PYPL vs SHOP: Correlation
How closely do PayPal (PYPL) and Shopify Inc. - Class A Subordinate Voting Shares (SHOP) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are PYPL and SHOP?
Over the past 3 years, PYPL and SHOP moved with a correlation of 0.48, which is moderate. The relationship has been stable: the 1-year correlation (0.51) sits close to the 3-year figure. Over 5 years the correlation is 0.55, and the annualized covariance of weekly returns is 1089.4 %².
Within PYPL's tracked universe of 28 assets, SHOP comes in at #13 by 3-year correlation. The last year tells two different stories: SHOP led by 21.3 percentage points, -11.0% for PYPL against +10.3% for SHOP. Note the risk asymmetry: SHOP runs 1.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
PYPL vs SHOP: side by side
| PYPL (PayPal) | SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | |
|---|---|---|
| 1-year return | -11.0% | +10.3% |
| 5-year return | -78.5% | -0.4% |
| Volatility (ann.) | 37.1% | 61.1% |
| Beta vs S&P 500 | 1.15 | 2.40 |
| Max drawdown (3Y) | -57.3% | -46.7% |
| Market cap | $52.6B | $200.3B |
| P/E (trailing) | 11.7 | 102.2 |
| Dividend yield | 0.91% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | PYPL | SHOP |
|---|---|---|
| 2022 | -62.2% | -74.8% |
| 2023 | -13.8% | +124.4% |
| 2024 | +39.0% | +36.5% |
| 2025 | -31.4% | +51.4% |
| 2026 | +6.0% | -4.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are PYPL and SHOP good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between PYPL and SHOP?
Using weekly returns as of 2026-08-27: 0.48 over 3 years, with 0.51 over the last year and 0.55 over 5 years.
Is SHOP a good diversifier for PYPL?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
On the −1 to +1 scale, 0.48 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/pypl-vs-shop.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/pypl-vs-shop/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: PYPL correlations · SHOP correlations
