NTRA vs SHOP: Correlation
Measured on weekly returns over the past three years, Natera, Inc. (NTRA) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) carry a correlation of 0.51, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are NTRA and SHOP?
On 3 years of weekly data the NTRA/SHOP correlation comes out at 0.51, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.66 versus 0.51 over 3 years. The 5-year figure is 0.46, and annualized covariance runs at 1420.1 %².
Within NTRA's tracked universe of 12 assets, SHOP comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with NTRA ahead by 97.4 points (+107.7% 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.
NTRA vs SHOP: side by side
| NTRA (Natera, Inc.) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | +107.7% | +10.3% |
| 5-year return | +182.7% | -0.4% |
| Volatility (ann.) | 45.2% | 61.1% |
| Beta vs S&P 500 | 1.27 | 2.40 |
| Max drawdown (3Y) | -39.9% | -46.7% |
| Market cap | $48.8B | $200.3B |
| P/E (trailing) | – | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | NTRA | SHOP |
|---|---|---|
| 2022 | -57.0% | -74.8% |
| 2023 | +55.9% | +124.4% |
| 2024 | +152.7% | +36.5% |
| 2025 | +44.7% | +51.4% |
| 2026 | +47.8% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are NTRA and SHOP good diversifiers for each other?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between NTRA and SHOP?
Using weekly returns as of 2026-08-27: 0.51 over 3 years, with 0.66 over the last year and 0.46 over 5 years.
Is SHOP a good diversifier for NTRA?
Somewhat, no more. With 0.51 correlation, most large moves hit both names, and the diversification benefit stays modest.
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
$ curl https://www.pairbook.io/api/v1/pairs/ntra-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ntra-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: NTRA correlations · SHOP correlations
