Shopify Correlations

SHOP Stock

USD 156.21 3.33 2.18%

The current 90-days correlation between Shopify and Zoom Video Communications is 0.24 (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. If the correlation is 0, the equities are not correlated; they are entirely random.

Shopify Correlation With Market

Very weak diversification

The correlation between Shopify and DJI is 0.4 (i.e., Very 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.

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 producer price index.

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

Moving together with Shopify Stock

0.85	DOCN	DigitalOcean Holdings Tech Boost	Pair Corr
0.63	NXT	NEXTDC	Pair Corr
0.7	FSLY	Fastly Inc	Pair Corr
0.73	CORZ	Core Scientific, Common Aggressive Push	Pair Corr
0.66	CXDO	Crexendo	Pair Corr
0.63	000034	Digital China Group	Pair Corr

Moving against Shopify Stock

0.86	GDDY	Godaddy	Pair Corr
0.75	FI	Fiserv, Earnings Call This Week	Pair Corr
0.74	PAYS	Paysign	Pair Corr
0.71	GDYN	Grid Dynamics Holdings	Pair Corr
0.66	FCT	Firstwave Cloud Tech	Pair Corr
0.58	VRRM	Verra Mobility Corp	Pair Corr
0.48	TCX	Tucows Inc	Pair Corr
0.44	OKTA	Okta Inc	Pair Corr
0.33	002315	Focus Technology	Pair Corr
0.67	PBCRF	PT Bank Central	Pair Corr
0.65	TWLO	Twilio Inc	Pair Corr
0.61	PBCRY	Bank Central Asia Earnings Call This Week	Pair Corr
0.6	CSAI	Cloudastructure, Class	Pair Corr
0.56	PPERF	Bank Mandiri Persero	Pair Corr
0.51	BKRKF	PT Bank Rakyat	Pair Corr
0.5	PPERY	Bank Mandiri Persero	Pair Corr
0.4	AMOD	Alpha Modus Holdings, Symbol Change	Pair Corr
0.36	AKAM	Akamai Technologies	Pair Corr

Related Correlations Analysis

	ZM	AI	CRM	WDAY	SNOW	INTU	DDOG	NOW	U
ZM		-0.55	-0.17	0.38	0.61	-0.72	0.19	0.22	0.82	ZM
AI	-0.55		0.72	0.14	-0.13	0.82	0.28	0.57	-0.7	AI
CRM	-0.17	0.72		0.34	0.06	0.62	0.22	0.75	-0.39	CRM
WDAY	0.38	0.14	0.34		0.56	0.06	0.56	0.54	0.15	WDAY
SNOW	0.61	-0.13	0.06	0.56		-0.38	0.78	0.4	0.28	SNOW
INTU	-0.72	0.82	0.62	0.06	-0.38		-0.02	0.4	-0.7	INTU
DDOG	0.19	0.28	0.22	0.56	0.78	-0.02		0.44	-0.18	DDOG
NOW	0.22	0.57	0.75	0.54	0.4	0.4	0.44		-0.03	NOW
U	0.82	-0.7	-0.39	0.15	0.28	-0.7	-0.18	-0.03		U
	ZM	AI	CRM	WDAY	SNOW	INTU	DDOG	NOW	U

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

U	+ 0.82	ZM
INTU	+ 0.82	AI
DDOG	+ 0.78	SNOW
NOW	+ 0.75	CRM
CRM	+ 0.72	AI
INTU	+ 0.62	CRM

High negative correlations

INTU	- 0.72	ZM
U	- 0.7	INTU
U	- 0.7	AI
AI	- 0.55	ZM
U	- 0.39	CRM
INTU	- 0.38	SNOW

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
ZM	1.37	0.02	0.03	0.06	1.59	(1.49)	2.73	(2.93)	15.83
AI	2.80	(0.60)	0.00	(0.12)	0.00	0.00	5.06	(5.34)	29.73
CRM	1.41	(0.17)	0.00	(0.11)	0.00	0.00	2.63	(3.33)	8.74
WDAY	1.42	0.03	0.02	0.08	1.73	(1.44)	3.06	(3.49)	10.79
SNOW	2.02	0.17	0.07	0.21	2.36	(2.23)	3.77	(3.39)	24.62
INTU	1.07	(0.23)	0.00	(0.35)	0.00	0.00	1.85	(2.29)	7.35
DDOG	1.95	0.18	0.09	0.20	1.93	(2.30)	4.45	(3.26)	10.48
NOW	1.45	(0.13)	0.00	(0.07)	0.00	0.00	2.86	(3.05)	8.34
U	2.88	0.29	0.11	0.18	2.99	(3.49)	7.94	(5.27)	21.71

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