Spotify Technology (SPOT)
Market Price (3/30/2026): $472.81 | Market Cap: $97.3 BilSector: Communication Services | Industry: Interactive Media & Services
Spotify Technology (SPOT)
Market Price (3/30/2026): $472.81Market Cap: $97.3 BilSector: Communication ServicesIndustry: Interactive Media & Services
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 2.9 Bil, FCF LTM is 2.9 Bil | Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% | Key risksSPOT key risks include [1] high content licensing costs that challenge sustained profitability and [2] evolving legal and regulatory disputes over content rights and royalty payments. |
| Low stock price volatilityVol 12M is 45% | |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Social Media & Creator Economy, and Digital Advertising. Themes include Music Streaming, Show more. |
| Attractive cash flow generationCFO/Rev LTMCash Flow from Operations / Revenue (Sales), Last Twelve Months (LTM) is 17%, FCF/Rev LTMFree Cash Flow / Revenue (Sales), Last Twelve Months (LTM) is 17%, CFO LTM is 2.9 Bil, FCF LTM is 2.9 Bil |
| Valuation becoming less expensiveP/S 6M Chg %Price/Sales change over 6 months. Declining P/S indicates valuation has become less expensive. is -34% |
| Low stock price volatilityVol 12M is 45% |
| Megatrend and thematic driversMegatrends include Digital Content & Streaming, Social Media & Creator Economy, and Digital Advertising. Themes include Music Streaming, Show more. |
| Expensive valuation multiplesP/EBITPrice/EBIT or Price/(Operating Income) ratio is 43x, P/CFOPrice/(Cash Flow from Operations). CFO is cash before capital expenditures. is 33x |
| Key risksSPOT key risks include [1] high content licensing costs that challenge sustained profitability and [2] evolving legal and regulatory disputes over content rights and royalty payments. |
Qualitative Assessment
AI Analysis | Feedback
1. Spotify's stock entered the period with a high valuation, making it susceptible to a correction. As of November 15, 2025, Spotify traded at a trailing price-to-earnings (P/E) ratio of 99.2, nearly four times higher than the S&P 500's P/E of 25.7. This elevated valuation set the stage for a re-evaluation by investors, contributing to profit-taking and a decline as market sentiment shifted.
2. Weakened sentiment in the broader streaming market, influenced by a key competitor, created downward pressure. In January 2026, Netflix, a major player in the streaming industry, reported Q4 2025 earnings with cautious 2026 guidance. This included projected decelerating revenue growth of 12-14% for 2026, down from 17% in 2025, and a temporary halt in share buybacks. Such an outlook from a sector leader likely dampened overall investor enthusiasm for streaming companies, including Spotify, suggesting a maturing market with potentially slower growth ahead.
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Stock Movement Drivers
Fundamental Drivers
The -21.1% change in SPOT stock from 11/30/2025 to 3/29/2026 was primarily driven by a -49.9% change in the company's P/E Multiple.| (LTM values as of) | 11302025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 598.87 | 472.48 | -21.1% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,897 | 17,186 | 1.7% |
| Net Income Margin (%) | 8.3% | 12.9% | 54.8% |
| P/E Multiple | 87.8 | 44.0 | -49.9% |
| Shares Outstanding (Mil) | 206 | 206 | 0.1% |
| Cumulative Contribution | -21.1% |
Market Drivers
11/30/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| SPOT | -21.1% | |
| Market (SPY) | -5.3% | 16.2% |
| Sector (XLC) | -6.9% | 31.5% |
Fundamental Drivers
The -30.7% change in SPOT stock from 8/31/2025 to 3/29/2026 was primarily driven by a -74.7% change in the company's P/E Multiple.| (LTM values as of) | 8312025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 681.88 | 472.48 | -30.7% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 16,613 | 17,186 | 3.4% |
