SHOP.TO vs. ONLN

Last updated Jun 4, 2026

SHOP.TO (Shopify Inc.) is a stock, while ONLN (ProShares Online Retail ETF) is Consumer Discretionary Equities fund tracking the ProShares Online Retail Index. Over the past 5 years, SHOP.TO returned 1.51%/yr vs -3.41%/yr for ONLN. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

SHOP.TO vs. ONLN - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Shopify Inc. (SHOP.TO) and ProShares Online Retail ETF (ONLN). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

SHOP.TO is traded in CAD, while ONLN is traded in USD. To make them comparable, the ONLN values have been converted to CAD using the latest available exchange rates.

Returns By Period

In the year-to-date period, SHOP.TO achieves a -28.92% return, which is significantly lower than ONLN's -5.25% return.

SHOP.TO

• 1D: -3.01%
• 1M: -9.40%
• YTD: -28.92%
• 6M: -29.60%
• 1Y: 8.98%
• 3Y*: 26.15%
• 5Y*: 1.51%
• 10Y*: 44.98%

ONLN

• 1D: -1.72%
• 1M: -5.77%
• YTD: -5.25%
• 6M: -8.17%
• 1Y: 13.85%
• 3Y*: 23.30%
• 5Y*: -3.41%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

SHOP.TO vs. ONLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SHOP.TO Shopify Inc.	-28.92%	44.45%	48.30%	119.44%	-73.01%	21.18%	178.39%	173.48%	-13.17%
ONLN ProShares Online Retail ETF	-5.25%	26.93%	35.57%	24.56%	-46.51%	-25.90%	108.24%	14.04%	-21.79%

Correlation

The correlation between SHOP.TO and ONLN is 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (All Time) Calculated using the full available price history since Jul 17, 2018	0.63

The correlation between SHOP.TO and ONLN shifts across timeframes, from 0.48 (1 year) to 0.66 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

SHOP.TO vs. ONLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SHOP.TO

SHOP.TO Risk / Return Rank: 45
SHOP.TO Sharpe Ratio Rank: 47
SHOP.TO Sortino Ratio Rank: 45
SHOP.TO Omega Ratio Rank: 44
SHOP.TO Calmar Ratio Rank: 45
SHOP.TO Martin Ratio Rank: 44

ONLN

ONLN Risk / Return Rank: 17
ONLN Sharpe Ratio Rank: 17
ONLN Sortino Ratio Rank: 17
ONLN Omega Ratio Rank: 17
ONLN Calmar Ratio Rank: 17
ONLN Martin Ratio Rank: 17

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

SHOP.TO vs. ONLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Shopify Inc. (SHOP.TO) and ProShares Online Retail ETF (ONLN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	SHOP.TO	ONLN	Difference
Sharpe ratio: Return per unit of total volatility	0.16	0.60	-0.44
Sortino ratio: Return per unit of downside risk	0.64	0.96	-0.32
Omega ratio: Gain probability vs. loss probability	1.08	1.11	-0.03
Calmar ratio: Return relative to maximum drawdown	0.19	0.69	-0.50
Martin ratio: Return relative to average drawdown	0.41	1.68	-1.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SHOP.TO vs. ONLN - Sharpe Ratio Comparison

The current SHOP.TO Sharpe Ratio is 0.16, which is lower than the ONLN Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of SHOP.TO and ONLN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SHOP.TO	ONLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.16	0.60	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.02	-0.11	+0.13
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.79	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.17	+0.57

Drawdowns

SHOP.TO vs. ONLN - Drawdown Comparison

The maximum SHOP.TO drawdown since its inception was -83.47%, which is greater than ONLN's maximum drawdown of -69.91%. Use the drawdown chart below to compare losses from any high point for SHOP.TO and ONLN.

Drawdown Indicators

	SHOP.TO	ONLN	Difference
Max Drawdown Largest peak-to-trough decline	-83.47%	-69.91%	-13.56%
Max Drawdown (1Y) Largest decline over 1 year	-47.66%	-20.09%	-27.57%
Max Drawdown (3Y) Largest decline over 3 years	-47.66%	-27.85%	-19.81%
Max Drawdown (5Y) Largest decline over 5 years	-83.47%	-66.60%	-16.87%
Max Drawdown (10Y) Largest decline over 10 years	-83.47%	—	—
Current Drawdown Current decline from peak	-37.10%	-33.66%	-3.44%
Average Drawdown Average peak-to-trough decline	-26.83%	-33.69%	+6.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.97%	8.26%	+13.71%

Volatility

SHOP.TO vs. ONLN - Volatility Comparison

Shopify Inc. (SHOP.TO) has a higher volatility of 24.28% compared to ProShares Online Retail ETF (ONLN) at 6.21%. This indicates that SHOP.TO's price experiences larger fluctuations and is considered to be riskier than ONLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SHOP.TO	ONLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.28%	6.21%	+18.07%
Volatility (6M) Calculated over the trailing 6-month period	42.44%	17.11%	+25.33%
Volatility (1Y) Calculated over the trailing 1-year period	56.26%	23.38%	+32.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	63.19%	31.30%	+31.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.62%	30.37%	+27.25%

Dividends

SHOP.TO vs. ONLN - Dividend Comparison

SHOP.TO has not paid dividends to shareholders, while ONLN's dividend yield for the trailing twelve months is around 0.35%.

Position	TTM	2025	2024	2023	2022	2021	2020
ONLN ProShares Online Retail ETF	0.35%	0.30%	0.75%	0.00%	0.00%	0.00%	1.24%
SHOP.TO Shopify Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SHOP.TO and ONLN in my portfolio?

SHOP.TO and ONLN have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.