PAY vs SHOP: Correlation
Paymentus Holdings, Inc. (PAY) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PAY and SHOP?
On 3 years of weekly data the PAY/SHOP correlation comes out at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. The 5-year figure is 0.47, and annualized covariance runs at 1692.0 %².
Few assets follow PAY as closely as SHOP, which ranks #1 of 11 tracked partners. Correlation aside, the last 12 months split them widely, with SHOP ahead by 17.1 points (-6.8% 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.
PAY vs SHOP: side by side
| PAY (Paymentus Holdings, Inc.) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | -6.8% | +10.3% |
| 5-year return | +38.6% | -0.4% |
| Volatility (ann.) | 57.0% | 61.1% |
| Beta vs S&P 500 | 1.24 | 2.40 |
| Max drawdown (3Y) | -49.3% | -46.7% |
| Market cap | $4.5B | $200.3B |
| P/E (trailing) | 60.4 | 102.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | PAY | SHOP |
|---|---|---|
| 2022 | -77.1% | -74.8% |
| 2023 | +123.1% | +124.4% |
| 2024 | +82.8% | +36.5% |
| 2025 | -3.3% | +51.4% |
| 2026 | +12.7% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PAY and SHOP good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between PAY and SHOP?
As of 2026-08-27, the correlation of weekly returns between PAY and SHOP is 0.49 over 3 years, 0.41 over 1 year and 0.47 over 5 years.
Is SHOP a good diversifier for PAY?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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/pay-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pay-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PAY correlations · SHOP correlations
