SHOP vs SPY: Correlation
Measured on weekly returns over the past three years, Shopify Inc. - Class A Subordinate Voting Shares (SHOP) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOP and SPY?
Over the past 3 years, SHOP and SPY moved with a correlation of 0.57, which is moderate. Recent behaviour matches the longer record: 0.48 over 1 year against 0.57 over 3. Over 5 years the correlation is 0.62, and the annualized covariance of weekly returns is 501.6 %².
By 3-year correlation, SPY places #7 of the 20 assets tracked against SHOP. Over the last 12 months SPY came out ahead by 10.3 percentage points (+10.3% against +20.6%). Note the risk asymmetry: SHOP runs 4.2 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.
SHOP vs SPY: side by side
| SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +10.3% | +20.6% |
| 5-year return | -0.4% | +82.4% |
| Volatility (ann.) | 61.1% | 14.5% |
| Beta vs S&P 500 | 2.40 | 1.00 |
| Max drawdown (3Y) | -46.7% | -18.8% |
| Market cap | $200.3B | – |
| P/E (trailing) | 102.2 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SHOP | SPY |
|---|---|---|
| 2022 | -74.8% | -18.2% |
| 2023 | +124.4% | +26.2% |
| 2024 | +36.5% | +24.9% |
| 2025 | +51.4% | +17.7% |
| 2026 | -4.1% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOP and SPY good diversifiers for each other?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SHOP and SPY?
As of 2026-08-27, the correlation of weekly returns between SHOP and SPY is 0.57 over 3 years, 0.48 over 1 year and 0.62 over 5 years.
Is SPY a good diversifier for SHOP?
Somewhat, no more. With 0.57 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.57 mean?
A reading of 0.57 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: SHOP correlations · SPY correlations
