EasyCompare

Relative Intelligence · Software

How Shopify (SHOP) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SHOP alone. It places SHOP (Shopify Inc.) against 18 popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where SHOP stands in the market, and of the alternatives worth a closer look.

Period covered: SHOP's full trading record, from May 2015 through September 2026. The crash tests reach back to 2000 using older funds and the S&P 500. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against SHOP →Chart SHOP vs. 18 alternatives →
On this page12 sections

Key findings

How much would $10,000 in SHOP have grown?

This chart tracks a hypothetical $10,000 investment in SHOP over the past 11 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SHOP over the same span and SHOP's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Note: SHOP began trading on May 20, 2015, so the chart cannot reach back to the dot-com bust, the 2008 financial crisis or two other sell-offs. It covers the most recent 11 years of SHOP's record, starting at the end of September 2015.

Choose a period

From the end of September 2015 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 16 of the 2,591 stocks and funds worth at least $500 million that traded the whole period ended ahead of SHOP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$10,000$100,000$1M201520172019202120232025$10,000$100,000$1M2015201820212024
  • NVDA$4M+38,276% total · +71.8% a year
  • AMD$4M+35,467% total · +70.6% a year
  • MU$728,938+7,189% total · +47.7% a year
  • FIX$650,440+6,404% total · +46.2% a year
  • ANET$532,964+5,230% total · +43.5% a year
  • SHOP$421,312+4,113% total · +40.5% a year
  • AMZN$97,360+874% total · +23.0% a year
  • EBAY$49,212+392% total · +15.6% a year
  • SPY (S&P 500)$47,605+376% total · +15.2% a year
  • SAP$38,080+281% total · +12.9% a year
Change the dates or add tickers to this chart in EasyCompare

From the end of September 2021 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 2,341 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SHOP; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$1,000$2,000$5,000$10,000$20,000202120222023202420252026$1,000$2,000$5,000$10,000$20,000202120222023202420252026
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • ORCL$16,857+68.6% total · +11.0% a year
  • SAP$16,715+67.2% total · +10.8% a year
  • EBAY$16,622+66.2% total · +10.7% a year
  • AMZN$15,169+51.7% total · +8.7% a year
  • GDDY$13,703+37.0% total · +6.5% a year
  • SHOP$10,938+9.4% total · +1.8% a year
  • MELI$10,293+2.9% total · +0.6% a year
  • CRM$8,626−13.7% total · −2.9% a year
  • FIVN$2,129−78.7% total · −26.6% a year
Change the dates or add tickers to this chart in EasyCompare

SHOP at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout. These figures serve as the baseline for every comparison that follows.

Note: SHOP began trading on May 20, 2015, so every figure here, including its worst decline, covers only the time since then. None of them reflect the dot-com bust, the 2008 financial crisis or two other sell-offs.

The company

Market value
$225B
Industry
Software - Application
Price history from
May 2015

Returns

Past 1 year
+5.3%total return
Past 3 years
+239%+50.3% a year
Past 5 years
+16.6%+3.1% a year
Past 10 years
+3,916%+44.7% a year
Best calendar year
+187%2019
Worst calendar year
−74.8%2022
Losing years
1 of 10full calendar years

Risk

Volatility
66.9%typical yearly swing, 5 years
Sharpe ratio
0.38return per unit of risk, 5 years
Worst decline ever
−84.8%Nov 2021 to Oct 2022
From its all-time high
−3.2%below the peak

SHOP against the whole market

Where SHOP ranks among every stock and fund, and what across the market has done better.

How does SHOP rank among all stocks?

This section ranks SHOP on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how SHOP stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureSHOPRankStanding
1-year return+5.3%1,766 of 3,287bottom 47%
3-year return+239%314 of 3,017top 10%
5-year return+16.6%1,501 of 2,893bottom 49%
10-year return+3,916%11 of 2,202top 1%
Volatility, 5 years66.9%2,456 of 2,893bottom 16%
Sharpe ratio, 5 years0.381,303 of 2,893top 45%
Worst decline, past 10 years−84.8%1,785 of 2,187bottom 19%

What has beaten SHOP on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer). SHOP sits where the dashed lines cross. Anything in the green box above and to the left earned more than SHOP with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SHOP; faint dots are 90 more of the 1,921 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