| Net Income Margin (%) | 4.9% | 12.9% | 165.3% |
| P/E Multiple | 173.8 | 44.0 | -74.7% |
| Shares Outstanding (Mil) | 205 | 206 | -0.2% |
| Cumulative Contribution | -30.7% |
Market Drivers
8/31/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| SPOT | -30.7% | |
| Market (SPY) | 0.6% | 16.4% |
| Sector (XLC) | -3.3% | 29.2% |
Fundamental Drivers
The -22.3% change in SPOT stock from 2/28/2025 to 3/29/2026 was primarily driven by a -59.5% change in the company's P/E Multiple.| (LTM values as of) | 2282025 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 608.01 | 472.48 | -22.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 15,673 | 17,186 | 9.7% |
| Net Income Margin (%) | 7.3% | 12.9% | 77.3% |
| P/E Multiple | 108.4 | 44.0 | -59.5% |
| Shares Outstanding (Mil) | 203 | 206 | -1.4% |
| Cumulative Contribution | -22.3% |
Market Drivers
2/28/2025 to 3/29/2026| Return | Correlation | |
|---|---|---|
| SPOT | -22.3% | |
| Market (SPY) | 9.8% | 37.4% |
| Sector (XLC) | 6.2% | 44.3% |
Fundamental Drivers
The 306.3% change in SPOT stock from 2/28/2023 to 3/29/2026 was primarily driven by a 195.2% change in the company's P/S Multiple.| (LTM values as of) | 2282023 | 3292026 | Change |
|---|---|---|---|
| Stock Price ($) | 116.30 | 472.48 | 306.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 11,727 | 17,186 | 46.6% |
| P/S Multiple | 1.9 | 5.7 | 195.2% |
| Shares Outstanding (Mil) | 193 | 206 | -6.1% |
| Cumulative Contribution | 306.3% |
Market Drivers
2/28/2023 to 3/29/2026| Return | Correlation | |
|---|---|---|
| SPOT | 306.3% | |
| Market (SPY) | 69.4% | 37.7% |
| Sector (XLC) | 106.7% | 40.4% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SPOT Return | -26% | -66% | 138% | 138% | 30% | -18% | 52% |
| Peers Return | 24% | -27% | 38% | 8% | 15% | -6% | 44% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | -5% | 72% |
Monthly Win Rates [3] | |||||||
| SPOT Win Rate | 33% | 17% | 83% | 83% | 58% | 33% | |
| Peers Win Rate | 62% | 37% | 65% | 55% | 55% | 40% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 33% | |
Max Drawdowns [4] | |||||||
| SPOT Max Drawdown | -35% | -70% | 0% | 0% | 0% | -29% | |
| Peers Max Drawdown | -10% | -35% | -16% | -22% | -22% | -11% | |
| S&P 500 Max Drawdown | -1% | -25% | -1% | -2% | -15% | -5% | |
[1] Cumulative total returns since the beginning of 2021
[2] Peers: AAPL, AMZN, GOOGL, SIRI, WMG. See SPOT Returns vs. Peers.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 3/27/2026 (YTD)
How Low Can It Go
| Event | SPOT | S&P 500 |
|---|---|---|
| 2022 Inflation Shock | ||
| % Loss | -80.5% | -25.4% |
| % Gain to Breakeven | 413.1% | 34.1% |
| Time to Breakeven | 686 days | 464 days |
| 2020 Covid Pandemic | ||
| % Loss | -25.9% | -33.9% |
| % Gain to Breakeven | 35.0% | 51.3% |
| Time to Breakeven | 60 days | 148 days |
| 2018 Correction | ||
| % Loss | -45.6% | -19.8% |
| % Gain to Breakeven | 83.7% | 24.7% |
| Time to Breakeven | 544 days | 120 days |
Compare to AAPL, AMZN, GOOGL, SIRI, WMG
In The Past
Spotify Technology's stock fell -80.5% during the 2022 Inflation Shock from a high on 2/19/2021. A -80.5% loss requires a 413.1% gain to breakeven.
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About Spotify Technology (SPOT)
AI Analysis | Feedback
- Premium Audio Streaming Service: A subscription-based service providing unlimited online and offline access to music and podcasts without commercial interruptions.
- Ad-Supported Audio Streaming Service: A free service offering on-demand online access to music and podcasts, funded by advertisements.
AI Analysis | Feedback
Spotify Technology (SPOT) primarily sells its audio streaming services to individuals.
Its major customer categories are:
- Premium Subscribers: Individuals who subscribe to Spotify's paid service for an ad-free, offline-enabled, and feature-rich audio streaming experience.
