Shopify Correlations

SHOP Stock

USD 161.19 4.36 2.78%

The current 90-days correlation between Shopify and B Communications is -0.05 (i.e., Good 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

Average diversification

The correlation between Shopify and DJI is 0.1 (i.e., Average 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

0.77	CORZ	Core Scientific, Common Aggressive Push	Pair Corr
0.69	BCBNF	Base Carbon	Pair Corr

Moving against Shopify Stock

0.62	VRSN	VeriSign	Pair Corr
0.6	EPGG	Empire Global Gaming	Pair Corr
0.44	TIG	Team Internet Group	Pair Corr
0.39	GDDY	Godaddy	Pair Corr
0.4	CHHE	China Health Industries	Pair Corr

Related Correlations Analysis

	BCOMF	ACLS	ALAR	TMUSZ	EORBF	TMUSI	WIRX
BCOMF		-0.29	-0.37	0.72	0.0	0.41	0.0	BCOMF
ACLS	-0.29		0.4	0.02	0.0	0.3	0.0	ACLS
ALAR	-0.37	0.4		-0.18	0.0	0.05	0.0	ALAR
TMUSZ	0.72	0.02	-0.18		0.0	0.81	0.0	TMUSZ
EORBF	0.0	0.0	0.0	0.0		0.0	-1.0	EORBF
TMUSI	0.41	0.3	0.05	0.81	0.0		0.0	TMUSI
WIRX	0.0	0.0	0.0	0.0	-1.0	0.0		WIRX
	BCOMF	ACLS	ALAR	TMUSZ	EORBF	TMUSI	WIRX

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

TMUSI	+ 0.81	TMUSZ
TMUSZ	+ 0.72	BCOMF
TMUSI	+ 0.41	BCOMF
ALAR	+ 0.4	ACLS
TMUSI	+ 0.3	ACLS
TMUSI	+ 0.05	ALAR

High negative correlations

WIRX	- 1.0	EORBF
ALAR	- 0.37	BCOMF
ACLS	- 0.29	BCOMF
TMUSZ	- 0.18	ALAR
WIRX	- 0.0	TMUSI
TMUSI	- 0.0	EORBF

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
BCOMF	0.65	0.36	0.00	(0.89)	0.00	0.00	0.00	0.00	12.82
ACLS	2.18	0.03	0.04	0.09	2.33	(2.50)	4.89	(4.60)	12.51
ALAR	2.81	(0.73)	0.00	(0.30)	0.00	0.00	5.11	(5.84)	30.78
TMUSZ	0.58	0.03	(0.03)	0.19	0.62	(0.62)	1.19	(1.10)	3.15
EORBF	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
TMUSI	0.74	0.00	(0.05)	0.08	0.80	(0.81)	1.83	(1.51)	6.34
WIRX	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00

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