UPST vs. SHOP

Last updated Apr 1, 2026

Compare and contrast key facts about Upstart Holdings, Inc. (UPST) and Shopify Inc. (SHOP).

Performance

UPST vs. SHOP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Upstart Holdings, Inc. (UPST) and Shopify Inc. (SHOP). The values are adjusted to include any dividend payments, if applicable.

UPST vs. SHOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
UPST Upstart Holdings, Inc.	-41.34%	-28.98%	50.69%	209.08%	-91.26%	271.29%	38.28%
SHOP Shopify Inc.	-26.31%	51.39%	36.50%	124.43%	-74.80%	21.68%	-2.19%

Fundamentals

EPS UPST : $0.50 SHOP : $1.41
PE Ratio UPST : 51.81 SHOP : 84.21
PEG Ratio UPST : 0.22 SHOP : 0.16
PS Ratio UPST : 2.66 SHOP : 13.15
Total Revenue (TTM) UPST : $1.04B SHOP : $7.88B
Gross Profit (TTM) UPST : $700.93M SHOP : $5.56B
EBITDA (TTM) UPST : $72.99M SHOP : $1.61B

Returns By Period

In the year-to-date period, UPST achieves a -41.34% return, which is significantly lower than SHOP's -26.31% return.

UPST

• 1D: 5.90%
• 1M: -5.80%
• YTD: -41.34%
• 6M: -49.51%
• 1Y: -44.28%
• 3Y*: 17.31%
• 5Y*: -29.21%
• 10Y*: —

SHOP

• 1D: 6.13%
• 1M: -1.75%
• YTD: -26.31%
• 6M: -20.18%
• 1Y: 24.24%
• 3Y*: 35.25%
• 5Y*: 0.53%
• 10Y*: 45.21%

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

Return for Risk

UPST vs. SHOP — Risk / Return Rank

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

UPST

UPST Risk / Return Rank: 19
UPST Sharpe Ratio Rank: 16
UPST Sortino Ratio Rank: 20
UPST Omega Ratio Rank: 21
UPST Calmar Ratio Rank: 20
UPST Martin Ratio Rank: 20

SHOP

SHOP Risk / Return Rank: 57
SHOP Sharpe Ratio Rank: 57
SHOP Sortino Ratio Rank: 57
SHOP Omega Ratio Rank: 56
SHOP Calmar Ratio Rank: 56
SHOP Martin Ratio Rank: 58

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.

UPST vs. SHOP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Upstart Holdings, Inc. (UPST) and Shopify Inc. (SHOP). 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.

	UPST	SHOP	Difference
Sharpe ratio Return per unit of total volatility	-0.58	0.40	-0.98
Sortino ratio Return per unit of downside risk	-0.50	1.01	-1.51
Omega ratio Gain probability vs. loss probability	0.94	1.13	-0.19
Calmar ratio Return relative to maximum drawdown	-0.64	0.59	-1.24
Martin ratio Return relative to average drawdown	-1.19	1.44	-2.62
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

UPST vs. SHOP - Sharpe Ratio Comparison

The current UPST Sharpe Ratio is -0.58, which is lower than the SHOP Sharpe Ratio of 0.40. The chart below compares the historical Sharpe Ratios of UPST and SHOP, 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

	UPST	SHOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.58	0.40	-0.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	0.01	-0.29
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	0.72	-0.74

Correlation

The correlation between UPST and SHOP is 0.51, 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

UPST vs. SHOP - Dividend Comparison

Neither UPST nor SHOP has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

UPST vs. SHOP - Drawdown Comparison

The maximum UPST drawdown since its inception was -96.90%, which is greater than SHOP's maximum drawdown of -84.82%. Use the drawdown chart below to compare losses from any high point for UPST and SHOP.

Drawdown Indicators

	UPST	SHOP	Difference
Max Drawdown Largest peak-to-trough decline	-96.90%	-84.82%	-12.08%
Max Drawdown (1Y) Largest decline over 1 year	-71.21%	-38.18%	-33.03%
Max Drawdown (5Y) Largest decline over 5 years	-96.90%	-84.82%	-12.08%
Max Drawdown (10Y) Largest decline over 10 years	—	-84.82%	—
Current Drawdown Current decline from peak	-93.42%	-33.74%	-59.68%
Average Drawdown Average peak-to-trough decline	-75.62%	-28.09%	-47.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	38.57%	15.78%	+22.79%

Volatility

UPST vs. SHOP - Volatility Comparison

Upstart Holdings, Inc. (UPST) has a higher volatility of 17.57% compared to Shopify Inc. (SHOP) at 15.49%. This indicates that UPST's price experiences larger fluctuations and is considered to be riskier than SHOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	UPST	SHOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.57%	15.49%	+2.08%
Volatility (6M) Calculated over the trailing 6-month period	50.18%	38.93%	+11.25%
Volatility (1Y) Calculated over the trailing 1-year period	76.83%	60.86%	+15.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.56%	65.06%	+40.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.23%	58.59%	+56.64%

Financials