- Ad-Supported Users: Individuals who utilize Spotify's free, ad-supported audio streaming service.
- Advertisers: Businesses that purchase advertising space on Spotify's Ad-Supported platform to reach its global user base.
AI Analysis | Feedback
Spotify Technology's major suppliers include:
- Universal Music Group (UMG)
- Warner Music Group (WMG)
- Sony Corporation (SONY)
- Alphabet Inc. (GOOGL)
AI Analysis | Feedback
Daniel Ek Executive Chairman
Daniel Ek co-founded Spotify in 2006 with Martin Lorentzon. Born in Stockholm, Sweden, in 1983, he began his entrepreneurial journey at 13 by building websites. Prior to Spotify, he worked at Tradera, an online auction company later acquired by eBay. He also founded Advertigo, a digital advertising company, which he sold to TradeDoubler in March 2006 for approximately $1 million, leading him to consider early retirement at 23. Ek briefly served as CEO of uTorrent before its acquisition by BitTorrent in December 2006. As of January 1, 2026, he transitioned from CEO to Executive Chairman.
Alex Norström Co-Chief Executive Officer
Alex Norström was appointed Co-Chief Executive Officer of Spotify Technology S.A. effective January 1, 2026. Before this role, he served as Co-President, Chief Business Officer, a position he held since 2023, where he was responsible for global go-to-market strategy, commercial partnerships, and driving revenue growth across Spotify's advertising and subscription businesses. His prior roles at Spotify include Chief Freemium Business Officer, Chief Premium Business Officer, Vice President of Subscriptions, and Vice President of Growth. Before joining Spotify in 2011, Norström was the Chief New Business Officer at King.com Ltd. He holds a Master of Science in Business & Economics with a Major in Finance from the Stockholm School of Economics.
Gustav Söderström Co-Chief Executive Officer
Gustav Söderström assumed the role of Co-Chief Executive Officer of Spotify Technology S.A. effective January 1, 2026. Previously, he held the position of Co-President and Chief Product & Technology Officer since 2023, where he was instrumental in defining Spotify's technology and product vision, overseeing research and development, user experience, and technical innovation. He notably led the introduction of the AI playlist generator and the redesign of Spotify's mobile interface. Söderström joined Spotify in 2009 as the Vice President of Product. His career before Spotify included roles as Director of Product & Business Development at Yahoo! Mobile and CEO of Kenet Works.
Christian Luiga Chief Financial Officer
Christian Luiga is the Chief Financial Officer of Spotify Technology S.A. He joined Spotify from Saab AB, where he served as Deputy CEO and CFO. Luiga brings over two decades of experience in strategic financial management, mergers and acquisitions, and investor relations, having previously held CFO roles at Telia Company. He holds a Master's in Economics from the University of Gothenburg.
Gustav Gyllenhammar VP, Markets & Subscriber Growth
Gustav Gyllenhammar has served as Vice President, Markets & Subscriber Growth at Spotify AB since 2013. He has played a key role in Spotify's international expansion and market strategies. Prior to his tenure at Spotify, Gyllenhammar was the General Manager and CEO of the Swedish marketplace Tradera. His professional background also includes work at Sony Ericsson. Gyllenhammar holds an educational background from Harvard University and the Stockholm School of Economics. Additionally, he has been a Director at Strava, Inc. since 2021.
AI Analysis | Feedback
The key risks to Spotify Technology (SPOT) include the following:
-
Profitability Challenges and High Content Licensing Costs: Spotify consistently faces difficulties in achieving sustained profitability due to its business model, which necessitates paying a significant portion of its revenue, often around 70%, to music rights holders for licensing content and royalties. This substantial cost of revenue puts continuous pressure on the company's gross margins and net income, despite its growing user base and increasing revenues.
-
Intense Competition: Spotify operates in a highly competitive global audio streaming market, contending with well-resourced rivals such as Apple Music, Amazon Music, and YouTube Music. These competitors, often part of larger technology ecosystems, can leverage integrated hardware and services to attract and retain subscribers, creating significant pricing pressure and demanding constant innovation and differentiation from Spotify to maintain its market leadership and user base.
