AXON vs SHOP: Correlation
How closely do Axon Enterprise (AXON) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) trade together? Their weekly returns over three years give a correlation of 0.51, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXON and SHOP?
On 3 years of weekly data the AXON/SHOP correlation comes out at 0.51, moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.51 over 3. The 5-year figure is 0.52, and annualized covariance runs at 1784.9 %².
By 3-year correlation, SHOP places #11 of the 35 assets tracked against AXON. Correlation aside, the last 12 months split them widely, with SHOP ahead by 30.9 points (-20.6% versus +10.3%).
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.
AXON vs SHOP: side by side
| AXON (Axon Enterprise) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | -20.6% | +10.3% |
| 5-year return | +216.9% | -0.4% |
| Volatility (ann.) | 57.4% | 61.1% |
| Beta vs S&P 500 | 1.51 | 2.40 |
| Max drawdown (3Y) | -60.3% | -46.7% |
| Market cap | $49.7B | $200.3B |
| P/E (trailing) | 250.5 | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Industrials | US Listed |
Year-by-year returns
| Year | AXON | SHOP |
|---|---|---|
| 2022 | +5.7% | -74.8% |
| 2023 | +55.7% | +124.4% |
| 2024 | +130.1% | +36.5% |
| 2025 | -4.4% | +51.4% |
| 2026 | +7.6% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXON and SHOP good diversifiers for each other?
Only partially. A correlation of 0.51 means AXON 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 AXON and SHOP?
As of 2026-08-27, the correlation of weekly returns between AXON and SHOP is 0.51 over 3 years, 0.48 over 1 year and 0.52 over 5 years.
Is SHOP a good diversifier for AXON?
Only partially. A correlation of 0.51 means AXON 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 0.51 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
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Related comparisons
Hubs: AXON correlations · SHOP correlations
