Correlation Analysis
Grayscale Bitcoin Trust ETF vs NetFlix Inc
GBTC vs NFLX
+0.950
Very strong positive
When one moves up, the other tends to follow.
Grayscale Bitcoin Trust ETF
GBTC
NetFlix Inc
↗NFLX
Netflix's relatively simple business model involves only one business, its streaming service. It has the biggest television entertainment subscriber base in both the United States and the collective international market, with more than 300 million subscribers globally. Netflix has exposure to nearly the entire global population outside of China. The firm has traditionally avoided a regular slate of live programming or sports content, instead focusing on on-demand access to episodic television, movies, and documentaries. The firm introduced ad-supported subscription plans in 2022, giving the firm exposure to the advertising market in addition to the subscription fees that have historically accounted for nearly all its revenue.
Market cap 417.7B
Time Series
Relative Performance
Who Moves First
NFLX leads GBTC by 3 days
NFLX tends to move before GBTC.
After testing 13 timing shifts, the strongest relationship was +0.950 (they moved in the same direction).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
+0.170
16 periods · Return correlation when both series rose
Both Falling
+0.656
9 periods · Return correlation when both series fell
Diverging
-0.841
10 periods · Return correlation when series moved apart
R-Squared
90.2%
Share of variance in one series explained by the other.
Trend Agreement
58.9%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,066
Deep shared window — 1,066 usable pairs.
Significance
p < 0.001
95% CI: [0.944, 0.955]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,066 paired data points survived the daily window.
Raw input
1,066
1,254
Normalized
1,066
1,254
Prepared
1,066
1,254
Aligned
1,066
1,066
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
188
A: 0 / B: 188
Series A
Grayscale Bitcoin Trust ETF
GBTC
Stock · 1,066 raw → 1,066 prepared
Series B
NetFlix Inc
NFLX
Market cap 417.7B
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
32
Estimated crossover points between normalized spreads.
Slope
1.1498
Linear regression slope.
Intercept
11.8977
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
GBTC
Grayscale Bitcoin Trust ETF
Highest
+0.944
Mastercard Incorporated
MA · 1,066 data points
Lowest
+0.075
Johnson & Johnson
JNJ · 1,066 data points
Saved 7 hours ago · ID: stock-gbtc-vs-stock-nflx-daily