Shopify Correlations

SHOP Stock

USD 111.86 1.12 0.99%

The current 90-days correlation between Shopify and Zoom Video Communications is 0.23 (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

Modest diversification

The correlation between Shopify and DJI is 0.27 (i.e., Modest 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.

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 persons.

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

Moving together with Shopify Stock

0.83	DJCO	Daily Journal Corp	Pair Corr
0.85	AI	C3 Ai Inc Earnings Call This Week	Pair Corr
0.83	BL	Blackline	Pair Corr
0.68	DV	DoubleVerify Holdings	Pair Corr
0.73	EB	Eventbrite Class A Buyout Trend	Pair Corr
0.89	KC	Kingsoft Cloud Holdings Buyout Trend	Pair Corr
0.92	ML	MoneyLion Downward Rally	Pair Corr
0.75	PD	Pagerduty	Pair Corr
0.93	WK	Workiva	Pair Corr
0.86	ZM	Zoom Video Communications	Pair Corr
0.86	DOCU	DocuSign Earnings Call This Week	Pair Corr
0.82	DOMO	Domo Inc	Pair Corr
0.9	VERX	Vertex	Pair Corr
0.89	DSGX	Descartes Systems	Pair Corr
0.84	DUOL	Duolingo	Pair Corr
0.75	DUOT	Duos Technologies	Pair Corr
0.76	VMEO	Vimeo Inc	Pair Corr
0.88	EGHT	8x8 Common Stock	Pair Corr
0.86	ENFN	Enfusion Potential Growth	Pair Corr
0.62	WFCF	Where Food Comes Tech Boost	Pair Corr

Moving against Shopify Stock

0.66	VERB	VERB TECHNOLOGY PANY Downward Rally	Pair Corr
0.6	VTEX	VTEX	Pair Corr
0.76	XELAP	Exela Technologies	Pair Corr
0.76	EVOL	Evolving Systems	Pair Corr
0.65	SBIGW	SpringBig Holdings	Pair Corr
0.64	EZFL	EzFill Holdings Tech Boost	Pair Corr
0.61	ETWO	E2open Parent Holdings	Pair Corr
0.61	BMR	Beamr Imaging	Pair Corr
0.51	WALDW	Waldencast Acquisition	Pair Corr
0.46	WALD	Waldencast Acquisition	Pair Corr

Related Correlations Analysis

	ZM	AI	CRM	WDAY	SNOW	INTU	DDOG	NOW	U
ZM		0.81	0.92	0.56	0.75	0.59	0.78	0.91	0.32	ZM
AI	0.81		0.82	0.4	0.95	0.27	0.95	0.84	0.6	AI
CRM	0.92	0.82		0.38	0.73	0.49	0.84	0.96	0.5	CRM
WDAY	0.56	0.4	0.38		0.46	0.74	0.26	0.42	-0.25	WDAY
SNOW	0.75	0.95	0.73	0.46		0.29	0.91	0.76	0.53	SNOW
INTU	0.59	0.27	0.49	0.74	0.29		0.16	0.57	-0.12	INTU
DDOG	0.78	0.95	0.84	0.26	0.91	0.16		0.84	0.64	DDOG
NOW	0.91	0.84	0.96	0.42	0.76	0.57	0.84		0.5	NOW
U	0.32	0.6	0.5	-0.25	0.53	-0.12	0.64	0.5		U
	ZM	AI	CRM	WDAY	SNOW	INTU	DDOG	NOW	U

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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

NOW	+ 0.96	CRM
SNOW	+ 0.95	AI
DDOG	+ 0.95	AI
CRM	+ 0.92	ZM
NOW	+ 0.91	ZM
DDOG	+ 0.91	SNOW

High negative correlations

U	- 0.25	WDAY
U	- 0.12	INTU

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	1.48	0.17	0.07	0.30	1.82	(1.52)	2.97	(3.04)	12.08
AI	2.54	0.54	0.21	0.40	2.29	(2.76)	6.94	(5.04)	28.15
CRM	1.29	0.26	0.20	0.34	1.06	(1.50)	3.18	(1.91)	9.98
WDAY	1.23	(0.15)	0.00	(0.07)	0.00	0.00	2.45	(2.16)	10.59
SNOW	2.03	0.48	0.28	0.36	1.48	(2.31)	4.20	(3.34)	34.99
INTU	1.25	(0.08)	(0.04)	0.03	1.72	(1.34)	3.34	(2.37)	10.46
DDOG	1.66	0.34	0.17	0.47	1.61	(1.90)	4.39	(2.63)	9.20
NOW	1.35	0.23	0.17	0.34	1.21	(1.66)	3.04	(2.68)	8.12
U	3.21	0.42	0.14	0.32	3.19	(3.54)	8.52	(5.61)	17.78

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