Shopify Correlations

SHOP Stock

USD 158.88 6.47 4.25%

The current 90-days correlation between Shopify and Applovin Corp is 0.22 (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

Poor diversification

The correlation between Shopify and DJI is 0.6 (i.e., Poor 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 metropolitan statistical area.

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

Moving together with Shopify Stock

0.65	DOCN	DigitalOcean Holdings Tech Boost	Pair Corr
0.79	SNOW	Snowflake	Pair Corr
0.81	CORZ	Core Scientific, Common	Pair Corr
0.63	CRWV	CoreWeave, Class A	Pair Corr
0.73	PTAIY	Astra International Tbk	Pair Corr
0.79	RKLB	Rocket Lab USA	Pair Corr
0.61	FICO	Fair Isaac	Pair Corr
0.62	TYTMF	Tokyo Tatemono Earnings Call This Week	Pair Corr
0.82	TOELY	Tokyo Electron	Pair Corr
0.81	HNHPF	Hon Hai Precision Earnings Call Tomorrow	Pair Corr

Moving against Shopify Stock

0.77	GDDY	Godaddy	Pair Corr
0.69	VRSN	VeriSign	Pair Corr
0.64	TIG	Team Internet Group	Pair Corr
0.62	PSFE	Paysafe Earnings Call This Week	Pair Corr
0.6	FCT	Firstwave Cloud Tech	Pair Corr
0.55	BKRKY	Bank Rakyat	Pair Corr
0.53	VRRM	Verra Mobility Corp	Pair Corr
0.47	MAPSW	WM Technology	Pair Corr
0.52	1730T3AT0	US1730T3AT00	Pair Corr
0.4	IQ	iQIYI Inc Earnings Call This Week	Pair Corr
0.36	PPERY	Bank Mandiri Persero	Pair Corr
0.35	PPERF	Bank Mandiri Persero	Pair Corr
0.57	MAG	MAG Silver Corp	Pair Corr
0.42	CBL	CBL Associates Properties	Pair Corr

Related Correlations Analysis

	APP	UBER	CRM	NOW	INTU	ANET	SAP	LRCX	QCOM	AMAT
APP		0.54	0.03	0.52	-0.3	0.61	-0.48	0.75	0.73	0.69	APP
UBER	0.54		0.11	0.52	-0.14	0.36	-0.32	0.25	0.43	0.15	UBER
CRM	0.03	0.11		0.46	-0.2	0.33	-0.05	0.23	0.45	0.15	CRM
NOW	0.52	0.52	0.46		-0.19	0.51	-0.2	0.17	0.42	0.08	NOW
INTU	-0.3	-0.14	-0.2	-0.19		-0.23	0.54	-0.36	-0.27	-0.22	INTU
ANET	0.61	0.36	0.33	0.51	-0.23		-0.15	0.61	0.62	0.6	ANET
SAP	-0.48	-0.32	-0.05	-0.2	0.54	-0.15		-0.36	-0.44	-0.16	SAP
LRCX	0.75	0.25	0.23	0.17	-0.36	0.61	-0.36		0.83	0.95	LRCX
QCOM	0.73	0.43	0.45	0.42	-0.27	0.62	-0.44	0.83		0.74	QCOM
AMAT	0.69	0.15	0.15	0.08	-0.22	0.6	-0.16	0.95	0.74		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	+ 0.95	LRCX
QCOM	+ 0.83	LRCX
LRCX	+ 0.75	APP
AMAT	+ 0.74	QCOM
QCOM	+ 0.73	APP
AMAT	+ 0.69	APP

High negative correlations

SAP	- 0.48	APP
QCOM	- 0.44	SAP
LRCX	- 0.36	SAP
LRCX	- 0.36	INTU
SAP	- 0.32	UBER
INTU	- 0.3	APP

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	2.58	0.46	0.13	0.42	3.52	(2.83)	5.47	(5.07)	25.61
UBER	1.45	(0.01)	(0.01)	0.08	1.85	(1.50)	3.34	(2.71)	9.09
CRM	1.60	(0.08)	(0.03)	0.02	2.21	(1.54)	3.59	(3.61)	9.91
NOW	1.41	(0.13)	(0.07)	(0.01)	1.52	(1.55)	2.79	(2.37)	7.76
INTU	1.03	(0.26)	0.00	(0.35)	0.00	0.00	1.92	(2.33)	6.08
ANET	2.10	(0.05)	(0.03)	0.02	3.27	(1.94)	4.21	(4.56)	16.86
SAP	1.18	(0.31)	0.00	(0.24)	0.00	0.00	1.84	(3.72)	7.04
LRCX	2.12	0.80	0.21	(1.81)	2.37	(2.26)	4.90	(3.78)	14.48
QCOM	1.48	0.04	0.07	0.12	1.81	(1.60)	3.89	(3.54)	15.45
AMAT	2.07	0.24	0.09	0.24	2.95	(2.22)	4.65	(3.16)	16.28

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