SHOP vs. SPY
SHOP (Shopify Inc.) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 10 years, SHOP returned 43.88%/yr vs 14.89%/yr for SPY. Their 0.50 correlation means they have sometimes moved together and sometimes differently.
Performance
SHOP vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, SHOP achieves a -19.07% return, which is significantly lower than SPY's 9.22% return. Over the past 10 years, SHOP has outperformed SPY with an annualized return of 43.88%, while SPY has yielded a comparatively lower 14.89% annualized return.
SHOP
- 1D
- 2.68%
- 1M
- 11.48%
- 6M
- -5.25%
- YTD
- -19.07%
- 1Y
- 2.71%
- 3Y*
- 25.42%
- 5Y*
- -3.10%
- 10Y*
- 43.88%
- ALL TIME*
- 40.95%
SPY
- 1D
- 0.24%
- 1M
- 1.63%
- 6M
- 7.09%
- YTD
- 9.22%
- 1Y
- 17.60%
- 3Y*
- 18.95%
- 5Y*
- 12.46%
- 10Y*
- 14.89%
- ALL TIME*
- 10.76%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
SHOP Shopify Inc. | $1.03B | $942.68M | $1.17B |
| $34.03B | $34.70B | $38.77B |
SHOP vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SHOP Shopify Inc. | -19.07% | 51.39% | 36.50% | 124.43% | -74.80% | 21.68% | 184.71% | 187.17% | 37.08% | 135.60% |
SPY State Street SPDR S&P 500 ETF | 9.22% | 17.72% | 24.89% | 26.18% | -18.18% | 28.73% | 18.33% | 31.22% | -4.57% | 21.71% |
Correlation
The correlation between SHOP and SPY is 0.51, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.51 |
Correlation (3Y) Balances recent behavior with more history. | 0.60 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.63 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.52 |
Correlation (All Time) Calculated using the full available price history since May 21, 2015 | 0.50 |
The correlation between SHOP and SPY shifts across timeframes, from 0.50 (all time) to 0.63 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SHOP vs. SPY — Risk / Return Rank
SHOP
SPY
SHOP vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Shopify Inc. (SHOP) and State Street SPDR S&P 500 ETF (SPY). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| SHOP | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.35 | ||
| Sortino ratioReturn per unit of downside risk | -1.46 | ||
| Omega ratioGain probability vs. loss probability | 1.06 | 1.25 | -0.19 |
| Calmar ratioReturn relative to maximum drawdown | 0.06 | 1.99 | -1.93 |
| Martin ratioReturn relative to average drawdown | 0.11 | 8.54 | -8.43 |
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Drawdowns
SHOP vs. SPY - Drawdown Comparison
The maximum SHOP drawdown since its inception was -84.82%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for SHOP and SPY.
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Drawdown Indicators
| SHOP | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -84.82% | -55.19% | -29.63% |
Max Drawdown (1Y)Largest decline over 1 year | -46.71% | -8.88% | -37.83% |
Max Drawdown (3Y)Largest decline over 3 years | -46.71% | -18.76% | -27.95% |
Max Drawdown (5Y)Largest decline over 5 years | -84.82% | -24.50% | -60.32% |
Max Drawdown (10Y)Largest decline over 10 years | -84.82% | -33.72% | -51.10% |
Current DrawdownCurrent decline from peak | -27.22% | -2.21% | -25.01% |
Average DrawdownAverage peak-to-trough decline | -28.29% | -9.01% | -19.28% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 25.17% | 2.07% | +23.10% |
Volatility
SHOP vs. SPY - Volatility Comparison
Shopify Inc. (SHOP) has a higher volatility of 16.10% compared to State Street SPDR S&P 500 ETF (SPY) at 3.18%. This indicates that SHOP's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SHOP | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 16.10% | 3.18% | +12.92% |
Volatility (6M)Calculated over the trailing 6-month period | 45.21% | 9.87% | +35.34% |
Volatility (1Y)Calculated over the trailing 1-year period | 58.50% | 12.68% | +45.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 65.86% | 17.15% | +48.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 59.20% | 17.94% | +41.26% |
Dividends
SHOP vs. SPY - Dividend Comparison
SHOP has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.02%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SHOP Shopify Inc. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.02% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SHOP and SPY have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SHOP has higher volatility (16.10%) compared to SPY (3.18%). In terms of maximum drawdown, SHOP dropped -84.82% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (1.39 vs 0.05), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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