−10.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%70.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SHOPP: +37.3% a year, volatility 55.0%CIB: +32.9% a year, volatility 32.9%THC: +32.9% a year, volatility 45.1%HALO: +26.6% a year, volatility 40.4%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%LGND: +30.2% a year, volatility 44.2%CAKE: +25.8% a year, volatility 39.9%AAMI: +29.0% a year, volatility 35.6%CGAU: +26.3% a year, volatility 47.6%RY: +17.3% a year, volatility 18.2%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%SIMO: +28.0% a year, volatility 55.1%PULS: +4.4% a year, volatility 0.7%UVE: +34.3% a year, volatility 42.8%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%FIX: +77.0% a year, volatility 46.7%GOOG: +19.0% a year, volatility 32.0%MPLX: +23.5% a year, volatility 18.8%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%META: +15.5% a year, volatility 45.4%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%VRIG: +4.7% a year, volatility 1.3%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%FLRT: +6.0% a year, volatility 2.3%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%STX: +57.4% a year, volatility 48.7%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%SAN: +31.7% a year, volatility 33.9%AMGN: +19.6% a year, volatility 24.9%BBVA: +38.7% a year, volatility 33.3%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%WDC: +53.7% a year, volatility 53.5%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%BELFB: +78.0% a year, volatility 52.1%LIN: +11.5% a year, volatility 20.9%PSX: +33.2% a year, volatility 32.9%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%WFC: +13.1% a year, volatility 29.5%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%C: +15.1% a year, volatility 29.4%FLOT: +4.5% a year, volatility 1.8%BTI: +18.7% a year, volatility 22.0%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%COP: +18.2% a year, volatility 32.6%SHOP: +3.1% a year, volatility 66.9%SPY (S&P 500): +12.7% a year, volatility 17.1%SAP: +11.5% a year, volatility 30.0%EBAY: +11.7% a year, volatility 32.9%AMZN: +9.0% a year, volatility 36.6%ORCL: +7.7% a year, volatility 44.3%GDDY: +9.3% a year, volatility 35.8%MELI: +3.2% a year, volatility 49.5%MU: +68.1% a year, volatility 57.1%AMD: +35.7% a year, volatility 57.6%ASX: +48.8% a year, volatility 43.0%CRWD: +26.3% a year, volatility 52.7%MRVL: +29.5% a year, volatility 65.2%STM: +2.2% a year, volatility 47.7%DELL: +55.2% a year, volatility 54.4%VLO: +44.2% a year, volatility 36.9%HPE: +32.9% a year, volatility 42.2%RVMD: +48.8% a year, volatility 62.1%NTRA: +29.3% a year, volatility 57.6%JAAA: +5.1% a year, volatility 1.7%SGOV: +3.8% a year, volatility 0.3%NET: +10.7% a year, volatility 69.1%CLS: +101% a year, volatility 59.7%SHOPSPY (S&P 500)SAPAMZNORCLMELIMUAMDASXCRWDMRVLSTMDELLVLOHPERVMDNTRAJAAASGOVNETCLS−20.0%0.0%20.0%40.0%60.0%80.0%−20.0%0.0%20.0%40.0%60.0%80.0%100%120%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SHOPP: +37.3% a year, volatility 55.0%CIB: +32.9% a year, volatility 32.9%THC: +32.9% a year, volatility 45.1%HALO: +26.6% a year, volatility 40.4%VCTR: +28.1% a year, volatility 35.0%NHC: +32.0% a year, volatility 28.5%LGND: +30.2% a year, volatility 44.2%CAKE: +25.8% a year, volatility 39.9%AAMI: +29.0% a year, volatility 35.6%CGAU: +26.3% a year, volatility 47.6%RY: +17.3% a year, volatility 18.2%MPC: +51.2% a year, volatility 33.4%PBR-A: +51.8% a year, volatility 37.5%SIMO: +28.0% a year, volatility 55.1%PULS: +4.4% a year, volatility 0.7%UVE: +34.3% a year, volatility 42.8%HWM: +47.3% a year, volatility 32.5%CAH: +42.1% a year, volatility 24.7%AAPL: +18.5% a year, volatility 28.0%FIX: +77.0% a year, volatility 46.7%GOOG: +19.0% a year, volatility 32.0%MPLX: +23.5% a year, volatility 18.8%LLY: +40.7% a year, volatility 32.8%VTI: +11.5% a year, volatility 17.5%VOO: +12.8% a year, volatility 16.9%BRK-B: +13.4% a year, volatility 17.1%META: +15.5% a year, volatility 45.4%CRS: +63.9% a year, volatility 46.5%XOM: +27.1% a year, volatility 26.5%JPM: +17.3% a year, volatility 24.3%ABBV: +26.1% a year, volatility 23.4%VRIG: +4.7% a year, volatility 1.3%HSBC: +33.1% a year, volatility 25.9%JNJ: +12.7% a year, volatility 17.9%DXJ: +26.6% a year, volatility 19.1%LVHI: +17.0% a year, volatility 11.1%KO: +14.7% a year, volatility 16.8%BALT: +6.3% a year, volatility 3.3%CVX: +19.5% a year, volatility 25.2%CAT: +31.1% a year, volatility 31.9%COST: +17.4% a year, volatility 22.9%VXUS: +8.2% a year, volatility 16.4%QQQ: +14.5% a year, volatility 23.0%MUFG: +33.2% a year, volatility 29.4%PM: +21.0% a year, volatility 23.4%CSCO: +16.8% a year, volatility 26.1%FLRT: +6.0% a year, volatility 2.3%PBR: +50.3% a year, volatility 37.5%ANET: +49.0% a year, volatility 49.0%SHEL: +21.0% a year, volatility 24.8%MCK: +38.7% a year, volatility 25.0%MRK: +16.3% a year, volatility 24.8%NVS: +17.1% a year, volatility 20.7%INSW: +56.5% a year, volatility 40.5%APH: +33.8% a year, volatility 32.2%VTV: +12.1% a year, volatility 13.7%STX: +57.4% a year, volatility 48.7%WELL: +26.0% a year, volatility 23.8%RTX: +18.6% a year, volatility 24.3%SAN: +31.7% a year, volatility 33.9%AMGN: +19.6% a year, volatility 24.9%BBVA: +38.7% a year, volatility 33.3%GILD: +22.8% a year, volatility 24.9%GS: +19.6% a year, volatility 28.6%VEA: +9.3% a year, volatility 16.9%MS: +16.0% a year, volatility 28.8%TD: +15.8% a year, volatility 20.0%IBKR: +35.4% a year, volatility 35.4%WDC: +53.7% a year, volatility 53.5%MFG: +33.6% a year, volatility 30.6%TJX: +19.9% a year, volatility 22.3%SCCO: +32.0% a year, volatility 40.7%TTE: +18.0% a year, volatility 25.8%GLD: +17.7% a year, volatility 18.9%IBM: +16.6% a year, volatility 30.5%BELFB: +78.0% a year, volatility 52.1%LIN: +11.5% a year, volatility 20.9%PSX: +33.2% a year, volatility 32.9%VGT: +18.4% a year, volatility 26.0%UBS: +25.4% a year, volatility 30.4%WFC: +13.1% a year, volatility 29.5%SMFG: +33.7% a year, volatility 29.4%PH: +27.4% a year, volatility 28.8%BHP: +16.6% a year, volatility 31.4%C: +15.1% a year, volatility 29.4%FLOT: +4.5% a year, volatility 1.8%BTI: +18.7% a year, volatility 22.0%AXP: +13.5% a year, volatility 29.3%PGR: +21.3% a year, volatility 25.6%COP: +18.2% a year, volatility 32.6%SHOP: +3.1% a year, volatility 66.9%SPY (S&P 500): +12.7% a year, volatility 17.1%SAP: +11.5% a year, volatility 30.0%EBAY: +11.7% a year, volatility 32.9%AMZN: +9.0% a year, volatility 36.6%ORCL: +7.7% a year, volatility 44.3%GDDY: +9.3% a year, volatility 35.8%MELI: +3.2% a year, volatility 49.5%MU: +68.1% a year, volatility 57.1%AMD: +35.7% a year, volatility 57.6%ASX: +48.8% a year, volatility 43.0%CRWD: +26.3% a year, volatility 52.7%MRVL: +29.5% a year, volatility 65.2%STM: +2.2% a year, volatility 47.7%DELL: +55.2% a year, volatility 54.4%VLO: +44.2% a year, volatility 36.9%HPE: +32.9% a year, volatility 42.2%RVMD: +48.8% a year, volatility 62.1%NTRA: +29.3% a year, volatility 57.6%JAAA: +5.1% a year, volatility 1.7%SGOV: +3.8% a year, volatility 0.3%NET: +10.7% a year, volatility 69.1%CLS: +101% a year, volatility 59.7%SHOPSPY (S&P 500)MELIMUAMDASXCRWDMRVLSTMDELLVLOHPEJAAASGOVNETCLS
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SHOP?

