SHOP.TO vs. SPOT

Last updated Apr 1, 2026

Compare and contrast key facts about Shopify Inc. (SHOP.TO) and Spotify Technology S.A. (SPOT).

Performance

SHOP.TO vs. SPOT - Performance Comparison

The chart below illustrates the hypothetical performance of a CA$10,000 investment in Shopify Inc. (SHOP.TO) and Spotify Technology S.A. (SPOT). The values are adjusted to include any dividend payments, if applicable.

SHOP.TO vs. SPOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
SHOP.TO Shopify Inc.	-25.31%	44.45%	48.30%	119.44%	-73.01%	21.18%	178.39%	173.48%	23.62%
SPOT Spotify Technology S.A.	-15.37%	23.85%	158.54%	132.77%	-63.86%	-26.30%	106.85%	25.29%	-18.83%

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.

Fundamentals

Market Cap SHOP.TO : CA$215.22B SPOT : $103.04B
EPS SHOP.TO : CA$0.95 SPOT : $10.59
PE Ratio SHOP.TO : 173.85 SPOT : 45.78
PEG Ratio SHOP.TO : 0.34 SPOT : 0.56
PS Ratio SHOP.TO : 18.60 SPOT : 5.88
PB Ratio SHOP.TO : 16.00 SPOT : 12.38
Total Revenue (TTM) SHOP.TO : CA$11.61B SPOT : $17.14B
Gross Profit (TTM) SHOP.TO : CA$5.58B SPOT : $5.48B
EBITDA (TTM) SHOP.TO : CA$1.67B SPOT : $2.37B

Returns By Period

In the year-to-date period, SHOP.TO achieves a -25.31% return, which is significantly lower than SPOT's -17.02% return.

SHOP.TO

• 1D: 5.96%
• 1M: 0.24%
• YTD: -25.31%
• 6M: -20.17%
• 1Y: 20.57%
• 3Y*: 36.57%
• 5Y*: 2.65%
• 10Y*: 46.19%

SPOT

• 1D: 0.00%
• 1M: -5.85%
• YTD: -17.02%
• 6M: -31.95%
• 1Y: -16.44%
• 3Y*: 54.12%
• 5Y*: 14.05%
• 10Y*: —

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

Return for Risk

SHOP.TO vs. SPOT — 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: 54
SHOP.TO Sharpe Ratio Rank: 55
SHOP.TO Sortino Ratio Rank: 54
SHOP.TO Omega Ratio Rank: 54
SHOP.TO Calmar Ratio Rank: 54
SHOP.TO Martin Ratio Rank: 55

SPOT

SPOT Risk / Return Rank: 31
SPOT Sharpe Ratio Rank: 30
SPOT Sortino Ratio Rank: 29
SPOT Omega Ratio Rank: 29
SPOT Calmar Ratio Rank: 33
SPOT Martin Ratio Rank: 32

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. 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 ratio Return per unit of total volatility	0.34	-0.37	+0.71
Sortino ratio Return per unit of downside risk	0.93	-0.26	+1.19
Omega ratio Gain probability vs. loss probability	1.12	0.97	+0.15
Calmar ratio Return relative to maximum drawdown	0.49	-0.38	+0.87
Martin ratio Return relative to average drawdown	1.18	-0.87	+2.04
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. SPOT - Sharpe Ratio Comparison

The current SHOP.TO Sharpe Ratio is 0.34, which is higher than the SPOT Sharpe Ratio of -0.37. The chart below compares the historical Sharpe Ratios of SHOP.TO and SPOT, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	SHOP.TO	SPOT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.34	-0.37	+0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.04	0.30	-0.26
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.37	+0.40

Correlation

The correlation between SHOP.TO and SPOT is 0.44, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

SHOP.TO vs. SPOT - Dividend Comparison

Neither SHOP.TO nor SPOT has paid dividends to shareholders.

Tickers have no history of dividend payments

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.

Drawdown Indicators

	SHOP.TO	SPOT	Difference
Max Drawdown Largest peak-to-trough decline	-83.47%	-80.51%	-2.96%
Max Drawdown (1Y) Largest decline over 1 year	-39.71%	-46.80%	+7.09%
Max Drawdown (5Y) Largest decline over 5 years	-83.47%	-76.39%	-7.08%
Max Drawdown (10Y) Largest decline over 10 years	-83.47%	—	—
Current Drawdown Current decline from peak	-33.90%	-37.50%	+3.60%
Average Drawdown Average peak-to-trough decline	-26.68%	-30.63%	+3.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.48%	21.01%	-4.53%

Volatility

SHOP.TO vs. SPOT - Volatility Comparison

Shopify Inc. (SHOP.TO) has a higher volatility of 15.10% compared to Spotify Technology S.A. (SPOT) at 11.88%. 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.

Volatility by Period

	SHOP.TO	SPOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.10%	11.88%	+3.22%
Volatility (6M) Calculated over the trailing 6-month period	38.15%	30.81%	+7.34%
Volatility (1Y) Calculated over the trailing 1-year period	60.77%	44.33%	+16.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.76%	46.44%	+16.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	57.14%	46.17%	+10.97%

Financials

SHOP.TO vs. SPOT - Profitability Comparison

The chart below illustrates the profitability comparison between Shopify Inc. and Spotify Technology S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SHOP.TO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Shopify Inc. reported a gross profit of 1.71B and revenue of 3.73B. Therefore, the gross margin over that period was 46.0%.

SPOT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Spotify Technology S.A. reported a gross profit of 1.48B and revenue of 4.49B. Therefore, the gross margin over that period was 33.1%.

SHOP.TO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Shopify Inc. reported an operating income of 756.45M and revenue of 3.73B, resulting in an operating margin of 20.3%.

SPOT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Spotify Technology S.A. reported an operating income of 694.43M and revenue of 4.49B, resulting in an operating margin of 15.5%.

SHOP.TO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Shopify Inc. reported a net income of 754.42M and revenue of 3.73B, resulting in a net margin of 20.2%.

SPOT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Spotify Technology S.A. reported a net income of 1.16B and revenue of 4.49B, resulting in a net margin of 25.9%.