Seasonality
SHOP seasonality — Shopify Inc.
Over the last 11 years, SHOP's strongest month on average has been November (+17.4%) and its weakest September (-3.5%).
Average return by month
Month-by-month statistics
| Month | Avg | Median | Up % | Best | Worst | Yrs |
|---|---|---|---|---|---|---|
| Jan | +8.72% | +13.49% | 70% | +42.0% | -30.0% | 10 |
| Feb | -0.83% | -2.31% | 40% | +16.6% | -28.0% | 10 |
| Mar | -1.08% | -2.19% | 40% | +16.5% | -14.8% | 10 |
| Apr | +5.20% | +4.49% | 70% | +51.6% | -36.9% | 10 |
| May | +7.07% | +11.84% | 70% | +20.9% | -15.7% | 10 |
| Jun | +5.68% | +8.38% | 60% | +25.3% | -16.7% | 10 |
| Jul | +3.48% | +5.26% | 80% | +11.5% | -7.3% | 10 |
| Aug | +10.42% | +10.50% | 80% | +25.8% | -9.1% | 10 |
| Sep | -3.52% | -1.72% | 50% | +12.9% | -19.1% | 10 |
| Oct | +0.30% | -0.90% | 50% | +27.1% | -16.0% | 10 |
| Nov | +17.40% | +10.50% | 89% | +54.3% | -8.8% | 9 |
| Dec | -1.14% | -0.62% | 50% | +18.1% | -15.1% | 10 |
Monthly returns heat map — SHOP
price return, %| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Year |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | -18.5 | -8.0 | -1.8 | 2.1 | -2.0 | -3.8 | 2.6 | 25.8 | 0.6 | 6.2 | -5.5 | -7.5% | |
| 2025 | 9.8 | -4.1 | -14.8 | -0.5 | 12.9 | 7.6 | 6.0 | 15.6 | 5.2 | 17.0 | -8.8 | 1.5 | +51.4% |
| 2024 | 2.8 | -4.6 | 1.1 | -9.0 | -15.7 | 11.7 | -7.3 | 21.0 | 8.2 | -2.4 | 47.8 | -8.0 | +36.5% |
| 2023 | 42.0 | -16.5 | 16.5 | 1.1 | 18.0 | 13.0 | 4.6 | -1.6 | -17.9 | -13.5 | 54.3 | 7.0 | +124.4% |
| 2022 | -30.0 | -28.0 | -2.6 | -36.9 | -12.1 | -16.7 | 11.5 | -9.1 | -14.9 | 27.1 | 19.4 | -15.1 | -74.8% |
| 2021 | -3.0 | 16.6 | -13.6 | 6.9 | 5.1 | 17.6 | 2.7 | 1.7 | -11.1 | 8.2 | 3.8 | -9.5 | +21.7% |
| 2020 | 17.1 | -0.5 | -10.0 | 51.6 | 19.9 | 25.3 | 7.9 | 4.1 | -4.1 | -9.5 | 17.8 | 3.8 | +184.7% |
| 2019 | 21.7 | 12.3 | 9.2 | 17.9 | 12.9 | 9.2 | 5.9 | 21.2 | -19.1 | 0.6 | 7.4 | 18.1 | +187.2% |
| 2018 | 26.6 | 8.0 | -9.8 | 7.3 | 10.8 | -1.5 | -5.3 | 5.4 | 12.9 | -16.0 | 10.5 | -9.3 | +37.1% |
| 2017 | 18.5 | 16.5 | 15.0 | 11.5 | 20.9 | -5.4 | 6.3 | 20.1 | 5.0 | -14.6 | 4.3 | -2.7 | +135.6% |
| 2016 | 2.9 |