Investments that beat SHOP over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat SHOP over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes. It checks SHOP's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SHOP follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SHOP's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SHOP's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than SHOP's.

Screen the whole market against SHOP for any period in BetterThanSPYOpen these 21 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with SHOP?lower diversifies moreExpenseper year
SHOPShopify Inc. · this page
+3.1%66.9%0.38−84.8%+3,916%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.690.09%
Popular alternativesbest 6 shownThe investments people most often weigh against SHOP. 6 of 18 passed at least one test.
SAPSAP SE · Enterprise Software
Higher return, lower volatilityHigher Sharpe, smaller worst decline+11.5%30.0%0.52−52.5%+205%0.59—
EBAYeBay Inc. · E-Commerce
Higher return, lower volatilityHigher Sharpe, smaller worst decline+11.7%32.9%0.50−53.6%+374%0.45—
AMZNAmazon.com, Inc. · E-Commerce
Higher return, lower volatility+9.0%36.6%0.42−56.1%+548%0.53—
ORCLOracle Corporation · Enterprise Software
Higher return, lower volatility+7.7%44.3%0.38−64.6%+300%0.49—
GDDYGoDaddy Inc. · Internet Services
Higher return, lower volatility+9.3%35.8%0.43−65.0%+206%0.51—
MELIMercadoLibre, Inc. · E-Commerce
Similar return, lower volatility+3.2%49.5%0.31−69.1%+1,002%0.51—
Same and neighboring categories, and shared themesbest 6 shownEverything else in Software and the categories next to it (Application Software, Enterprise Software, Payment Processing, Semiconductors), plus SHOP's specific themes. 74 of 131 passed at least one test.
MUMicron Technology, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+68.1%57.1%1.20−57.6%+5,243%0.21—
AMDAdvanced Micro Devices, Inc. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+35.7%57.6%0.82−65.5%+7,583%0.36—
ASXASE Technology Holding Co., Ltd. · Semiconductors
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+48.8%43.0%1.15−52.5%+967%0.34—
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+26.3%52.7%0.71−67.7%—0.34—
MRVLMarvell Technology, Inc. · Semiconductors
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periods+29.5%65.2%0.72−61.9%+1,874%0.37—
STMSTMicroelectronics N.V. · Semiconductors
Similar return, lower volatility+2.2%47.7%0.28−66.6%+525%0.33—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 2,153 of 3,485 passed at least one test.
DELLDell Technologies Inc. · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+55.2%54.4%1.08−59.6%+3,701%0.17—
VLOValero Energy Corporation · Oil & Gas
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+44.2%36.9%1.18−71.9%+1,061%0.12—
HPEHewlett Packard Enterprise Company · Computer Hardware
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+32.9%42.2%0.89−56.9%+483%0.37—
RVMDRevolution Medicines, Inc. · Biotechnology
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+48.8%62.1%0.95−73.3%—0.29—
NTRANatera, Inc. · Medical Diagnostics
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+29.3%57.6%0.74−77.7%+3,841%0.50—
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst decline+5.1%1.7%2.98−2.6%—0.340.20%
SGOViShares 0-3 Month Treasury Bond ETF · Treasury Bonds
On the frontierSimilar return, lower volatilityHigher Sharpe, smaller worst decline+3.8%0.3%13.25−0.3%—0.330.09%
NETCloudflare, Inc. · Cloud Computing
Higher return, similar volatilityHigher return in most periods+10.7%69.1%0.49−82.6%—0.49—
What these numbers mean for SHOP
Annual return
SHOP returned 3.1% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $11,700. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
SHOP's volatility over the past 5 years was 66.9%, 3.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SHOP's return lands within 66.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
SHOP's Sharpe ratio over the past 5 years was 0.38, against 0.79 for the S&P 500, so SHOP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
SHOP's worst fall from a peak to a low over the past 10 years was 84.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 84.8% fall takes a 559% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SHOP's monthly returns had a correlation of 0.69 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SHOP instead: the lower it is, the more that option would diversify a SHOP holding. Guide: Correlation and diversification →
Show all 1,921 stocks and funds worth at least $500 million that earned more than SHOP with less volatility

