Shopify Correlations

SHOP Stock

USD 122.00 2.62 2.19%

The current 90-days correlation between Shopify and Applovin Corp is 0.65 (i.e., Poor 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

Excellent diversification

The correlation between Shopify and DJI is -0.58 (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.

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

0.88	VRRM	Verra Mobility Corp	Pair Corr
0.7	VRSN	VeriSign	Pair Corr
0.75	MDB	MongoDB	Pair Corr
0.9	GDDY	Godaddy	Pair Corr
0.91	WIX	WixCom Tech Boost	Pair Corr
0.92	GDYN	Grid Dynamics Holdings	Pair Corr
0.75	FCT	Firstwave Cloud Tech	Pair Corr
0.66	MAPSW	WM Technology	Pair Corr
0.73	MP1	Megaport	Pair Corr
0.94	PAYS	Paysign	Pair Corr
0.91	PSFE	Paysafe Earnings Call This Week	Pair Corr
0.77	DTSTW	Data Storage	Pair Corr
0.76	DXN	DXN	Pair Corr
0.85	SNOW	Snowflake	Pair Corr
0.86	BBAI	BigBearai Holdings	Pair Corr
0.86	TWLO	Twilio Inc	Pair Corr
0.83	CSAI	Cloudastructure Class	Pair Corr
0.78	FNMFO	Federal National Mortgage	Pair Corr

Moving against Shopify Stock

0.8	DOCN	DigitalOcean Holdings	Pair Corr
0.76	VNET	VNET Group DRC	Pair Corr
0.5	NXT	NEXTDC	Pair Corr
0.47	FSLY	Fastly Class A Sell-off Trend	Pair Corr
0.41	TIG	Team Internet Group	Pair Corr
0.92	SHG	Shinhan Financial	Pair Corr
0.9	KB	KB Financial Group	Pair Corr
0.84	WF	Woori Financial Group	Pair Corr
0.83	BWMX	Betterware de Mxico	Pair Corr
0.82	WFC-PL	Wells Fargo	Pair Corr
0.8	BCH	Banco De Chile	Pair Corr
0.77	AKAM	Akamai Technologies	Pair Corr
0.54	AVAL	Grupo Aval Earnings Call Next Week	Pair Corr
0.53	CRWV	CoreWeave Class A	Pair Corr
0.42	CORZ	Core Scientific Common	Pair Corr
0.33	BAC-PL	Bank of America	Pair Corr

Related Correlations Analysis

	APP	UBER	CRM	NOW	INTU	ANET	SAP	LRCX	QCOM	AMAT
APP		0.78	0.9	0.9	0.95	-0.41	0.93	-0.77	0.94	-0.81	APP
UBER	0.78		0.66	0.83	0.82	-0.42	0.8	-0.65	0.79	-0.68	UBER
CRM	0.9	0.66		0.77	0.86	-0.35	0.83	-0.61	0.9	-0.67	CRM
NOW	0.9	0.83	0.77		0.95	-0.48	0.91	-0.91	0.92	-0.89	NOW
INTU	0.95	0.82	0.86	0.95		-0.46	0.95	-0.84	0.95	-0.91	INTU
ANET	-0.41	-0.42	-0.35	-0.48	-0.46		-0.43	0.57	-0.5	0.48	ANET
SAP	0.93	0.8	0.83	0.91	0.95	-0.43		-0.77	0.91	-0.82	SAP
LRCX	-0.77	-0.65	-0.61	-0.91	-0.84	0.57	-0.77		-0.78	0.94	LRCX
QCOM	0.94	0.79	0.9	0.92	0.95	-0.5	0.91	-0.78		-0.81	QCOM
AMAT	-0.81	-0.68	-0.67	-0.89	-0.91	0.48	-0.82	0.94	-0.81		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

INTU	+ 0.95	APP
INTU	+ 0.95	NOW
SAP	+ 0.95	INTU
QCOM	+ 0.95	INTU
QCOM	+ 0.94	APP
AMAT	+ 0.94	LRCX

High negative correlations

AMAT	- 0.91	INTU
LRCX	- 0.91	NOW
AMAT	- 0.89	NOW
LRCX	- 0.84	INTU
AMAT	- 0.82	SAP
AMAT	- 0.81	QCOM

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	3.99	(0.22)	0.00	0.55	0.00	0.00	7.22	(9.09)	32.87
UBER	1.57	(0.12)	0.00	0.29	0.00	0.00	2.70	(3.82)	11.09
CRM	1.82	(0.34)	0.00	(0.27)	0.00	0.00	3.66	(4.75)	12.37
NOW	2.23	(0.55)	0.00	1.10	0.00	0.00	3.11	(6.97)	13.48
INTU	2.12	(0.61)	0.00	0.82	0.00	0.00	3.46	(5.52)	15.22
ANET	2.32	0.11	0.03	0.76	2.90	(2.31)	5.27	(4.33)	15.27
SAP	1.59	(0.26)	0.00	1.53	0.00	0.00	3.08	(3.33)	19.03
LRCX	2.51	0.69	0.22	3.30	2.63	(2.85)	7.00	(4.85)	17.49
QCOM	1.38	(0.20)	0.00	0.44	0.00	0.00	2.56	(3.36)	11.98
AMAT	2.25	0.75	0.25	1.88	2.30	(2.50)	5.75	(4.08)	13.55

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