SPSC vs. CRM

Last updated Jun 4, 2026

SPSC (SPS Commerce, Inc.) and CRM (salesforce.com, inc.) are both stocks. Both are in the Technology sector — SPSC in Software - Infrastructure, CRM in Software - Application. Over the past 10 years, SPSC returned 6.83%/yr vs 8.89%/yr for CRM. At a 0.43 correlation, their price movements are largely independent.

Performance

SPSC vs. CRM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPS Commerce, Inc. (SPSC) and salesforce.com, inc. (CRM). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SPSC achieves a -37.68% return, which is significantly lower than CRM's -27.87% return. Over the past 10 years, SPSC has underperformed CRM with an annualized return of 6.83%, while CRM has yielded a comparatively higher 8.89% annualized return.

SPSC

• 1D: -3.89%
• 1M: -5.11%
• YTD: -37.68%
• 6M: -33.47%
• 1Y: -60.92%
• 3Y*: -30.11%
• 5Y*: -10.09%
• 10Y*: 6.83%

CRM

• 1D: -5.09%
• 1M: 2.77%
• YTD: -27.87%
• 6M: -19.82%
• 1Y: -27.39%
• 3Y*: -3.17%
• 5Y*: -4.02%
• 10Y*: 8.89%

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

SPSC vs. CRM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SPSC SPS Commerce, Inc.	-37.68%	-51.56%	-5.08%	50.93%	-9.78%	31.09%	95.94%	34.55%	69.54%	-30.48%
CRM salesforce.com, inc.	-27.87%	-20.25%	27.76%	98.46%	-47.83%	14.20%	36.82%	18.74%	33.98%	49.33%

Correlation

The correlation between SPSC and CRM is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.53
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 23, 2010	0.43

The correlation between SPSC and CRM shifts across timeframes, from 0.43 (all time) to 0.53 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap SPSC : $2.08B CRM : $166.02B
EPS SPSC : $2.40 CRM : $8.59
PE Ratio SPSC : 23.12 CRM : 22.18
PEG Ratio SPSC : 1.24 CRM : 0.05
PS Ratio SPSC : 2.76 CRM : 4.16
PB Ratio SPSC : 2.16 CRM : 4.85
Total Revenue (TTM) SPSC : $762.08M CRM : $42.83B
Gross Profit (TTM) SPSC : $518.57M CRM : $33.25B
EBITDA (TTM) SPSC : $164.17M CRM : $12.32B

Return for Risk

SPSC vs. CRM — Risk / Return Rank

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

SPSC

SPSC Risk / Return Rank: 3
SPSC Sharpe Ratio Rank: 1
SPSC Sortino Ratio Rank: 3
SPSC Omega Ratio Rank: 2
SPSC Calmar Ratio Rank: 4
SPSC Martin Ratio Rank: 6

CRM

CRM Risk / Return Rank: 12
CRM Sharpe Ratio Rank: 10
CRM Sortino Ratio Rank: 13
CRM Omega Ratio Rank: 13
CRM Calmar Ratio Rank: 15
CRM Martin Ratio Rank: 9

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.

SPSC vs. CRM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPS Commerce, Inc. (SPSC) and salesforce.com, inc. (CRM). 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.

	SPSC	CRM	Difference
Sharpe ratio Return per unit of total volatility	-1.26	-0.73	-0.53
Sortino ratio Return per unit of downside risk	-1.93	-0.89	-1.04
Omega ratio Gain probability vs. loss probability	0.72	0.89	-0.18
Calmar ratio Return relative to maximum drawdown	-0.93	-0.70	-0.23
Martin ratio Return relative to average drawdown	-1.45	-1.36	-0.09
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SPSC vs. CRM - Sharpe Ratio Comparison

The current SPSC Sharpe Ratio is -1.26, which is lower than the CRM Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of SPSC and CRM, 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

	SPSC	CRM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.26	-0.73	-0.53
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.26	-0.11	-0.15
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.18	0.25	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.37	0.46	-0.09

Drawdowns

SPSC vs. CRM - Drawdown Comparison

The maximum SPSC drawdown since its inception was -76.83%, which is greater than CRM's maximum drawdown of -70.50%. Use the drawdown chart below to compare losses from any high point for SPSC and CRM.

Drawdown Indicators

	SPSC	CRM	Difference
Max Drawdown Largest peak-to-trough decline	-76.83%	-70.50%	-6.33%
Max Drawdown (1Y) Largest decline over 1 year	-65.58%	-39.46%	-26.12%
Max Drawdown (3Y) Largest decline over 3 years	-76.83%	-54.70%	-22.13%
Max Drawdown (5Y) Largest decline over 5 years	-76.83%	-58.62%	-18.21%
Max Drawdown (10Y) Largest decline over 10 years	-76.83%	-58.62%	-18.21%
Current Drawdown Current decline from peak	-74.21%	-47.66%	-26.55%
Average Drawdown Average peak-to-trough decline	-17.10%	-16.10%	-1.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.04%	20.18%	+21.86%

Volatility

SPSC vs. CRM - Volatility Comparison

The current volatility for SPS Commerce, Inc. (SPSC) is 14.55%, while salesforce.com, inc. (CRM) has a volatility of 17.31%. This indicates that SPSC experiences smaller price fluctuations and is considered to be less risky than CRM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SPSC	CRM	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.55%	17.31%	-2.76%
Volatility (6M) Calculated over the trailing 6-month period	30.77%	31.96%	-1.19%
Volatility (1Y) Calculated over the trailing 1-year period	48.53%	37.89%	+10.64%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.63%	37.02%	+2.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.46%	35.34%	+2.12%

Dividends

SPSC vs. CRM - Dividend Comparison

SPSC has not paid dividends to shareholders, while CRM's dividend yield for the trailing twelve months is around 0.89%.

Position	TTM	2025	2024
CRM salesforce.com, inc.	0.89%	0.63%	0.48%
SPSC SPS Commerce, Inc.	0.00%	0.00%	0.00%

Financials

SPSC vs. CRM - Profitability Comparison

The chart below illustrates the profitability comparison between SPS Commerce, Inc. and salesforce.com, inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SPSC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, SPS Commerce, Inc. reported a gross profit of 132.90M and revenue of 192.12M. Therefore, the gross margin over that period was 69.2%.

CRM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, salesforce.com, inc. reported a gross profit of 8.56B and revenue of 11.13B. Therefore, the gross margin over that period was 76.9%.

SPSC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, SPS Commerce, Inc. reported an operating income of 24.56M and revenue of 192.12M, resulting in an operating margin of 12.8%.

CRM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, salesforce.com, inc. reported an operating income of 2.35B and revenue of 11.13B, resulting in an operating margin of 21.1%.

SPSC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, SPS Commerce, Inc. reported a net income of 19.73M and revenue of 192.12M, resulting in a net margin of 10.3%.

CRM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, salesforce.com, inc. reported a net income of 2.11B and revenue of 11.13B, resulting in a net margin of 18.9%.

Frequently Asked Questions

Can I hold both SPSC and CRM in my portfolio?

SPSC and CRM have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SPSC or CRM?

CRM has higher volatility (17.31%) compared to SPSC (14.55%). In terms of maximum drawdown, SPSC dropped -76.83% vs CRM's -70.50%.

Which has better risk-adjusted returns?

CRM currently has the higher Sharpe Ratio (-0.73 vs -1.26), 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.