Out of 3,633 tested over 5 years. The strongest 100 are listed, best first, with funds that hold the same thing listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with SHOPExpense
1
DELLDell Technologies Inc. · Computer Hardware
Whole market+55.2%54.4%1.08−59.6%+3,701%0.17—
2
VLOValero Energy Corporation · Oil & Gas
Whole market+44.2%36.9%1.18−71.9%+1,061%0.12—
3
HPEHewlett Packard Enterprise Company · Computer Hardware
Whole market+32.9%42.2%0.89−56.9%+483%0.37—
4
MUMicron Technology, Inc. · Semiconductors
Same or nearby category+68.1%57.1%1.20−57.6%+5,243%0.21—
5
RVMDRevolution Medicines, Inc. · Biotechnology
Whole market+48.8%62.1%0.95−73.3%—0.29—
6
NTRANatera, Inc. · Medical Diagnostics
Whole market+29.3%57.6%0.74−77.7%+3,841%0.50—
7
PEverpure, Inc. · Computer Hardware
Whole market+37.3%55.0%0.85−69.4%+899%0.30—
8
CIBGrupo Cibest S.A. · Banks
Whole market+32.9%32.9%1.03−70.4%+345%0.15—
9
AMDAdvanced Micro Devices, Inc. · Semiconductors
Same or nearby category+35.7%57.6%0.82−65.5%+7,583%0.36—
10
THCTenet Healthcare Corporation · Health Care Facilities
Whole market+32.9%45.1%0.86−71.7%+1,058%0.27—
11
ASXASE Technology Holding Co., Ltd. · Semiconductors
Same or nearby category+48.8%43.0%1.15−52.5%+967%0.34—
12
HALOHalozyme Therapeutics, Inc. · Biotechnology
Whole market+26.6%40.4%0.79−49.1%+1,196%0.18—
13
CRWDCrowdStrike Holdings, Inc. · Cybersecurity
Same or nearby category+26.3%52.7%0.71−67.7%—0.34—
14
VCTRVictory Capital Holdings, Inc. · Asset Management
Whole market+28.1%35.0%0.89−45.2%—0.38—
15
NHCNational HealthCare Corporation · Medical - Care Facilities
Whole market+32.0%28.5%1.12−35.3%+394%0.13—
16
LGNDLigand Pharmaceuticals Incorporated · Biotechnology
Whole market+30.2%44.2%0.82−76.9%+414%0.37—
17
CAKEThe Cheesecake Factory Incorporated · Restaurants
Whole market+25.8%39.9%0.78−75.6%+187%0.27—
18
AAMIAcadian Asset Management · Asset Management
Whole market+29.0%35.6%0.90−78.1%+652%0.45—
19
CGAUCenterra Gold Inc. · Gold Mining
Whole market+26.3%47.6%0.73−72.2%+421%0.24—
20
JAAAJanus Henderson AAA CLO ETF · CLO Bonds
Whole market+5.1%1.7%2.98−2.6%—0.340.20%
21
RYRoyal Bank of Canada · Banks
Whole market+17.3%18.2%0.97−40.0%+352%0.36—
22
MPCMarathon Petroleum Corporation · Oil & Gas
Whole market+51.2%33.4%1.41−79.7%+1,387%0.15—
23
PBR-APetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+51.8%37.5%1.31−71.7%+768%0.10—
24
SIMOSilicon Motion Technology Corporation · Semiconductors
Same or nearby category+28.0%55.1%0.71−56.5%+494%0.02—
25
PULSPGIM Ultra Short Bond ETF · Short-Term Bonds
Whole market+4.4%0.7%6.07−5.8%—0.390.15%
26
UVEUniversal Insurance Holdings, Inc. · Insurance - Property & Casualty
Whole market+34.3%42.8%0.91−79.6%+216%0.18—
27
HWMHowmet Aerospace Inc. · Aerospace & Defense
Whole market+47.3%32.5%1.36−68.9%+1,028%0.22—
28
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.30—
29
AAPLApple Inc. · Computer Hardware
Whole market+18.5%28.0%0.75−38.5%+1,168%0.52—
30
FIXComfort Systems USA, Inc. · Engineering & Construction
Whole market+77.0%46.7%1.46−49.7%+5,305%0.27—
31
GOOGAlphabet Inc. · Internet Services
Whole market+19.0%32.0%0.71−44.6%+752%0.39—
32
MPLXMPLX Lp · Oil & Gas Midstream
Whole market+23.5%18.8%1.22−75.2%+350%0.36—
33
LLYEli Lilly and Company · Pharmaceuticals
Whole market+40.7%32.8%1.21−34.5%+1,807%0.11—
34
VTIVanguard Morningstar Total Stock Market ETF · US Total Market
Whole market+11.5%17.5%0.71−35.0%+302%0.700.03%
35
VOOVanguard S&P 500 ETF · US Large-Cap Equity
Whole market+12.8%16.9%0.80−34.0%+324%0.690.03%
36
BRK-BBerkshire Hathaway Inc. · Insurance
Whole market+13.4%17.1%0.82−29.6%+274%0.30—
37
METAMeta Platforms, Inc. · Internet Services
Whole market+15.5%45.4%0.55−76.7%+439%0.34—
38
CRSCarpenter Technology Corporation · Metals & Mining
Whole market+63.9%46.5%1.30−74.7%+1,021%0.24—
39
XOMExxonmobil Holdings Corporation · Integrated Oil & Gas
Whole market+27.1%26.5%1.04−61.0%+214%-0.03—
40
JPMJPMorgan Chase & Co. · Banks
Whole market+17.3%24.3%0.78−43.6%+537%0.54—
41
ABBVAbbVie Inc. · Pharmaceuticals
Whole market+26.1%23.4%1.11−45.1%+603%-0.06—
42
VRIGInvesco Variable Rate Investment Grade ETF · Bonds
Whole market+4.7%1.3%3.51−13.1%+40.5%0.280.30%
43
HSBCHSBC Holdings plc · Banks
Whole market+33.1%25.9%1.24−62.3%+319%0.15—
44
JNJJohnson & Johnson · Pharmaceuticals
Whole market+12.7%17.9%0.76−27.4%+196%0.05—
45
DXJWisdomTree Japan Hedged Equity Fund · International Equity
Whole market+26.6%19.1%1.34−39.1%+428%0.280.48%
46
LVHIFranklin International Low Volatility High Dividend Index ETF · International Equity
Whole market+17.0%11.1%1.48−32.4%+194%0.310.40%
47
KOThe Coca-Cola Company · Food & Beverages
Whole market+14.7%16.8%0.91−37.0%+204%0.03—
48
BALTInnovator Defined Wealth Shield ETF · Crypto
Whole market+6.3%3.3%1.85−4.9%—0.680.69%
49
CVXChevron Corporation · Integrated Oil & Gas
