SHOP vs VUG: Correlation
How closely do Shopify Inc. - Class A Subordinate Voting Shares (SHOP) and Vanguard Growth ETF (VUG) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are SHOP and VUG?
Over the past 3 years, SHOP and VUG moved with a correlation of 0.59, which is moderate. The relationship has been stable: the 1-year correlation (0.52) sits close to the 3-year figure. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 693.4 %².
Within SHOP's tracked universe of 20 assets, VUG comes in at #4 by 3-year correlation. Over the last 12 months VUG came out ahead by 5.9 percentage points (+10.3% against +16.2%). Note the risk asymmetry: SHOP runs 3.1 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 VUG: side by side
| SHOP (Shopify Inc. - Class A Subordinate Voting Shares) | VUG (Vanguard Growth ETF) | |
|---|---|---|
| 1-year return | +10.3% | +16.2% |
| 5-year return | -0.4% | +78.4% |
| Volatility (ann.) | 61.1% | 19.4% |
| Beta vs S&P 500 | 2.40 | 1.28 |
| Max drawdown (3Y) | -46.7% | -22.8% |
| Market cap | $200.3B | – |
| P/E (trailing) | 102.2 | – |
| Dividend yield | 0.00% | 0.40% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $372.0B |
| Sector / category | US Listed | ETF · US Style |
VUG, Vanguard's Large Growth fund, carries $372.0B under management, 146 holdings, a 0.03% expense ratio, a 0.40% trailing dividend yield.
Year-by-year returns
| Year | SHOP | VUG |
|---|---|---|
| 2022 | -74.8% | -33.2% |
| 2023 | +124.4% | +46.8% |
| 2024 | +36.5% | +32.7% |
| 2025 | +51.4% | +19.4% |
| 2026 | -4.1% | +9.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SHOP and VUG good diversifiers for each other?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between SHOP and VUG?
As of 2026-08-27, the correlation of weekly returns between SHOP and VUG is 0.59 over 3 years, 0.52 over 1 year and 0.66 over 5 years.
Is VUG a good diversifier for SHOP?
Somewhat, no more. With 0.59 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.59 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/shop-vs-vug.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/shop-vs-vug/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: SHOP correlations · VUG correlations
