SHOP.TO vs. SPOT
SHOP.TO (Shopify Inc.) and SPOT (Spotify Technology S.A.) are both stocks. SHOP.TO operates in Software - Application (Technology), while SPOT operates in Internet Content & Information (Communication Services). Over the past 5 years, SHOP.TO returned 1.51%/yr vs 18.90%/yr for SPOT. At a 0.44 correlation, their price movements are largely independent.
Performance
SHOP.TO vs. SPOT - Performance Comparison
Loading charts...
Different Trading Currencies
SHOP.TO is traded in CAD, while SPOT is traded in USD. To make them comparable, the SPOT 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 SPOT's -14.98% 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%
SPOT
- 1D
- -2.38%
- 1M
- 13.47%
- YTD
- -14.98%
- 6M
- -12.84%
- 1Y
- -26.41%
- 3Y*
- 49.28%
- 5Y*
- 18.90%
- 10Y*
- —
SHOP.TO vs. SPOT - 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% | 23.62% |
SPOT Spotify Technology S.A. | -14.98% | 23.85% | 158.54% | 132.77% | -63.86% | -26.30% | 106.85% | 25.29% | -18.83% |
Correlation
The correlation between SHOP.TO and SPOT is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.25 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.35 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.47 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2018 | 0.44 |
The correlation between SHOP.TO and SPOT shifts across timeframes, from 0.25 (1 year) to 0.47 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
SHOP.TO:
CA$204.73B
SPOT:
$102.03B
SHOP.TO:
CA$1.03
SPOT:
$12.94
SHOP.TO:
151.78
SPOT:
37.69
SHOP.TO:
0.29
SPOT:
0.42
SHOP.TO:
16.60
SPOT:
5.82
SHOP.TO:
16.37
SPOT:
12.72
SHOP.TO:
CA$12.37B
SPOT:
$17.60B
SHOP.TO:
CA$5.92B
SPOT:
$5.68B
SHOP.TO:
CA$1.95B
SPOT:
$2.75B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
SHOP.TO vs. SPOT — Risk / Return Rank
SHOP.TO
SPOT
SHOP.TO vs. SPOT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Shopify Inc. (SHOP.TO) and Spotify Technology S.A. (SPOT). 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 | SPOT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.16 | -0.59 | +0.75 |
Sortino ratioReturn per unit of downside risk | 0.64 | -0.64 | +1.27 |
Omega ratioGain probability vs. loss probability | 1.08 | 0.92 | +0.16 |
Calmar ratioReturn relative to maximum drawdown | 0.19 | -0.57 | +0.75 |
Martin ratioReturn relative to average drawdown | 0.41 | -1.02 | +1.43 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| SHOP.TO | SPOT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.16 | -0.59 | +0.75 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.02 | 0.41 | -0.38 |
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 | 0.36 | +0.38 |
Drawdowns
SHOP.TO vs. SPOT - Drawdown Comparison
The maximum SHOP.TO drawdown since its inception was -83.47%, which is greater than SPOT's maximum drawdown of -79.17%. Use the drawdown chart below to compare losses from any high point for SHOP.TO and SPOT.
Loading charts...
Drawdown Indicators
| SHOP.TO | SPOT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -83.47% | -79.17% | -4.30% |
Max Drawdown (1Y)Largest decline over 1 year | -47.66% | -46.86% | -0.80% |
Max Drawdown (3Y)Largest decline over 3 years | -47.66% | -46.86% | -0.80% |
Max Drawdown (5Y)Largest decline over 5 years | -83.47% | -74.27% | -9.20% |
Max Drawdown (10Y)Largest decline over 10 years | -83.47% | — | — |
Current DrawdownCurrent decline from peak | -37.10% | -35.98% | -1.12% |
Average DrawdownAverage peak-to-trough decline | -26.83% | -29.61% | +2.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.97% | 25.87% | -3.90% |
Volatility
SHOP.TO vs. SPOT - Volatility Comparison
Shopify Inc. (SHOP.TO) has a higher volatility of 24.28% compared to Spotify Technology S.A. (SPOT) at 17.08%. This indicates that SHOP.TO's price experiences larger fluctuations and is considered to be riskier than SPOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| SHOP.TO | SPOT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 24.28% | 17.08% | +7.20% |
Volatility (6M)Calculated over the trailing 6-month period | 42.44% | 37.31% | +5.13% |
Volatility (1Y)Calculated over the trailing 1-year period | 56.26% | 45.29% | +10.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 63.19% | 46.67% | +16.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 57.62% | 46.44% | +11.18% |
Dividends
SHOP.TO vs. SPOT - Dividend Comparison
Neither SHOP.TO nor SPOT has paid dividends to shareholders.
Financials
SHOP.TO vs. SPOT - Financials Comparison
This section allows you to compare key financial metrics between Shopify Inc. and Spotify Technology S.A.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
SHOP.TO vs. SPOT - Profitability Comparison
SHOP.TO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Shopify Inc. reported a gross profit of 1.52B and revenue of 3.12B. Therefore, the gross margin over that period was 48.6%.
SPOT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Spotify Technology S.A. reported a gross profit of 1.51B and revenue of 4.61B. Therefore, the gross margin over that period was 32.9%.
SHOP.TO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Shopify Inc. reported an operating income of 490.82M and revenue of 3.12B, resulting in an operating margin of 15.7%.
SPOT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Spotify Technology S.A. reported an operating income of 726.76M and revenue of 4.61B, resulting in an operating margin of 15.8%.
SHOP.TO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Shopify Inc. reported a net income of -571.48M and revenue of 3.12B, resulting in a net margin of -18.3%.
SPOT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Spotify Technology S.A. reported a net income of 732.86M and revenue of 4.61B, resulting in a net margin of 15.9%.
Frequently Asked Questions
SHOP.TO and SPOT have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
Find the right allocation for SHOP.TO and SPOT
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer