ARKK vs SHOP: Correlation
How closely do ARK Innovation ETF (ARKK) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARKK and SHOP?
Across a 3-year window, the weekly returns of ARKK and SHOP correlate at 0.68, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 1610.0 %².
Within ARKK's tracked universe of 122 assets, SHOP comes in at #20 by 3-year correlation. The trailing year gives ARKK the advantage: +15.7% versus +10.3%, a 5.4-point spread. Risk is not evenly split, since SHOP carries 1.6 times the volatility of the other side.
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.
ARKK vs SHOP: side by side
| ARKK (ARK Innovation ETF) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | +15.7% | +10.3% |
| 5-year return | -27.7% | -0.4% |
| Volatility (ann.) | 38.8% | 61.1% |
| Beta vs S&P 500 | 2.07 | 2.40 |
| Max drawdown (3Y) | -39.6% | -46.7% |
| Market cap | – | $200.3B |
| P/E (trailing) | – | 102.2 |
| Dividend yield | – | 0.00% |
| Sector / category | ETF · Thematic | US Listed |
Year-by-year returns
| Year | ARKK | SHOP |
|---|---|---|
| 2022 | -67.0% | -74.8% |
| 2023 | +69.0% | +124.4% |
| 2024 | +8.4% | +36.5% |
| 2025 | +35.5% | +51.4% |
| 2026 | +13.6% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARKK and SHOP good diversifiers for each other?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ARKK and SHOP?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.69 over the last year and 0.75 over 5 years.
Is SHOP a good diversifier for ARKK?
To a limited degree. At 0.68 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.68 mean?
A reading of 0.68 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arkk-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/arkk-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARKK correlations · SHOP correlations