Whole market+19.5%25.2%0.84−55.8%+238%0.11—
50
CATCaterpillar Inc. · Industrial Machinery
Whole market+31.1%31.9%1.01−43.4%+936%0.37—
51
COSTCostco Wholesale Corporation · Discount Retail
Whole market+17.4%22.9%0.82−31.4%+685%0.47—
52
VXUSVanguard Total International Stock ETF · International Equity
Whole market+8.2%16.4%0.57−36.0%+140%0.520.05%
53
QQQInvesco QQQ Trust, Series 1 · US Large-Cap Growth
Whole market+14.5%23.0%0.71−35.1%+553%0.680.18%
54
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Whole market+33.2%29.4%1.13−54.9%+483%0.12—
55
PMPhilip Morris International Inc. · Tobacco
Whole market+21.0%23.4%0.94−42.9%+242%-0.02—
56
CSCOCisco Systems, Inc. · Communications Equipment
Whole market+16.8%26.1%0.73−42.0%+374%0.33—
57
FLRTPacer Aristotle Pacific Floating Rate High Income ETF · Financials
Whole market+6.0%2.3%2.55−21.0%+58.0%0.470.60%
58
PBRPetróleo Brasileiro S.A. - Petrobras · Integrated Oil & Gas
Whole market+50.3%37.5%1.28−75.3%+674%0.04—
59
ANETArista Networks, Inc. · Communications Equipment
Whole market+49.0%49.0%1.06−52.2%+3,439%0.38—
60
SHELShell plc · Integrated Oil & Gas
Whole market+21.0%24.8%0.90−67.2%+233%-0.07—
61
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.13—
62
MRKMerck & Co., Inc. · Pharmaceuticals
Whole market+16.3%24.8%0.74−43.4%+241%0.05—
63
NVSNovartis AG · Pharmaceuticals
Whole market+17.1%20.7%0.87−26.8%+226%0.13—
64
INSWInternational Seaways, Inc. · Oil & Gas
Whole market+56.5%40.5%1.31−57.4%—-0.26—
65
APHAmphenol Corporation · Electronic Components
Whole market+33.8%32.2%1.07−37.5%+965%0.46—
66
VTVVanguard Morningstar Value ETF · US Large-Cap Value
Whole market+12.1%13.7%0.90−36.8%+235%0.500.03%
67
STXSeagate Technology Holdings plc · Computer Hardware
Whole market+57.4%48.7%1.18−57.0%+2,698%0.24—
68
WELLWelltower Inc. · Healthcare REITs
Whole market+26.0%23.8%1.09−63.3%+379%0.27—
69
RTXRTX Corporation · Aerospace & Defense
Whole market+18.6%24.3%0.83−52.0%+317%0.02—
70
SANBanco Santander, S.A. · Banks
Whole market+31.7%33.9%0.99−73.8%+332%0.21—
71
AMGNAmgen Inc. · Biotechnology
Whole market+19.6%24.9%0.85−24.9%+266%0.06—
72
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Whole market+38.7%33.3%1.16−69.6%+542%0.25—
73
GILDGilead Sciences, Inc. · Biotechnology
Whole market+22.8%24.9%0.95−30.5%+200%0.22—
74
GSThe Goldman Sachs Group, Inc. · Capital Markets
Whole market+19.6%28.6%0.77−48.8%+521%0.51—
75
VEAVanguard FTSE Developed Markets ETF · Developed International Equity
Whole market+9.3%16.9%0.61−35.8%+153%0.520.03%
76
MSMorgan Stanley · Capital Markets
Whole market+16.0%28.8%0.66−51.3%+627%0.47—
77
TDThe Toronto-Dominion Bank · Banks
Whole market+15.8%20.0%0.84−42.0%+310%0.33—
78
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Whole market+35.4%35.4%1.04−55.1%+935%0.42—
79
WDCWestern Digital Corporation · Computer Hardware
Whole market+53.7%53.5%1.07−70.5%+911%0.31—
80
MFGMizuho Financial Group, Inc. · Banks
Whole market+33.6%30.6%1.10−45.7%+345%0.18—
81
TJXThe TJX Companies, Inc. · Specialty Retail
Whole market+19.9%22.3%0.93−42.5%+361%0.32—
82
SCCOSouthern Copper Corporation · Metals & Mining
Whole market+32.0%40.7%0.89−55.3%+1,017%0.21—
83
TTETotalEnergies SE · Integrated Oil & Gas
Whole market+18.0%25.8%0.78−59.6%+234%-0.04—
84
GLDSPDR Gold Shares · Gold
Whole market+17.7%18.9%0.96−26.4%+213%0.090.40%
85
IBMInternational Business Machines Corporation · IT Services
Whole market+16.6%30.5%0.66−41.1%+151%0.28—
86
BELFBBel Fuse Inc. · Hardware, Equipment & Parts
Whole market+78.0%52.1%1.37−79.8%+872%0.19—
87
LINLinde plc · Chemicals
Whole market+11.5%20.9%0.63−32.6%+394%0.32—
88
PSXPhillips 66 · Oil & Gas
Whole market+33.2%32.9%1.04−64.2%+430%0.24—
89
VGTVanguard Information Technology ETF · Technology Equity
Whole market+18.4%26.0%0.78−35.1%+779%0.660.09%
90
UBSUBS Group AG · Banks
Whole market+25.4%30.4%0.90−59.8%+374%0.41—
91
WFCWells Fargo & Company · Banks
Whole market+13.1%29.5%0.57−64.5%+141%0.46—
92
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Whole market+33.7%29.4%1.14−47.6%+474%0.10—
93
PHParker-Hannifin Corporation · Industrial Machinery
Whole market+27.4%28.8%0.99−54.7%+789%0.50—
94
BHPBHP Group Limited · Metals & Mining
Whole market+16.6%31.4%0.65−44.3%+398%0.20—
95
CCitigroup Inc. · Banks
Whole market+15.1%29.4%0.63−56.5%+234%0.50—
96
FLOTiShares Floating Rate Bond ETF · Floating Rate Bonds
Whole market+4.5%1.8%2.48−13.5%+35.9%0.260.15%
97
BTIBritish American Tobacco p.l.c. · Tobacco
Whole market+18.7%22.0%0.90−56.1%+98.2%-0.03—
98
AXPAmerican Express Company · Consumer Finance
Whole market+13.5%29.3%0.58−49.6%+446%0.51—
99
PGRThe Progressive Corporation · Property & Casualty Insurance
Whole market+21.3%25.6%0.89−30.3%+816%0.09—
100
COPConocoPhillips · Exploration & Production
Whole market+18.2%32.6%0.68−70.7%+379%0.03—

