GLBE vs SHOP: Correlation
How closely do Global-E Online Ltd. (GLBE) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) trade together? Their weekly returns over three years give a correlation of 0.53, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GLBE and SHOP?
On 3 years of weekly data the GLBE/SHOP correlation comes out at 0.53, moderate. Recent behaviour matches the longer record: 0.63 over 1 year against 0.53 over 3. The 5-year figure is 0.58, and annualized covariance runs at 1658.8 %².
Few assets follow GLBE as closely as SHOP, which ranks #3 of 13 tracked partners. On 12-month performance GLBE holds a 9.1-point edge, +19.4% against +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.
GLBE vs SHOP: side by side
| GLBE (Global-E Online Ltd.) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | +19.4% | +10.3% |
| 5-year return | -51.4% | -0.4% |
| Volatility (ann.) | 51.3% | 61.1% |
| Beta vs S&P 500 | 1.64 | 2.40 |
| Max drawdown (3Y) | -56.2% | -46.7% |
| Market cap | $6.6B | $200.3B |
| P/E (trailing) | 44.4 | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GLBE | SHOP |
|---|---|---|
| 2022 | -67.4% | -74.8% |
| 2023 | +92.0% | +124.4% |
| 2024 | +37.6% | +36.5% |
| 2025 | -27.9% | +51.4% |
| 2026 | +0.5% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GLBE and SHOP good diversifiers for each other?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GLBE and SHOP?
Using weekly returns as of 2026-08-27: 0.53 over 3 years, with 0.63 over the last year and 0.58 over 5 years.
Is SHOP a good diversifier for GLBE?
Somewhat, no more. With 0.53 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.53 mean?
On the −1 to +1 scale, 0.53 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/glbe-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/glbe-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GLBE correlations · SHOP correlations
