Shopify Correlations

307 Stock

EUR 104.22 1.90 1.86%

The current 90-days correlation between Shopify and Superior Plus Corp is 0.33 (i.e., Weak 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

Modest diversification

The correlation between Shopify and DJI is 0.22 (i.e., Modest 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

0.93	FOO	Salesforce Earnings Call Tomorrow	Pair Corr
0.74	SAP	SAP SE	Pair Corr
0.72	SAPA	SAP SE	Pair Corr
0.92	4S0	ServiceNow	Pair Corr
0.79	5Q5	Snowflake	Pair Corr
0.68	W7D	Workday Earnings Call Today	Pair Corr
0.84	TT8	Trade Desk	Pair Corr
0.8	3QD	Datadog	Pair Corr
0.69	SVM	Sovereign Metals	Pair Corr
0.74	UN3	United Natural Foods	Pair Corr
0.66	EK7	AGRICUL BK CHINA	Pair Corr

Moving against Shopify Stock

0.54	GOC	Star Diamond	Pair Corr
0.33	DBPD	Xtrackers ShortDAX	Pair Corr

Related Correlations Analysis

	MSF	NVD	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1
MSF		0.67	-0.55	-0.19	-0.17	-0.72	-0.19	-0.18	0.7	0.72	MSF
NVD	0.67		-0.79	-0.37	0.05	-0.81	-0.27	-0.08	0.88	0.86	NVD
8SP	-0.55	-0.79		0.66	0.32	0.73	0.24	0.26	-0.75	-0.85	8SP
6NM	-0.19	-0.37	0.66		0.45	0.22	0.22	0.23	-0.31	-0.43	6NM
39O1	-0.17	0.05	0.32	0.45		0.17	-0.22	0.46	-0.05	-0.26	39O1
2DG	-0.72	-0.81	0.73	0.22	0.17		0.11	0.18	-0.81	-0.88	2DG
TLX	-0.19	-0.27	0.24	0.22	-0.22	0.11		-0.01	-0.09	-0.06	TLX
TM9	-0.18	-0.08	0.26	0.23	0.46	0.18	-0.01		-0.05	-0.26	TM9
INVN	0.7	0.88	-0.75	-0.31	-0.05	-0.81	-0.09	-0.05		0.86	INVN
IUI1	0.72	0.86	-0.85	-0.43	-0.26	-0.88	-0.06	-0.26	0.86		IUI1
	MSF	NVD	8SP	6NM	39O1	2DG	TLX	TM9	INVN	IUI1

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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

INVN	+ 0.88	NVD
IUI1	+ 0.86	NVD
IUI1	+ 0.86	INVN
2DG	+ 0.73	8SP
IUI1	+ 0.72	MSF
INVN	+ 0.7	MSF

High negative correlations

IUI1	- 0.88	2DG
IUI1	- 0.85	8SP
INVN	- 0.81	2DG
2DG	- 0.81	NVD
8SP	- 0.79	NVD
INVN	- 0.75	8SP

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
MSF	0.95	0.02	0.00	0.14	1.45	(1.01)	2.18	(1.83)	9.96
NVD	2.10	0.26	0.05	1.62	2.56	(2.19)	4.31	(4.33)	13.26
8SP	2.10	(0.08)	0.00	0.28	0.00	0.00	3.38	(4.74)	20.22
6NM	1.23	0.12	(0.02)	(0.27)	1.76	(1.32)	2.79	(2.69)	9.64
39O1	3.77	0.19	0.04	0.34	3.51	(5.27)	8.41	(5.38)	34.42
2DG	3.89	(1.59)	0.00	(2.90)	0.00	0.00	6.45	(8.57)	52.42
TLX	0.97	0.00	(0.06)	0.00	1.13	(1.12)	2.67	(1.64)	7.58
TM9	2.78	(0.03)	(0.02)	0.04	4.26	(3.08)	5.56	(6.43)	36.50
INVN	2.16	0.26	0.04	(1.02)	2.54	(2.55)	5.61	(4.98)	14.01
IUI1	1.27	0.25	0.13	0.88	1.09	(1.49)	3.28	(1.96)	10.01

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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