SHOP against its popular alternatives

The investments people most often weigh against SHOP, compared period by period and year by year.

How do SHOP's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SHOP, which divides the map into what did better or worse on each measure.

Green points earned more than SHOP with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%70.0%−50.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySHOP: 3.1% a year, volatility 66.9%SPY (S&P 500): 12.7% a year, volatility 17.1%AMZN: 9.0% a year, volatility 36.6%EBAY: 11.7% a year, volatility 32.9%SAP: 11.5% a year, volatility 30.0%MELI: 3.2% a year, volatility 49.5%ORCL: 7.7% a year, volatility 44.3%GDDY: 9.3% a year, volatility 35.8%CMRC: −41.2% a year, volatility 69.3%FIVN: −26.4% a year, volatility 57.9%CRM: −3.2% a year, volatility 39.4%WIX: −16.7% a year, volatility 60.6%GPN: −11.2% a year, volatility 36.9%YEXT: −10.5% a year, volatility 55.5%HUBS: −20.6% a year, volatility 57.6%ADBE: −16.5% a year, volatility 38.1%PYPL: −25.9% a year, volatility 43.3%FOUR: −12.1% a year, volatility 58.2%LSPD: −35.0% a year, volatility 61.2%TOST: −8.5% a year, volatility 59.9%SHOPSPY (S&P 500)AMZNEBAYSAPMELIORCLCMRCFIVNCRMWIXGPNYEXTHUBSADBEPYPLFOURLSPDTOST0.0%20.0%40.0%60.0%80.0%−50.0%−40.0%−30.0%−20.0%−10.0%0.0%10.0%20.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySHOP: 3.1% a year, volatility 66.9%SPY (S&P 500): 12.7% a year, volatility 17.1%AMZN: 9.0% a year, volatility 36.6%EBAY: 11.7% a year, volatility 32.9%SAP: 11.5% a year, volatility 30.0%MELI: 3.2% a year, volatility 49.5%ORCL: 7.7% a year, volatility 44.3%GDDY: 9.3% a year, volatility 35.8%CMRC: −41.2% a year, volatility 69.3%FIVN: −26.4% a year, volatility 57.9%CRM: −3.2% a year, volatility 39.4%WIX: −16.7% a year, volatility 60.6%GPN: −11.2% a year, volatility 36.9%YEXT: −10.5% a year, volatility 55.5%HUBS: −20.6% a year, volatility 57.6%ADBE: −16.5% a year, volatility 38.1%PYPL: −25.9% a year, volatility 43.3%FOUR: −12.1% a year, volatility 58.2%LSPD: −35.0% a year, volatility 61.2%TOST: −8.5% a year, volatility 59.9%SHOPSPY (S&P 500)AMZNMELIORCLGDDYCMRCFIVNCRMWIXGPNYEXTHUBSADBEPYPLFOURLSPD
All figures
InvestmentAnnual returnVolatility
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
EBAY eBay Inc.+11.7%32.9%
SAP SAP SE+11.5%30.0%
GDDY GoDaddy Inc.+9.3%35.8%
AMZN Amazon.com, Inc.+9.0%36.6%
ORCL Oracle Corporation+7.7%44.3%
MELI MercadoLibre, Inc.+3.2%49.5%
SHOP This pageShopify Inc.+3.1%66.9%
CRM Salesforce, Inc.−3.2%39.4%
TOST Toast, Inc.−8.5%59.9%
YEXT Yext, Inc.−10.5%55.5%
GPN Global Payments Inc.−11.2%36.9%
FOUR Shift4 Payments, Inc.−12.1%58.2%
ADBE Adobe Inc.−16.5%38.1%
WIX Wix.com Ltd.−16.7%60.6%
HUBS HubSpot, Inc.−20.6%57.6%
PYPL PayPal Holdings, Inc.−25.9%43.3%
FIVN Five9, Inc.−26.4%57.9%
LSPD Lightspeed Commerce Inc.−35.0%61.2%
CMRC Commerce.com, Inc.−41.2%69.3%
Open these 20 in EasyCompare

Has SHOP consistently beaten its popular alternatives?

This section compares SHOP with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than SHOP helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than SHOP over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SHOP Shopify Inc. (this page)—+25.8%+39.4%+28.4%+10.4%+5.3%+239%+16.6%+3,916%66.9%0.38−84.8%—$225B—
AMZN Specialty RetailAmazon.com, Inc.2/5 short1/3 long+1.6%+5.1%+5.8%+16.0%+21.3%+110%+53.8%+548%36.6%0.42−56.1%—$2.8T—
EBAY Specialty RetaileBay Inc.2/5 short1/3 long+11.9%+6.5%+13.8%+40.5%+28.3%+213%+74.2%+374%32.9%0.50−53.6%—$54B—
SAP Software - ApplicationSAP SE2/5 short1/3 long+9.4%+44.6%+29.6%−2.1%−16.6%+81.3%+72.6%+205%30.0%0.52−52.5%—$267B—
MELI Specialty RetailMercadoLibre, Inc.0/5 short1/3 long+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%+17.2%+1,002%49.5%0.31−69.1%—$95B—
ORCL Software - InfrastructureOracle Corporation0/5 short1/3 long−11.4%+8.4%−25.6%−32.1%−52.1%+33.3%+45.1%+300%44.3%0.38−64.6%—$396B—
GDDY Software - InfrastructureGoDaddy Inc.0/5 short1/3 long+3.8%+14.7%+24.2%−8.2%−17.9%+46.1%+55.8%+206%35.8%0.43−65.0%—$14B—
FIVN Software - ApplicationFive9, Inc.3/5 short0/3 long−7.3%+33.5%+111%+82.4%+53.0%−42.9%−78.4%+141%57.9%-0.24−93.5%—$2.6B—
CRM Software - ApplicationSalesforce, Inc.1/5 short0/3 long+2.5%+39.7%+30.7%−3.8%−3.9%+21.3%−14.8%+240%39.4%0.12−58.7%—$200B—
WIX Software - ApplicationWix.com Ltd.1/5 short0/3 long−5.4%+48.1%+4.6%−21.7%−42.5%−5.0%−59.9%+76.4%60.6%0.00−88.5%—$3.3B—
GPN Financial - Credit ServicesGlobal Payments Inc.1/5 short0/3 long−0.6%+3.3%+17.2%+13.4%−1.3%−21.1%−44.7%+22.4%36.9%-0.14−70.2%—$22B—
YEXT Software - InfrastructureYext, Inc.1/5 short0/3 long+11.5%+31.4%+85.0%−8.8%−14.6%+20.3%−42.6%—55.5%0.07−87.6%—$709M—
HUBS Software - ApplicationHubSpot, Inc.0/5 short0/3 long+17.2%+8.4%+9.1%−34.4%−44.5%−41.6%−68.5%+377%57.6%-0.11−80.0%—$13B—
ADBE Software - ApplicationAdobe Inc.0/5 short0/3 long+2.9%+9.4%+3.3%−23.0%−25.2%−52.5%−59.4%+135%38.1%-0.28−71.9%—$100B—
PYPL Financial - Credit ServicesPayPal Holdings, Inc.0/5 short0/3 long+8.6%+0.8%+11.7%−0.9%−16.5%+8.2%−77.6%+44.1%43.3%-0.47−87.3%—$49B—
CMRC Software - ApplicationCommerce.com, Inc.0/5 short0/3 long+14.1%+27.1%+20.6%−6.4%−21.6%−59.8%−93.0%—69.3%-0.42−98.5%—$315M—
FOUR Software - InfrastructureShift4 Payments, Inc.0/5 short0/3 long+2.8%−20.5%−18.0%−35.4%−46.7%−20.1%−47.4%—58.2%0.07−71.7%—$4.2B—
LSPD Software - ApplicationLightspeed Commerce Inc.0/5 short0/3 long+16.5%+7.4%+12.9%−5.1%−4.7%−17.2%−88.4%—61.2%-0.40−93.7%—$1.5B—
TOST Software - InfrastructureToast, Inc.0/5 short0/3 long+9.6%+5.8%+11.9%−4.0%−13.3%+85.7%−35.9%—59.9%0.15−80.6%—$17B—
Open these 19 in EasyCompare

How did SHOP do year by year?

