Shopify Correlations
| SHOP Stock | CAD 221.00 3.21 1.43% |
The current 90-days correlation between Shopify and Constellation Software is 0.28 (i.e., Modest diversification). A perfect positive correlation (i.e., a correlation coefficient of +1) implies that as Shopify moves, either up or down, the other security will move in the same direction. Alternatively, perfect negative correlation means that if Shopify moves in either direction, the perfectly negatively correlated security will move in the opposite direction.
Shopify Correlation With Market
Weak diversification
The correlation between Shopify and DJI is 0.38 (i.e., Weak 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.
Shopify |
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 against Shopify Stock
Related Correlations Analysis
| 0.75 | 0.43 | -0.04 | 0.64 | CSU | ||
| 0.75 | 0.65 | -0.16 | 0.42 | IMP | ||
| 0.43 | 0.65 | 0.05 | 0.11 | TCS | ||
| -0.04 | -0.16 | 0.05 | 0.08 | LSPD | ||
| 0.64 | 0.42 | 0.11 | 0.08 | KXS | ||
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
| High negative correlations
|
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 | ||
|---|---|---|---|---|---|---|---|---|---|---|
| CSU | 1.68 | (0.26) | 0.00 | (0.48) | 0.00 | 2.92 | 11.24 | |||
| IMP | 2.58 | (0.72) | 0.00 | (0.65) | 0.00 | 4.42 | 19.88 | |||
| TCS | 1.49 | (0.24) | 0.00 | (0.21) | 0.00 | 2.83 | 9.69 | |||
| LSPD | 2.09 | 0.00 | 0.00 | 0.06 | 2.51 | 4.06 | 20.83 | |||
| KXS | 1.04 | (0.04) | 0.00 | (0.84) | 0.00 | 2.16 | 7.67 |
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.Did you try this?
Run Volatility Analysis Now
Volatility AnalysisGet historical volatility and risk analysis based on latest market data |
| All Next | Launch Module |