of 7+10.0%+38.4%+34.2%−41.7%+62.9%+2.8%+45.1%
ROKU Roku, Inc.3 of 7+45.9%−18.9%+125%−82.2%−31.3%+148%+337%
AMZN Amazon.com, Inc.2 of 7+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%
NTES NetEase, Inc.4 of 7+58.3%−1.7%+30.6%−27.4%+7.1%+57.9%+34.7%
SIRI Sirius XM Holdings Inc.2 of 7−7.9%−56.9%−4.3%−3.5%+0.7%−10.1%+26.3%
PINS Pinterest, Inc.2 of 6−10.7%−21.7%+52.5%−33.2%−44.8%+254%—
TME Tencent Music Entertainment Group2 of 7+56.4%+27.2%+8.7%+21.0%−64.4%+63.8%−11.2%
HUYA HUYA Inc.2 of 7+61.0%+20.7%−7.3%−43.0%−65.2%+11.1%+16.1%
NFLX Netflix, Inc.2 of 7+5.2%+83.0%+65.1%−51.0%+11.4%+67.1%+20.9%
BILI Bilibili Inc.3 of 7+35.8%+48.8%−48.6%−48.9%−45.9%+360%+27.6%
TTD The Trade Desk, Inc.4 of 7−67.7%+63.3%+60.5%−51.1%+14.4%+208%+124%
IQ iQIYI, Inc.2 of 7−4.5%−58.8%−7.9%+16.2%−73.9%−17.2%+42.0%
FUBO fuboTV Inc.2 of 7+100%−60.4%+82.8%−88.8%−44.6%+214%+31.9%
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Risk and diversification

How SPOT has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were SPOT's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SPOT's five deepest drawdowns since it began trading in 2018, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: SPOT began trading on April 3, 2018, so this list cannot include the dot-com bust, the 2008 financial crisis or four other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means SPOT fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSPOT fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−80.5%−1.1%Feb 2021Nov 202221 monthsSep 202422 months
No named crash−46.8%+11.4%Jun 2025Feb 20268 monthsNot yet—
Late-2018 sell-off−45.6%−14.2%Jul 2018Dec 20185 monthsJun 202018 months
No named crash−24.5%−8.1%Feb 2025Mar 20251 monthMay 20252 months
No named crash−20.7%−7.9%Sep 2020Sep 2020Under a monthDec 20203 months

How did SPOT do in stock market crashes?

This section measures how far SPOT, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: SPOT began trading on April 3, 2018, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or four other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SPOT.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
SPOT This pageSpotify Technology S.A.—−4.2%−65.7%−20.6%−42.1%Not yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF3 of 4−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
GOOG Alphabet Inc.2 of 4−3.9%−35.0%−30.8%−18.9%−9.9%−12.7%−21.1%−1.1%−65.3%—
AAPL Apple Inc.3 of 4−2.9%−27.4%−30.7%−36.5%−4.8%−23.4%−12.5%−4.3%−60.9%−81.2%
SONY Sony Group Corporation2 of 4−3.8%−50.6%−22.9%−24.3%−9.7%−30.2%−32.0%−1.0%−72.3%−76.2%
WMG Warner Music Group Corp.1 of 2−4.8%−49.0%————————
DIS The Walt Disney Company2 of 4−6.8%−41.8%−39.3%−14.9%−6.8%−25.5%−28.7%−1.8%−54.9%−67.6%
LYV Live Nation Entertainment, Inc.2 of 4−5.1%−41.5%−61.2%−19.6%−4.5%−29.2%−37.3%−2.4%−88.5%—
ROKU Roku, Inc.0 of 4−5.9%−76.8%−49.6%−64.5%−7.1%—————
AMZN Amazon.com, Inc.3 of 4−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
NTES NetEase, Inc.3 of 4−2.0%−33.4%−24.0%−17.5%−8.8%−28.2%−29.3%0.0%−41.8%—
SIRI Sirius XM Holdings Inc.2 of 4−6.0%−15.8%−39.5%−20.9%−4.6%−20.1%−32.9%−1.0%−98.6%−98.7%
PINS Pinterest, Inc.1 of 3−8.0%−50.1%−53.7%———————
TME Tencent Music Entertainment Group2 of 3−2.3%−57.4%−26.6%———————
HUYA HUYA Inc.1 of 4−4.4%−72.0%−41.0%−41.4%——————
NFLX Netflix, Inc.1 of 4−6.1%−71.9%−22.6%−38.7%−6.7%−36.8%−59.7%−6.5%−55.9%—
BILI Bilibili Inc.1 of 4−8.0%−70.2%−28.2%−17.6%——————
TTD The Trade Desk, Inc.2 of 4−8.4%−51.7%−54.2%−33.0%−8.6%—————
IQ iQIYI, Inc.1 of 4−4.5%−59.5%−32.1%−46.2%——————
FUBO fuboTV Inc.1 of 4−22.6%−85.0%−16.3%−66.1%−20.5%—————
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How closely does SPOT move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SPOT with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 5 years.

