Shopify Correlations

Stocks . USA . 
Stock . Shopify Class A
SHOP Stock  USD 127.07  0.32  0.25%   
The current 90-days correlation between Shopify Class A and Zoom Video Communications is 0.31 (i.e., 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

Poor diversification

The correlation between Shopify Class A and DJI is 0.64 (i.e., Poor diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Shopify Class A 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 Class A. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as various price indices.

Moving together with Shopify Stock

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  0.62VS Versus SystemsPairCorr
  0.81DOMO Domo Inc Upward RallyPairCorr
  0.81VERB Verb TechnologyPairCorr
  0.73DUOT Duos TechnologiesPairCorr
  0.86VTEX VTEX Downward RallyPairCorr
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  0.82EGAN eGainPairCorr
  0.63EGHT 8x8 Common StockPairCorr
  0.86ETWO E2open Parent HoldingsPairCorr
  0.82BMR Beamr Imaging Tech BoostPairCorr

Moving against Shopify Stock

  0.56VERX VertexPairCorr
  0.74VMEO Vimeo IncPairCorr
  0.73WETO Webus International Tech BoostPairCorr
  0.67EXFY ExpensifyPairCorr
  0.48EPWK EPWK HoldingsPairCorr
  0.44FICO Fair IsaacPairCorr
  0.41ILLRW Triller Group Symbol ChangePairCorr

Related Correlations Analysis

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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
+ 0.98
SNOW
WDAY
+ 0.91
ZM
DDOG
+ 0.91
SNOW
CRM
+ 0.86
ZM
U
+ 0.86
AI
WDAY
+ 0.86
CRM
  
High negative correlations   
U
- 0.25
WDAY
U
- 0.1
CRM
U
- 0.09
ZM
DDOG
- 0.05
WDAY
INTU
- 0.04
WDAY

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.

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