-
Regulatory and Legal Challenges, including Content Licensing Disputes: As a global platform, Spotify is exposed to diverse regulatory environments and faces ongoing legal complexities. This includes scrutiny related to copyright laws, data privacy, and particularly disputes over royalty payments to artists and record labels. Ongoing legal challenges, such as lawsuits concerning alleged underpayment of royalties and issues around the use of artist content for AI training, pose significant financial, operational, and reputational risks to the company.
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The emergence of social media platforms, particularly TikTok (owned by ByteDance), as direct competitors in full-catalog music and podcast streaming. Given TikTok's immense global user base and its significant influence on music trends and discovery, an aggressive expansion by ByteDance into a comprehensive audio streaming service could leverage its existing platform and disrupt Spotify's core business model of audio consumption and discovery.
AI Analysis | Feedback
For Spotify Technology (symbol: SPOT), the addressable markets for its main products and services are as follows:
Music Streaming
The global music streaming market was estimated at approximately USD 46.66 billion in 2024 and is projected to reach about USD 108.39 billion by 2030.
Podcast Streaming
The global podcasting market size was estimated at USD 30.72 billion in 2024 and is projected to reach approximately USD 131.13 billion by 2030.
Digital Audio Advertising
The global digital audio advertising platform market size reached USD 8.3 billion in 2024 and is expected to grow to approximately USD 25.5 billion by 2033.
AI Analysis | Feedback
Expected Revenue Growth Drivers for Spotify Technology (SPOT)
Over the next 2-3 years, Spotify Technology (SPOT) is expected to drive future revenue growth through several key initiatives:
- Price Increases: Spotify has actively implemented and plans further price increases across various markets, including the US, with a notable hike in Q1 2026. This strategy has proven to accelerate Premium Average Revenue Per User (ARPU) growth without significantly impacting subscriber retention. The company’s leadership has indicated that price adjustments are an ongoing part of its strategy, to be implemented thoughtfully and based on market dynamics.
- Premium Subscriber Growth: The company consistently reports and forecasts healthy growth in its Premium subscriber base. The freemium model serves as a robust funnel, attracting a large user base to the ad-supported tier and subsequently converting them into paying subscribers.
- Growth in Advertising Revenue: Spotify is heavily focused on improving the monetization of its Ad-Supported segment. This includes leveraging its expanded podcast offerings and other non-music content to attract more advertisers and increase ad revenue. Management expects advertising to become a significant growth driver, with ambitions for ad revenue to exceed 10 billion euros annually in the long term.
- Content Diversification (Podcasts, Audiobooks, and Video): Spotify is actively transforming into an "audio super-app" by significantly investing in and expanding its offerings in podcasts and audiobooks, and also exploring video content. Audiobooks, in particular, were integrated into Premium offerings in 2024, establishing a third major revenue pillar alongside music and podcasts.
- Geographic Expansion and Market Penetration: Spotify continues to expand its global footprint into new and emerging markets. The company focuses on tailoring content and pricing strategies to attract new users in regions such as India, Brazil, Mexico, and Nigeria, which are anticipated to contribute significantly to future revenue with appropriate investment.
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Share Repurchases
- Spotify announced a stock repurchase program in August 2021, authorizing repurchases of up to $1.0 billion of its ordinary shares, with the authorization set to expire on April 21, 2026.
- In the fourth quarter of 2025, Spotify repurchased $433 million in shares, bringing the total repurchases for the full year 2025 to $510 million.
- The company's 2026 Annual General Meeting will include a vote to authorize the board to buy back an additional 10,000,000 shares over a five-year period.
Share Issuance
- Spotify has employee stock option programs (ESOP) and restricted stock unit (RSU) plans in effect from 2021 to 2026, with a maximum aggregate of 31,850,000 shares potentially subject to employee stock options under the pool.
- On July 25, 2024, Spotify issued 118,891 ordinary shares and 1,188,910 beneficiary certificates to Daniel Ek following the net settlement of warrants granted in August 2021.
- Stock-based compensation for the twelve months ending December 31, 2025, was reported at approximately $0.676 billion, with the full year 2025 amount at approximately $0.279 billion.
Outbound Investments
- Spotify has been strategically active in acquisitions, particularly within the podcast and audio content sectors.
