Shopify Correlations

SHOP Stock

USD 157.76 1.19 0.76%

The current 90-days correlation between Shopify and Applovin Corp is 0.16 (i.e., Average 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

Good diversification

The correlation between Shopify and DJI is -0.06 (i.e., Good 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

0.89	NDEKY	Nitto Denko Corp	Pair Corr
0.64	TRV	The Travelers Companies	Pair Corr
0.67	INTC	Intel	Pair Corr
0.7	GE	GE Aerospace Earnings Call This Week	Pair Corr
0.67	WMT	Walmart	Pair Corr

Moving against Shopify Stock

0.55	NFPDF	Nissin Foods Holdings	Pair Corr
0.48	BA	Boeing	Pair Corr
0.4	KO	Coca Cola Earnings Call This Week	Pair Corr
0.36	PG	Procter Gamble Earnings Call This Week	Pair Corr

Related Correlations Analysis

	APP	UBER	NOW	INTU	CRM	MU	ANET	LRCX	AMAT	CDNS
APP		0.77	-0.01	-0.7	-0.57	0.86	0.82	0.87	0.54	0.09	APP
UBER	0.77		-0.05	-0.68	-0.42	0.58	0.65	0.62	0.23	0.1	UBER
NOW	-0.01	-0.05		0.36	0.73	-0.02	-0.33	0.0	0.09	0.02	NOW
INTU	-0.7	-0.68	0.36		0.59	-0.64	-0.79	-0.56	-0.11	0.14	INTU
CRM	-0.57	-0.42	0.73	0.59		-0.49	-0.71	-0.48	-0.23	-0.11	CRM
MU	0.86	0.58	-0.02	-0.64	-0.49		0.74	0.98	0.79	-0.19	MU
ANET	0.82	0.65	-0.33	-0.79	-0.71	0.74		0.69	0.32	0.18	ANET
LRCX	0.87	0.62	0.0	-0.56	-0.48	0.98	0.69		0.84	-0.14	LRCX
AMAT	0.54	0.23	0.09	-0.11	-0.23	0.79	0.32	0.84		-0.28	AMAT
CDNS	0.09	0.1	0.02	0.14	-0.11	-0.19	0.18	-0.14	-0.28		CDNS
	APP	UBER	NOW	INTU	CRM	MU	ANET	LRCX	AMAT	CDNS

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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

LRCX	+ 0.98	MU
LRCX	+ 0.87	APP
MU	+ 0.86	APP
AMAT	+ 0.84	LRCX
ANET	+ 0.82	APP
AMAT	+ 0.79	MU

High negative correlations

ANET	- 0.79	INTU
ANET	- 0.71	CRM
INTU	- 0.7	APP
INTU	- 0.68	UBER
MU	- 0.64	INTU
CRM	- 0.57	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	2.77	0.89	0.19	(0.66)	3.35	(3.16)	7.54	(4.67)	26.00
UBER	1.42	0.03	(0.01)	(0.64)	1.92	(1.39)	3.62	(3.30)	8.86
NOW	1.47	(0.07)	0.00	0.34	0.00	0.00	2.86	(3.05)	8.34
INTU	1.08	(0.19)	0.00	0.45	0.00	0.00	1.92	(2.29)	7.35
CRM	1.48	(0.09)	0.00	0.36	0.00	0.00	2.76	(3.33)	8.74
MU	2.48	0.93	0.30	16.44	2.10	(2.79)	6.15	(3.91)	14.44
ANET	2.17	0.46	0.12	(0.75)	2.65	(2.28)	4.33	(4.32)	26.41
LRCX	1.96	0.54	0.15	(42.45)	2.51	(2.01)	4.68	(4.29)	14.48
AMAT	1.94	0.28	0.07	(3.05)	3.00	(2.13)	4.54	(4.70)	16.89
CDNS	1.56	0.10	0.01	(0.09)	2.01	(1.66)	2.74	(2.63)	16.16

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