Shopify Correlations

SHOP Stock

USD 118.40 6.35 5.67%

The current 90-days correlation between Shopify and Applovin Corp is 0.58 (i.e., Very 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. If the correlation is 0, the equities are not correlated; they are entirely random.

Shopify Correlation With Market

Good diversification

The correlation between Shopify and DJI is -0.2 (i.e., 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.

Build AI portfolio with Shopify Stock

Check out World Market Map to better understand how to build diversified portfolios, which includes a position in Shopify. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in employment.

To learn how to invest in Shopify Stock, please use our How to Invest in Shopify guide.

Moving together with Shopify Stock

0.78	VRRM	Verra Mobility Corp	Pair Corr
0.69	GDDY	Godaddy Earnings Call This Week	Pair Corr
0.89	GDYN	Grid Dynamics Holdings	Pair Corr
0.69	BBAI	BigBearai Holdings	Pair Corr
0.71	MSFT	Microsoft	Pair Corr

Moving against Shopify Stock

0.53	DOCN	DigitalOcean Holdings	Pair Corr
0.49	AKAM	Akamai Technologies	Pair Corr
0.46	VNET	VNET Group DRC	Pair Corr
0.7	TFLM	TFLM	Pair Corr
0.54	OBYCF	Obayashi	Pair Corr
0.5	KCDMY	Kimberly Clark de	Pair Corr
0.44	TSM	Taiwan Semiconductor Aggressive Push	Pair Corr
0.75	PLX	Protalix Biotherapeutics	Pair Corr
0.7	CASH	Meta Financial Group	Pair Corr

Related Correlations Analysis

	APP	UBER	CRM	NOW	INTU	ANET	SAP	LRCX	QCOM	AMAT
APP		0.3	0.9	0.63	0.79	-0.2	0.74	-0.41	0.84	-0.34	APP
UBER	0.3		0.35	0.76	0.57	-0.08	0.66	-0.55	0.53	-0.57	UBER
CRM	0.9	0.35		0.67	0.86	-0.22	0.8	-0.44	0.92	-0.41	CRM
NOW	0.63	0.76	0.67		0.91	-0.28	0.86	-0.88	0.8	-0.85	NOW
INTU	0.79	0.57	0.86	0.91		-0.39	0.89	-0.78	0.91	-0.76	INTU
ANET	-0.2	-0.08	-0.22	-0.28	-0.39		-0.2	0.47	-0.3	0.4	ANET
SAP	0.74	0.66	0.8	0.86	0.89	-0.2		-0.64	0.83	-0.64	SAP
LRCX	-0.41	-0.55	-0.44	-0.88	-0.78	0.47	-0.64		-0.59	0.96	LRCX
QCOM	0.84	0.53	0.92	0.8	0.91	-0.3	0.83	-0.59		-0.57	QCOM
AMAT	-0.34	-0.57	-0.41	-0.85	-0.76	0.4	-0.64	0.96	-0.57		AMAT
	APP	UBER	CRM	NOW	INTU	ANET	SAP	LRCX	QCOM	AMAT

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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

AMAT	+ 0.96	LRCX
QCOM	+ 0.92	CRM
INTU	+ 0.91	NOW
QCOM	+ 0.91	INTU
CRM	+ 0.9	APP
SAP	+ 0.89	INTU

High negative correlations

LRCX	- 0.88	NOW
AMAT	- 0.85	NOW
LRCX	- 0.78	INTU
AMAT	- 0.76	INTU
AMAT	- 0.64	SAP
LRCX	- 0.64	SAP

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
APP	3.44	(0.39)	0.00	(0.34)	0.00	0.00	5.67	(8.24)	24.49
UBER	1.48	(0.41)	0.00	(0.68)	0.00	0.00	2.41	(3.82)	11.09
CRM	1.68	(0.49)	0.00	(0.35)	0.00	0.00	2.94	(5.31)	12.37
NOW	1.95	(0.84)	0.00	(1.12)	0.00	0.00	2.43	(6.97)	13.48
INTU	1.76	(0.68)	0.00	(0.64)	0.00	0.00	2.66	(4.98)	15.22
ANET	2.38	(0.20)	0.00	(0.06)	0.00	0.00	5.27	(4.89)	15.27
SAP	1.44	(0.38)	0.00	(0.32)	0.00	0.00	3.00	(2.86)	19.03
LRCX	2.86	0.46	0.16	0.31	3.06	(3.18)	7.00	(5.07)	17.49
QCOM	1.51	(0.45)	0.00	(0.20)	0.00	0.00	2.56	(3.93)	12.44
AMAT	2.31	0.44	0.16	0.36	2.61	(2.42)	5.69	(4.08)	13.55

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