- Notable acquisitions from 2021 to 2025 include Findaway ($123 million in November 2021), Whooshkaa (December 2021), Chartable and Podsights (February 2022), Sonantic (June 2022), Heardle (July 2022), Kinzen (October 2022), and WhoSampled (November 2025).
- The company has invested over $10 billion in the podcast industry over the past five years, encompassing both acquisitions and creator payouts.
Capital Expenditures
- Spotify's capital expenditures were approximately $96.7 million in 2021, $26.8 million in 2022, $6.6 million in 2023, $17.6 million in 2024, and $71.7 million in 2025.
- Capital expenditures for Q2 2025 increased to €10 million due to office build-out and optimization activities.
- Expected capital expenditures for 2026 are approximately €51.72 million.
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Trade Ideas
Select ideas related to SPOT.
| Date | Ticker | Company | Category | Trade Strategy | 6M Fwd Rtn | 12M Fwd Rtn | 12M Max DD |
|---|---|---|---|---|---|---|---|
| 02132026 | YELP | Yelp | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 6.2% | 6.2% | -5.7% |
| 02132026 | TRIP | Tripadvisor | Dip Buy | DB | FCF Yield | Low D/EDip Buy with High Free Cash Flow YieldBuying dips for companies with significant free cash flow yield (FCF / Market Cap) and reasonable debt / market cap | 5.2% | 5.2% | 0.0% |
| 02062026 | OMC | Omnicom | Dip Buy | DB | FCFY OPMDip Buy with High FCF Yield and High MarginBuying dips for companies with high FCF yield and meaningfully high operating margin | 22.1% | 22.1% | -3.7% |
| 02062026 | MGNI | Magnite | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 20.6% | 20.6% | -0.8% |
| 01302026 | RBLX | Roblox | Dip Buy | DB | CFO/Rev | Low D/EDip Buy with High Cash Flow MarginsBuying dips for companies with significant cash flows from operations and reasonable debt / market cap | 4.4% | 4.4% | -7.9% |
Research & Analysis
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 224.07 |
| Mkt Cap | 1,116.1 |
| Rev LTM | 210,012 |
| Op Inc LTM | 41,086 |
| FCF LTM | 5,284 |
| FCF 3Y Avg | 13,103 |
| CFO LTM | 69,202 |
| CFO 3Y Avg | 57,708 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 9.9% |
| Rev Chg 3Y Avg | 8.9% |
| Rev Chg Q | 12.0% |
| QoQ Delta Rev Chg LTM | 3.1% |
| Op Mgn LTM | 18.5% |
| Op Mgn 3Y Avg | 18.2% |
| QoQ Delta Op Mgn LTM | 0.3% |
| CFO/Rev LTM | 20.8% |
| CFO/Rev 3Y Avg | 19.2% |
| FCF/Rev LTM | 15.6% |
| FCF/Rev 3Y Avg | 12.6% |
Valuation
| Median | |
|---|---|
| Name | |
| Mkt Cap | 1,116.1 |
| P/S | 4.3 |
| P/EBIT | 21.5 |
| P/E | 29.3 |
| P/CFO | 18.0 |
| Total Yield | 4.0% |
| Dividend Yield | 0.4% |
| FCF Yield 3Y Avg | 3.0% |
| D/E | 0.0 |
| Net D/E | 0.0 |
Returns
| Median | |
|---|---|
| Name | |
| 1M Rtn | -7.0% |
| 3M Rtn | -13.4% |
| 6M Rtn | -5.9% |
| 12M Rtn | 4.5% |
| 3Y Rtn | 75.4% |
| 1M Excs Rtn | 1.1% |
| 3M Excs Rtn | -5.3% |
| 6M Excs Rtn | -2.2% |
| 12M Excs Rtn | -11.8% |
| 3Y Excs Rtn | 19.2% |
Price Behavior
| Market Price | $472.48 | |
| Market Cap ($ Bil) | 97.2 | |
| First Trading Date | 04/03/2018 | |
| Distance from 52W High | -39.1% | |