This table shows each investment's total return in every full calendar year since 2016, along with where SHOP ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SHOP and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Note: SHOP began trading on May 20, 2015, so the table starts with 2016, its first full calendar year, and cannot show how it fared during the dot-com bust, the 2008 financial crisis or two other sell-offs.

Newest year first. Green marks a year in which the fund came out ahead of SHOP; gray means the two finished within a fraction of a point. The rank row places SHOP among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of SHOP2025202420232022202120202019201820172016
SHOP This pageShopify Inc.—+51.4%+36.5%+124%−74.8%+21.7%+185%+187%+37.1%+135%+66.3%
Rank among alternativesTop quarter in 8 of 101 of 1910 of 191 of 1918 of 194 of 182 of 161 of 154 of 151 of 142 of 14
SPY S&P 500State Street SPDR S&P 500 ETF2 of 10+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%
AMZN Amazon.com, Inc.2 of 10+5.2%+44.4%+80.9%−49.6%+2.4%+76.3%+23.0%+28.4%+56.0%+10.9%
EBAY eBay Inc.3 of 10+42.7%+44.8%+7.7%−36.5%+33.8%+41.2%+30.6%−25.6%+27.1%+8.1%
SAP SAP SE2 of 10−0.4%+61.3%+52.3%−24.2%+9.2%−1.3%+36.4%−10.0%+31.7%+11.1%
MELI MercadoLibre, Inc.2 of 10+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%−6.9%+102%+37.1%
ORCL Oracle Corporation3 of 10+18.1%+60.0%+30.9%−4.7%+36.9%+24.3%+19.4%−3.0%+24.9%+6.9%
GDDY GoDaddy Inc.2 of 10−37.1%+85.9%+41.9%−11.8%+2.3%+22.1%+3.5%+30.5%+43.9%+9.0%
FIVN Five9, Inc.2 of 10−50.7%−48.4%+16.0%−50.6%−21.3%+166%+50.0%+75.7%+75.3%+63.1%
CRM Salesforce, Inc.1 of 10−20.2%+27.8%+98.5%−47.8%+14.2%+36.8%+18.7%+34.0%+49.3%−12.7%
WIX Wix.com Ltd.4 of 10−51.6%+74.4%+60.1%−51.3%−36.9%+104%+35.5%+57.0%+29.2%+95.8%
GPN Global Payments Inc.1 of 10−30.1%−11.0%+29.0%−25.9%−36.9%+18.5%+77.3%+2.9%+44.5%+7.6%
YEXT Yext, Inc.1 of 8+26.7%+8.0%−9.8%−34.2%−36.9%+9.0%−2.9%+23.4%——
HUBS HubSpot, Inc.3 of 10−42.4%+20.0%+101%−56.1%+66.3%+150%+26.1%+42.2%+88.1%−16.5%
ADBE Adobe Inc.1 of 10−21.3%−25.5%+77.3%−40.6%+13.4%+51.6%+45.8%+29.1%+70.2%+9.6%
PYPL PayPal Holdings, Inc.2 of 10−31.4%+39.0%−13.8%−62.2%−19.5%+117%+28.6%+14.2%+86.5%+9.0%
CMRC Commerce.com, Inc.0 of 5−32.7%−37.1%+11.3%−75.3%−44.9%—————
FOUR Shift4 Payments, Inc.2 of 5−39.3%+39.6%+32.9%−3.5%−23.2%—————
LSPD Lightspeed Commerce Inc.1 of 6−20.7%−27.4%+46.8%−64.6%−42.6%+152%————
TOST Toast, Inc.2 of 4−2.6%+99.6%+1.3%−48.0%——————
Open these 20 in EasyCompare

Risk and diversification

How SHOP has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

What were SHOP's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SHOP's five deepest drawdowns since it began trading in 2015, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Note: SHOP began trading on May 20, 2015, so this list cannot include the dot-com bust, the 2008 financial crisis or two other sell-offs. The crash tests on this page show how older funds and the S&P 500 fared through those years.

Green means SHOP fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSHOP fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2022 bear market−84.8%−22.6%Nov 2021Oct 202211 monthsOct 20253 years
2015 China and oil sell-off−52.2%−10.1%Aug 2015Feb 20166 monthsAug 20166 months
No named crash−46.7%+8.6%Oct 2025May 20267 monthsOct 20265 months
Covid crash−40.7%−29.1%Feb 2020Mar 20201 monthApr 20201 month
Late-2018 sell-off−31.5%−16.6%Jul 2018Dec 20185 monthsFeb 20192 months

How did SHOP do in stock market crashes?

This section measures how far SHOP, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Note: SHOP began trading on May 20, 2015, so its row reads "Not yet trading" for the dot-com bust, the 2008 financial crisis or two other sell-offs. The older alternatives and the S&P 500 show how those crashes played out.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SHOP.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
SHOP This pageShopify Inc.—−5.1%−79.0%−40.7%−27.6%−5.4%−49.2%Not yet tradingNot yet tradingNot yet tradingNot yet trading
SPY S&P 500State Street SPDR S&P 500 ETF5 of 6−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
AMZN Amazon.com, Inc.4 of 6−3.4%−39.6%−22.7%−33.2%−7.1%−30.6%−20.7%−2.9%−65.3%−91.8%
EBAY eBay Inc.4 of 6−6.6%−44.2%−31.6%−23.2%−7.4%−25.6%−21.8%−3.5%−74.7%−77.1%
SAP SAP SE5 of 6−2.0%−41.9%−32.6%−25.0%−6.9%−13.3%−25.0%−1.4%−49.6%−87.9%
MELI MercadoLibre, Inc.3 of 6−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
ORCL Oracle Corporation4 of 6−5.0%−31.0%−28.3%−17.2%−6.6%−16.1%−23.9%−2.1%−41.1%−84.2%
GDDY GoDaddy Inc.2 of 6−5.6%−25.3%−45.8%−28.9%−7.1%−29.2%————
FIVN Five9, Inc.5 of 6−7.2%−60.5%−28.3%−20.5%−4.2%−29.6%————
CRM Salesforce, Inc.4 of 6−5.3%−42.7%−35.7%−24.8%−6.1%−34.2%−26.9%−4.2%−70.5%—
WIX Wix.com Ltd.2 of 6−7.4%−64.8%−47.5%−31.4%−5.2%−37.9%————
GPN Global Payments Inc.3 of 6−11.9%−29.2%−44.3%−25.4%−7.5%−27.8%−18.6%−5.7%−44.4%—
YEXT Yext, Inc.1 of 5−9.2%−57.0%−40.8%−46.9%−6.9%—————
HUBS HubSpot, Inc.2 of 6−8.4%−53.8%−47.3%−24.8%−6.8%−53.8%————
ADBE Adobe Inc.4 of 6−6.2%−50.3%−25.6%−25.5%−5.4%−22.7%−23.6%−0.2%−66.7%−79.9%
PYPL PayPal Holdings, Inc.5 of 6−4.4%−63.8%−31.2%−16.7%−5.6%−21.6%————
CMRC Commerce.com, Inc.1 of 2−9.8%−62.6%————————
FOUR Shift4 Payments, Inc.1 of 2−6.2%−53.5%————————
LSPD Lightspeed Commerce Inc.1 of 3−5.5%−60.0%−71.0%———————
TOST Toast, Inc.1 of 2−9.5%−58.9%————————
Open these 20 in EasyCompare

