DCBO vs SHOP: Correlation
Docebo Inc. (DCBO) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) show a moderate relationship: their 3-year correlation of weekly returns is 0.50.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DCBO and SHOP?
Over the past 3 years, DCBO and SHOP moved with a correlation of 0.50, which is moderate. Recent behaviour matches the longer record: 0.44 over 1 year against 0.50 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 1391.1 %².
In DCBO's tracked universe of 12 assets, SHOP sits right near the top at #2. Correlation aside, the last 12 months split them widely, with SHOP ahead by 28.4 points (-18.1% 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.
DCBO vs SHOP: side by side
| DCBO (Docebo Inc.) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | -18.1% | +10.3% |
| 5-year return | -69.8% | -0.4% |
| Volatility (ann.) | 45.4% | 61.1% |
| Beta vs S&P 500 | 1.27 | 2.40 |
| Max drawdown (3Y) | -73.0% | -46.7% |
| Market cap | $0.6B | $200.3B |
| P/E (trailing) | 22.1 | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DCBO | SHOP |
|---|---|---|
| 2022 | -50.8% | -74.8% |
| 2023 | +46.0% | +124.4% |
| 2024 | -7.5% | +36.5% |
| 2025 | -50.4% | +51.4% |
| 2026 | +14.3% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DCBO and SHOP good diversifiers for each other?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between DCBO and SHOP?
The DCBO/SHOP correlation stands at 0.50 on a 3-year window (1 year: 0.44, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SHOP a good diversifier for DCBO?
Somewhat, no more. With 0.50 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.50 mean?
A reading of 0.50 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
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Related comparisons
Hubs: DCBO correlations · SHOP correlations