| 50 Days | 200 Days | |
| DMA Price | $493.15 | $619.46 |
| DMA Trend | down | down |
| Distance from DMA | -4.2% | -23.7% |
| 3M | 1YR | |
| Volatility | 56.7% | 45.3% |
| Downside Capture | 0.60 | 0.62 |
| Upside Capture | -1.63 | 54.43 |
| Correlation (SPY) | 14.5% | 33.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 2.48 | 1.08 | 1.13 | 0.68 | 0.96 | 1.04 |
| Up Beta | 0.16 | 0.26 | 0.49 | 0.29 | 0.89 | 0.89 |
| Down Beta | 9.18 | 3.07 | 2.73 | 1.16 | 1.21 | 1.26 |
| Up Capture | 157% | -7% | 11% | 10% | 60% | 188% |
| Bmk +ve Days | 9 | 20 | 31 | 70 | 142 | 431 |
| Stock +ve Days | 11 | 16 | 25 | 59 | 124 | 414 |
| Down Capture | 109% | 100% | 111% | 105% | 101% | 95% |
| Bmk -ve Days | 12 | 21 | 30 | 54 | 109 | 320 |
| Stock -ve Days | 10 | 25 | 36 | 65 | 126 | 337 |
[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPOT | |
|---|---|---|---|---|
| SPOT | -21.1% | 45.1% | -0.39 | - |
| Sector ETF (XLC) | 9.1% | 18.3% | 0.33 | 42.5% |
| Equity (SPY) | 14.5% | 18.9% | 0.59 | 33.8% |
| Gold (GLD) | 50.2% | 27.7% | 1.46 | -0.4% |
| Commodities (DBC) | 17.8% | 17.6% | 0.85 | 7.7% |
| Real Estate (VNQ) | 0.4% | 16.4% | -0.15 | 16.4% |
| Bitcoin (BTCUSD) | -23.7% | 44.2% | -0.49 | 16.7% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPOT | |
|---|---|---|---|---|
| SPOT | 10.6% | 47.5% | 0.38 | - |
| Sector ETF (XLC) | 8.1% | 20.7% | 0.31 | 57.8% |
| Equity (SPY) | 11.8% | 17.0% | 0.54 | 49.5% |
| Gold (GLD) | 20.7% | 17.7% | 0.96 | 6.7% |
| Commodities (DBC) | 11.6% | 18.9% | 0.50 | 6.8% |
| Real Estate (VNQ) | 3.0% | 18.8% | 0.07 | 28.9% |
| Bitcoin (BTCUSD) | 4.0% | 56.6% | 0.29 | 26.4% |
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Based On 10-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SPOT | |
|---|---|---|---|---|
| SPOT | 11.8% | 47.1% | 0.47 | - |
| Sector ETF (XLC) | 8.7% | 22.4% | 0.47 | 53.8% |
| Equity (SPY) | 14.0% | 17.9% | 0.67 | 45.1% |
| Gold (GLD) | 13.3% | 15.8% | 0.70 | 5.8% |
| Commodities (DBC) | 8.2% | 17.6% | 0.39 | 12.6% |
| Real Estate (VNQ) | 4.7% | 20.7% | 0.19 | 25.0% |
| Bitcoin (BTCUSD) | 66.4% | 66.8% | 1.06 | 19.7% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Expand for More| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| SUMMARY STATS | |||
| # Positive | 0 | 0 | 0 |
| # Negative | 0 | 0 | 0 |
| Median Positive | |||
| Median Negative | |||
| Max Positive | |||
| Max Negative | |||
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 12/31/2025 | 02/10/2026 | 20-F |
| 09/30/2025 | 11/04/2025 | 6-K |
| 06/30/2025 | 07/29/2025 | 6-K |
| 03/31/2025 | 04/29/2025 | 6-K |
| 12/31/2024 | 02/05/2025 | 20-F |
| 09/30/2024 | 11/13/2024 | 6-K |
| 06/30/2024 | 07/24/2024 | 6-K |
| 03/31/2024 | 04/24/2024 | 6-K |
| 12/31/2023 | 02/08/2024 | 20-F |
| 09/30/2023 | 10/25/2023 | 6-K |
| 06/30/2023 | 07/25/2023 | 6-K |
| 03/31/2023 | 04/26/2023 | 6-K |
| 12/31/2022 | 02/02/2023 | 20-F |
| 09/30/2022 | 10/26/2022 | 6-K |
| 06/30/2022 | 07/27/2022 | 6-K |
| 03/31/2022 | 04/27/2022 | 6-K |
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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