Shopify Correlations

Stocks . Brazil . 
Stock . Shopify
S2HO34 Stock  BRL 5.16  0.02  0.39%   
The current 90-days correlation between Shopify and Electronic Arts is 0.26 (i.e., Modest 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

Excellent diversification

The correlation between Shopify and DJI is -0.52 (i.e., Excellent 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

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Moving against Shopify Stock

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Related Correlations Analysis


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

P2AX34
+ 0.89
UNHH34
EAIN34
+ 0.82
UNHH34
MATD3
+ 0.82
M1NS34
P2AX34
+ 0.79
EAIN34
MATD3
+ 0.75
STMN34
C2RS34
+ 0.66
UNHH34
  

High negative correlations

STMN34
- 0.91
UNHH34
STMN34
- 0.83
P2AX34
STMN34
- 0.83
EAIN34
MATD3
- 0.64
UNHH34
STMN34
- 0.57
C2RS34
MATD3
- 0.46
EAIN34

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.

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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