Monthly total returns over the past 5 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SPOT's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SPOT This pageSpotify Technology S.A.151%170%0.891.61
AAPL Apple Inc.109%87%1.261.07
GOOG Alphabet Inc.140%132%1.071.20
NTES NetEase, Inc.72%73%0.980.67
LYV Live Nation Entertainment, Inc.101%104%0.971.17
AMZN Amazon.com, Inc.125%170%0.741.45
TME Tencent Music Entertainment Group64%99%0.650.79
NFLX Netflix, Inc.114%186%0.621.61
SONY Sony Group Corporation83%137%0.600.99
WMG Warner Music Group Corp.81%184%0.441.40
ROKU Roku, Inc.123%297%0.412.06
DIS The Walt Disney Company77%190%0.401.42
HUYA HUYA Inc.55%140%0.390.69
SIRI Sirius XM Holdings Inc.36%148%0.250.98
FUBO fuboTV Inc.60%498%0.122.39
PINS Pinterest, Inc.14%147%0.100.90
BILI Bilibili Inc.9%197%0.050.65
TTD The Trade Desk, Inc.-12%192%-0.060.99
IQ iQIYI, Inc.-61%144%-0.420.14
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What diversifies SPOT?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SPOT's. Because such investments tend not to fall at the same time, pairing SPOT with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SPOT lost money. The last two columns show a portfolio that is 80% SPOT and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
SPOT Spotify Technology S.A. (this page)1.00+109%0.55−66.3%−25.6%45.8%+16.7%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.27+119%1.48+3.8%+17.8%37.2%+18.5%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.26+225%1.34+6.0%+18.0%37.4%+20.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.36+101%1.04+10.4%+23.1%37.8%+18.1%
HDV Dividend & IncomeiShares Core High Dividend ETF0.25+83.3%1.00+7.1%+19.6%37.5%+17.5%
FTLS Broad MarketFirst Trust Long/Short Equity ETF0.48+62.9%0.99−5.6%+19.7%37.5%+17.2%
SMH TechnologyVanEck Semiconductor ETF0.35+323%0.97−33.5%+42.1%39.6%+22.6%
DBEF InternationalXtrackers MSCI EAFE Hedged Equity ETF0.47+85.0%0.96−5.1%+19.6%37.8%+17.7%
GLD CommoditiesSPDR Gold Shares0.16+126%0.96−0.8%−4.2%37.4%+19.0%

Stocks

InvestmentCorrelation5Y returnSharpe2022202180/20 mix volatility80/20 mix annual return
SPOT Spotify Technology S.A. (this page)1.00+109%0.55−66.3%−25.6%45.8%+16.7%
CAH Medical - DistributionCardinal Health, Inc.0.11+479%1.55+54.1%−0.4%37.6%+23.0%
CLS Hardware, Equipment & PartsCelestica Inc.0.20+3,143%1.47+1.3%+37.9%40.7%+35.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.23+1,636%1.46+17.0%+89.0%39.7%+31.7%
MCK Medical - DistributionMcKesson Corporation0.23+413%1.44+51.8%+44.2%38.1%+22.2%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.16+690%1.41+86.6%+61.0%38.2%+25.1%
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Common questions

What was SPOT's worst drawdown?

SPOT's deepest decline since it began trading in 2018 was 80.5%, from February 2021 to November 2022. It took 22 months from the low to climb back to its old high. Because SPOT launched in April 2018, that record does not include the dot-com bust, the 2008 financial crisis or four other sell-offs.

What were SPOT's best and worst years?

Over seven full calendar years, SPOT's best year was 2024, when it returned 138%. Its worst was 2022, with a return of -66.3%.

Is there a better investment than SPOT?

Among SPOT's popular alternatives, AAPL and GOOG earned more than SPOT with less volatility over the past 5 years. AAPL returned 18.5% a year at 28.0% volatility, against 15.9% a year at 47.8%. Looking beyond its popular alternatives, TKO (entertainment) and MSGS (entertainment) earned more than SPOT with less volatility over the past 5 years. TKO returned 26.3% a year at 32.7% volatility, against 15.9% a year at 47.8%.

Is SPOT more volatile than the S&P 500?

Yes. SPOT's volatility over the past 5 years was 47.8%, 2.8 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SPOT's return lands within 47.8% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is SPOT's Sharpe ratio?

SPOT's Sharpe ratio over the past 5 years was 0.55, against 0.79 for the S&P 500, so SPOT earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is SPOT with the S&P 500?

Over the past 5 years, SPOT's monthly returns had a correlation of 0.55 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SPOT instead: the lower it is, the more that option would diversify a SPOT holding.

What are the best alternatives to SPOT?

None of the 18 popular alternatives we compared outperformed SPOT in at least 3 of 5 short-term and 2 of 2 long-term timeframes, which says more about SPOT's strength than about its alternatives.

Did SPOT outperform the S&P 500?

SPOT finished ahead of the S&P 500 (SPY) in four of seven full calendar years. In 2025, it returned +29.8%, against +17.7% for the index.

How did SPOT do in stock market crashes?

SPOT fell less than the S&P 500 (SPY) in one of the four major crashes it has traded through, and further in three. The clearest case was the 2022 bear market, when SPOT fell 65.7% and the S&P 500 fell 24.5%.

What diversifies SPOT?

These had a low correlation with SPOT over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.27), DXJ (correlation 0.26) and EMLP (correlation 0.36); among large stocks, CAH (correlation 0.11), CLS (correlation 0.20) and FIX (correlation 0.23). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SPOT

Other stocks and ETFs