AFRM vs SHOP: Correlation
Affirm Holdings, Inc. (AFRM) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) show a moderate relationship: their 3-year correlation of weekly returns is 0.57.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AFRM and SHOP?
Across a 3-year window, the weekly returns of AFRM and SHOP correlate at 0.57, moderate. The relationship has been stable: the 1-year correlation (0.59) sits close to the 3-year figure. Stretching to 5 years gives 0.62, with an annualized covariance of 2605.9 %².
In AFRM's tracked universe of 17 assets, SHOP sits right near the top at #3. The trailing year gives SHOP the advantage: -0.1% versus +10.3%, a 10.4-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
AFRM vs SHOP: side by side
| AFRM (Affirm Holdings, Inc.) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | -0.1% | +10.3% |
| 5-year return | -22.2% | -0.4% |
| Volatility (ann.) | 75.0% | 61.1% |
| Beta vs S&P 500 | 2.77 | 2.40 |
| Max drawdown (3Y) | -55.9% | -46.7% |
| Market cap | $26.0B | $200.3B |
| P/E (trailing) | 69.2 | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AFRM | SHOP |
|---|---|---|
| 2022 | -90.4% | -74.8% |
| 2023 | +408.2% | +124.4% |
| 2024 | +23.9% | +36.5% |
| 2025 | +22.2% | +51.4% |
| 2026 | +4.1% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AFRM and SHOP good diversifiers for each other?
Only partially. A correlation of 0.57 means AFRM and SHOP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between AFRM and SHOP?
The AFRM/SHOP correlation stands at 0.57 on a 3-year window (1 year: 0.59, 5 years: 0.62), computed from weekly returns as of 2026-08-27.
Is SHOP a good diversifier for AFRM?
Only partially. A correlation of 0.57 means AFRM and SHOP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 mean?
On the −1 to +1 scale, 0.57 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/afrm-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/afrm-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: AFRM correlations · SHOP correlations