How closely does SHOP move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SHOP with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SHOP's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SHOP This pageShopify Inc.233%203%1.152.09
MELI MercadoLibre, Inc.135%111%1.211.44
AMZN Amazon.com, Inc.134%139%0.961.31
GDDY GoDaddy Inc.79%87%0.910.97
EBAY eBay Inc.113%133%0.851.23
ORCL Oracle Corporation131%159%0.821.30
HUBS HubSpot, Inc.121%149%0.811.46
CRM Salesforce, Inc.115%143%0.801.16
SAP SAP SE112%152%0.741.10
FIVN Five9, Inc.85%114%0.741.05
ADBE Adobe Inc.123%184%0.671.24
WIX Wix.com Ltd.106%171%0.621.21
PYPL PayPal Holdings, Inc.106%186%0.571.25
GPN Global Payments Inc.76%139%0.540.98
Open these 14 in EasyCompare

What diversifies SHOP?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SHOP's. Because such investments tend not to fall at the same time, pairing SHOP with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SHOP lost money. The last two columns show a portfolio that is 80% SHOP and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
SHOP Shopify Inc. (this page)1.00+16.6%0.38−74.8%59.4%+1.8%
LVHI InternationalFranklin International Low Volatility High Dividend Index ETF0.31+119%1.48+3.8%48.1%+7.3%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.28+225%1.34+6.0%48.3%+9.1%
GCOW InternationalPacer Global Cash Cows Dividend ETF0.29+93.4%1.04+5.5%48.5%+6.6%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.35+101%1.04+10.4%48.6%+6.9%
SMH TechnologyVanEck Semiconductor ETF0.48+323%0.97−33.5%51.2%+10.3%
GLD CommoditiesSPDR Gold Shares0.09+126%0.96−0.8%48.0%+7.8%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.47+136%0.93−10.4%49.6%+7.7%
XLE EnergyState Street Energy Select Sector SPDR ETF0.09+177%0.93+64.4%48.3%+9.0%

Stocks

InvestmentCorrelation5Y returnSharpe202280/20 mix volatility80/20 mix annual return
SHOP Shopify Inc. (this page)1.00+16.6%0.38−74.8%59.4%+1.8%
CAH Medical - DistributionCardinal Health, Inc.0.30+479%1.55+54.1%49.4%+11.1%
CLS Hardware, Equipment & PartsCelestica Inc.0.36+3,143%1.47+1.3%52.8%+21.9%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.27+1,636%1.46+17.0%50.7%+18.9%
MCK Medical - DistributionMcKesson Corporation0.13+413%1.44+51.8%48.5%+10.9%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.15+690%1.41+86.6%48.9%+13.3%
Open these 14 in EasyCompare

Common questions

What was SHOP's worst drawdown?

SHOP's deepest decline since it began trading in 2015 was 84.8%, from November 2021 to October 2022. It took about three years from the low to climb back to its old high. Because SHOP launched in May 2015, that record does not include the dot-com bust, the 2008 financial crisis or two other sell-offs.

What were SHOP's best and worst years?

Over ten full calendar years, SHOP's best year was 2019, when it returned 187%. Its worst was 2022, with a return of -74.8%.

Is there a better investment than SHOP?

Among SHOP's popular alternatives, SAP, EBAY and AMZN earned more than SHOP with less volatility over the past 5 years. SAP returned 11.5% a year at 30.0% volatility, against 3.1% a year at 66.9%. Looking beyond its popular alternatives, MU (semiconductors) and AMD (semiconductors) earned more than SHOP with less volatility over the past 5 years. MU returned 68.1% a year at 57.1% volatility, against 3.1% a year at 66.9%.

Is SHOP more volatile than the S&P 500?

Yes. SHOP's volatility over the past 5 years was 66.9%, 3.9 times the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, SHOP's return lands within 66.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

What is SHOP's Sharpe ratio?

SHOP's Sharpe ratio over the past 5 years was 0.38, against 0.79 for the S&P 500, so SHOP earned less for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

How correlated is SHOP with the S&P 500?

Over the past 5 years, SHOP's monthly returns had a correlation of 0.69 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against SHOP instead: the lower it is, the more that option would diversify a SHOP holding.

What are the best alternatives to SHOP?

None of the 18 popular alternatives we compared outperformed SHOP in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about SHOP's strength than about its alternatives.

Did SHOP outperform the S&P 500?

SHOP finished ahead of the S&P 500 (SPY) in eight of ten full calendar years. In 2025, it returned +51.4%, against +17.7% for the index.

How did SHOP do in stock market crashes?

SHOP fell less than the S&P 500 (SPY) in one of the six major crashes it has traded through, and further in five. The clearest case was the 2022 bear market, when SHOP fell 79.0% and the S&P 500 fell 24.5%.

What diversifies SHOP?

These had a low correlation with SHOP over the past 5 years and still earned a positive 5-year return: among large ETFs, LVHI (correlation 0.31), DXJ (correlation 0.28) and GCOW (correlation 0.29); among large stocks, CAH (correlation 0.30), CLS (correlation 0.36) and FIX (correlation 0.27). A correlation near zero means the two have moved largely independently.

How we measure

More research

Popular alternatives to SHOP

Other stocks and ETFs