Correlation Analysis
NetFlix Inc vs Toast, Inc.
NFLX vs TOST
+0.790
Strong positive
When one moves up, the other tends to follow.
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
Toast, Inc.
↗TOST
Toast Inc is a cloud-based, all-in-one digital technology platform purpose-built for the restaurant community. The company provides a comprehensive platform of software-as-a-service (SaaS) products and financial technology solutions, including integrated payment processing, restaurant-grade hardware, and a broad ecosystem of third-party partners. It serves as a restaurant operating system, connecting front of house and back of house operations across service models such as dine-in, takeout, and delivery. It operates through one reportable segment consisting of its SaaS products, financial technology solutions, integrated payments, hardware, and partner ecosystem.
Market cap 15.9B · 6,500 employees
Time Series
Relative Performance
Who Moves First
NFLX leads TOST by 6 days
NFLX tends to move before TOST.
After testing 13 timing shifts, the strongest relationship was +0.805 (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
+0.430
13 periods · Return correlation when both series rose
Both Falling
+0.251
13 periods · Return correlation when both series fell
Diverging
-0.622
9 periods · Return correlation when series moved apart
R-Squared
62.5%
Share of variance in one series explained by the other.
Trend Agreement
65.5%
How often both series moved in the same direction period-to-period.
Overlap Quality
1,139
Deep shared window — 1,139 usable pairs.
Significance
p < 0.001
95% CI: [0.768, 0.811]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
1,139 paired data points survived the daily window.
Raw input
1,254
1,139
Normalized
1,254
1,139
Prepared
1,254
1,139
Aligned
1,139
1,139
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
115
A: 115 / B: 0
Series A
NetFlix Inc
NFLX
Market cap 417.7B
Stock · 1,254 raw → 1,254 prepared
Series B
Toast, Inc.
TOST
Market cap 15.9B · 6,500 employees
Stock · 1,139 raw → 1,139 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
7
Estimated crossover points between normalized spreads.
Slope
0.2583
Linear regression slope.
Intercept
11.2393
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
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