Shopify Correlations

307 Stock

EUR 106.88 2.30 2.20%

The current 90-days correlation between Shopify and Alphabet Class A is 0.1 (i.e., Average diversification). The correlation of Shopify is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Shopify Correlation With Market

Very good diversification

The correlation between Shopify and DJI is -0.45 (i.e., Very good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shopify and DJI in the same portfolio, assuming nothing else is changed.

The ability to find closely correlated positions to Shopify could be a great tool in your tax-loss harvesting strategies, allowing investors a quick way to find a similar-enough asset to replace Shopify when you sell it. If you don't do this, your portfolio allocation will be skewed against your target asset allocation. So, investors can't just sell and buy back Shopify - that would be a violation of the tax code under the "wash sale" rule, and this is why you need to find a similar enough asset and use the proceeds from selling Shopify to buy it.

Moving together with Shopify Stock

0.71	BZG2	PT Bank Central	Pair Corr
0.61	BZG2	BANK CENTRAL ASIA	Pair Corr

Moving against Shopify Stock

0.83	TWZ	Trican Well Service	Pair Corr
0.83	SVKB	SANDVIK	Pair Corr
0.67	BYRA	PT Bank Rakyat Earnings Call This Week	Pair Corr
0.65	RATV	Raisio plc	Pair Corr
0.63	SII	Wheaton Precious Metals	Pair Corr
0.62	SKNB	Skanska AB	Pair Corr
0.61	3RB	RECKITT BENCK GRP	Pair Corr
0.55	7GA	Gestamp Automoción Earnings Call This Week	Pair Corr
0.55	SZG	Salzgitter AG	Pair Corr
0.48	PQ9	BANK MANDIRI	Pair Corr
0.48	3YL	SMARTOPTICS GRP AS	Pair Corr
0.48	30Z0	IPERIONX LTD SPADR10	Pair Corr
0.47	AED	Grupo Aeroportuario del Earnings Call This Week	Pair Corr
0.45	TCW	TOKYU STRUCTION	Pair Corr
0.41	CVC1	Carnival plc	Pair Corr
0.38	BYRA	PT Bank Rakyat Earnings Call This Week	Pair Corr
0.36	1SZ0	Santacruz Silver Mining Split	Pair Corr
0.32	ALV	Allianz SE Earnings Call This Week	Pair Corr
0.32	LA3A	Laureate Education	Pair Corr
0.84	NQG	Monolithic Power Systems	Pair Corr
0.82	PPQ	PPG INDUSTRIES	Pair Corr
0.77	HIUC	China Taiping Insurance	Pair Corr
0.74	01H	HORIBA	Pair Corr
0.74	ELG	Elmos Semiconductor Earnings Call This Week	Pair Corr
0.72	HKT	HK Electric Investments	Pair Corr
0.71	PRHA	Prosegur Compaa de Earnings Call This Week	Pair Corr
0.71	ASME	ASML Holding NV	Pair Corr

Related Correlations Analysis

	NVDG	NVD	NVD	APC8	APC	APC	ABEC	ABEC	ABEA	ABEA
NVDG		0.48	0.7	-0.21	-0.28	-0.27	0.05	0.02	-0.02	0.05	NVDG
NVD	0.48		0.72	-0.28	-0.27	-0.26	0.01	-0.12	-0.14	0.02	NVD
NVD	0.7	0.72		-0.27	-0.27	-0.22	0.1	0.02	-0.01	0.11	NVD
APC8	-0.21	-0.28	-0.27		0.83	0.89	-0.38	-0.29	-0.26	-0.38	APC8
APC	-0.28	-0.27	-0.27	0.83		0.96	-0.31	-0.26	-0.25	-0.31	APC
APC	-0.27	-0.26	-0.22	0.89	0.96		-0.32	-0.26	-0.24	-0.32	APC
ABEC	0.05	0.01	0.1	-0.38	-0.31	-0.32		0.94	0.93	1.0	ABEC
ABEC	0.02	-0.12	0.02	-0.29	-0.26	-0.26	0.94		0.99	0.94	ABEC
ABEA	-0.02	-0.14	-0.01	-0.26	-0.25	-0.24	0.93	0.99		0.93	ABEA
ABEA	0.05	0.02	0.11	-0.38	-0.31	-0.32	1.0	0.94	0.93		ABEA
	NVDG	NVD	NVD	APC8	APC	APC	ABEC	ABEC	ABEA	ABEA

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

ABEA	+ 1.0	ABEC
ABEA	+ 0.99	ABEC
APC	+ 0.96	APC
ABEC	+ 0.94	ABEC
ABEA	+ 0.94	ABEC
ABEA	+ 0.93	ABEC

High negative correlations

ABEA	- 0.38	APC8
ABEC	- 0.38	APC8
ABEA	- 0.32	APC
ABEC	- 0.32	APC
ABEA	- 0.31	APC
ABEC	- 0.31	APC

Risk-Adjusted Indicators

There is a big difference between Shopify Stock performing well and Shopify Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Shopify's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
NVDG	2.03	(0.06)	0.00	(0.18)	0.00	0.00	4.18	(5.13)	12.01
NVD	1.46	(0.01)	0.00	0.14	0.00	0.00	3.36	(3.90)	8.65
NVD	1.59	(0.06)	(0.03)	0.01	1.92	(1.60)	3.11	(3.15)	11.01
APC8	1.22	(0.03)	0.00	0.21	0.00	0.00	3.64	(2.59)	9.65
APC	1.05	(0.09)	0.00	(0.62)	0.00	0.00	2.62	(2.11)	7.96
APC	1.03	(0.14)	0.00	(0.11)	0.00	0.00	2.43	(2.51)	9.28
ABEC	1.32	0.16	0.07	0.79	1.24	(1.67)	3.10	(2.46)	7.76
ABEC	1.22	0.09	0.03	0.31	1.21	(1.42)	2.78	(2.27)	7.95
ABEA	1.27	0.10	0.03	0.71	1.33	(1.43)	2.93	(2.44)	9.71
ABEA	1.32	0.16	0.07	0.83	1.28	(1.53)	3.22	(2.46)	8.07

Be your own money manager

Our tools can tell you how much better you can do entering a position in Shopify without increasing your portfolio risk or giving up the expected return. As an individual investor, you need to find a reliable way to track all your investment portfolios. However, your requirements will often be based on how much of the process you decide to do yourself. In addition to allowing all investors analytical transparency into all their portfolios, our tools can evaluate risk-adjusted returns of your individual positions relative to your overall portfolio.

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Shopify Corporate Management

Elected by the shareholders, the Shopify's board of directors comprises two types of representatives: Shopify inside directors who are chosen from within the company, and outside directors, selected externally and held independent of Shopify. The board's role is to monitor Shopify's management team and ensure that shareholders' interests are well served. Shopify's inside directors are responsible for reviewing and approving budgets prepared by upper management to implement core corporate initiatives and projects. On the other hand, Shopify's outside directors are responsible for providing unbiased perspectives on the board's policies.

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Jeff CPA	Chief Officer	Profile
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